OverviewAbout Us
Founded in 1993, Bayview Asset Management is an investment management firm focused on investments in mortgage and consumer credit, including whole loans, asset-backed securities, mortgage servicing rights, fund finance and other asset-based credit-related assets. The firm has invested through multiple credit cycles since its founding and manages capital on behalf of institutional investors alongside its own affiliated insurance company balance sheet. Within the broader Bayview platform, the Fund Finance business provides structured financing solutions to private markets sponsors across NAV facilities, GP and management company financings, rated feeder and CFOs, and preferred equity structures.
Position Summary
Bayview is seeking a senior credit analyst and fund finance expert to lead underwriting for its primarily investment grade fund finance investments. Reporting to the Co-Heads of Fund Finance and located within the Insurance Asset Management (IAM) unit, the successful candidate will be responsible for the credit analysis, underwriting, and structuring of new transactions, as well as the ongoing credit oversight of the existing portfolio. The role sets the credit underwriting standards applied across the platform, prepares the credit recommendation on each transaction, and works with sponsors, internal and external legal counsel, and rating agencies from initial screening through closing and post-closing surveillance. This is a senior position on a growing team, with responsibility for both the quality of the underwriting and the development of the analysts and vice presidents who support it. The position will be filled at either the Senior Vice President or Vice President level, based on experience.
Responsibilities
Underwriting & Credit
- Lead credit underwriting across the platform’s product set, including NAV facilities against single funds and secondaries portfolios, rated feeders and CFOs, GP and management company financings, preferred equity, and CRT / SRT structures.
- Own the credit standards and screening criteria applied across the portfolio, ensure they are documented and consistently observed, and determine early in the process which opportunities merit full diligence.
- Lead due diligence relating to sponsor quality, fund and vehicle structure, investment strategy and performance, governing documents, underlying asset quality, valuation policies, historical and projected cash flows, asset concentrations, LP exposure and commitments where relevant, borrowing-base or NAV collateral, liquidity needs, and exit / repayment sources. Perform capital structure, collateral, and cash flow analysis and identify factors that could adversely affect creditworthiness.
- Build out the analytical framework supporting the underwriting process, including cash flow and stress modeling, recovery and loss severity analysis, collateral valuation under stressed conditions, and internal ratings, drawing on the firm’s proprietary research and loan-level credit data.
Structuring & Execution
- Work with Bayview’s legal team to identify structural risks and tailor transactions to enhance investor protections.
- Translate the credit view into executable transaction terms. Negotiate advance rates, collateral, covenants, cash flow mechanics, and legal documentation, with particular attention to whether the investment performs under stress.
- Direct the closing process across Bayview’s affiliated and external clients, coordinating legal, tax, compliance, and operations across both bilateral and syndicated transactions.
- Manage rating agency engagement for transactions that require a rating.
- Maintain pipeline and transaction records in Deal Cloud, KYC, and related systems, and strengthen onboarding and deal administration as volume grows.
Credit Recommendation & External Engagement
- Prepare and present rigorous written credit recommendations, setting out the risks, mitigants, structural protections, and downside considerations relied upon, and defend the recommendation on its merits before the Co-Heads, including where the recommendation is to decline. Support the Co-Heads in presenting to the firm’s Investment Committee.
- Function as a principal point of contact for sponsors, counsel, capital partners, and rating agencies through diligence and negotiation, and represent the firm in the market as appropriate.
Portfolio Surveillance & Risk
- Maintain surveillance over closed positions, including covenant and borrowing base monitoring, periodic re-underwriting and credit reviews, watchlist management, and quarterly reporting to the Co-Heads and the firm’s risk committees.
- Evaluate amendments, waivers, consents, and refinancings. Where credit quality deteriorates, lead the assessment of remedies and the firm’s response.
Leadership & Team Development
- Supervise and develop the vice presidents and analysts supporting underwriting, with close review of their credit work.
- Strengthen the governance around deal approval and allocation as the business scales and participate in hiring for the underwriting team.
Cross-Platform Collaboration
- Coordinate with the broader IAM, Asset-Based Finance and Research teams so that credit underwriting priorities and transaction structure reflect investor mandates, risk appetite, portfolio constraints, and applicable insurance-capital considerations. Contribute to underwriting policies, market intelligence, product development, and best practices as the platform evolves.
Qualifications
- Bachelor’s degree in a related field of study. An advanced degree is welcomed.
- Eight to fifteen years of credit underwriting and investment experience in asset-based finance / structured credit, with a strong emphasis on evaluating fund finance deals, gained at an asset manager, insurance company, or credit fund.
- Superior, current knowledge of the GP / sponsor universe and deep understanding of the broader private equity and private credit markets are required, with substantive professional experience evaluating sponsors, funds, investment strategies, portfolio construction, performance, and financing structures across all three.
- Demonstrated ownership of fund finance transactions through the full credit cycle, from screening and sponsor / fund diligence through approval, structuring, closing, and subsequent management.
- Experience spanning several fund finance product types is required, as is familiarity with rating agency methodologies and processes.
- Direct experience reviewing and negotiating credit agreements, fund governing documents, and related transaction documentation with sponsors and external counsel, including identifying legal and structural provisions that materially affect credit risk; and the standing to represent the firm with sponsors, rating agencies, and institutional capital partners.
- Experience managing a credit through deterioration, restructuring, or workout, and experience supervising and developing junior investment professionals.
- Experience with insurance company investment constraints, NAIC designations, regulatory capital treatment and investment grade underwriting rigor preferred.
Skills
- Advanced financial modeling and quantitative credit analysis, including capital structure, collateral and cash flow analysis, downside case construction, stress testing, recovery analysis, and the ability to synthesize the creditworthiness of complex fund and financing structures.
- Strong negotiating ability, commercial judgment, and the presence to represent the firm independently with sponsors and capital partners, including the ability to challenge assumptions and transaction terms while maintaining constructive senior relationships.
- Sound independent judgment on risk and structure, and the conviction to decline transactions that do not meet the firm’s standards.
- Proficiency in DealCloud and advanced proficiency in Excel. Familiarity with data visualization and automation tools is an advantage.
Certifications, Licenses, and/or Registration
CFA, CPA, or a comparable credential is welcomed but not required.
Location and Compensation
- The preferred location for this role is Bayview’s New York or Morristown, NJ office.
- This role is hybrid.
- Compensation will reflect experience and market and will be finalized by Human Resources. Base compensation is expected to be $200,000 - $320,000, with opportunity for incentive compensation.
EEOC
Bayview is an Equal Employment Opportunity employer. All aspects of consideration for employment and employment with the Company are governed on the basis of merit, competence, and qualifications without regard to race, color, religion, sex, national origin, age, disability, veteran status, sexual orientation, or any other category protected by federal, state, or local law.
