521 Fifth Avenue,
The Asset Manager/Senior Asset Manager is responsible for the overall asset management of a portfolio of loans made to support the development of affordable housing, child care facilities, charter schools, and other community facilities. The Asset Manager/Senior Asset Manager also collaborates with Loan Officers in underwriting new loans. As part of the Lending team, the Asset Manager/Senior Asset Manager supports the achievement of regional and overall Lending work plan goals.
The Asset Manager/Senior Asset Manager reports to the Manager of Asset Management and Underwriting. The Asset Manager/Senior Asset Manager will work closely with the Chief Credit Officer, Regional Directors and Deputy Directors, Loan Officers, Credit Associates, Loan Associates, colleagues in the Child Care Group, and Finance associates in an effort to meet LIIF’s lending goals and objectives. The Asset Manager/Senior Asset Manager will communicate with borrowers, third party lenders, attorneys and other external parties, as appropriate.
- Loan Monitoring – The Asset Manager/Senior Asset Manager will be responsible for the ongoing asset management of a portfolio of affordable housing, health providing facilities, charter schools, and community facility loans, including construction loans’ monitoring and draws approvals. These positions also include developing a relationship with each borrower and conducting regular loan monitoring reviews. The Asset Manager/Senior Asset Manager will prepare Loan Monitoring Reports for each loan on a regular schedule to review overall asset and credit quality, including performance against original underwriting expectations. Such reviews evaluate information including borrower/sponsor financial condition and operating performance, rent rolls, project status reports, covenant tracking and compliance, and overall analysis of the credit condition of the borrower/sponsor, as informed by a complete understanding of LIIF’s relationship with and exposure to the sponsor developed in collaboration with the Loan Officer and other LIIF staff. The Asset Manager/Senior Asset Manager is responsible for making recommendations to senior management by integrating and analyzing these data and making judgments on their significance and quality.
- Site Visits – The Asset Manager/Senior Asset Manager will conduct regular site visits and prepare site visit reports for loans in his/her portfolio in accordance with lending procedures.
- Non-performing Loans – The Asset Manager/Senior Asset Manager will work under the direction of the Manager of Asset Management and Underwriting in managing non-performing loans, including but not limited to: conducting site inspections, appraisal reviews, borrower and project financial analyses; participating in developing loan restructuring strategies and alternatives; monitoring compliance with loan restructure agreements, and preparing monitoring reports and action plans.
- Loan Extensions and Modifications – The Asset Manager/Senior Asset Manager will be responsible for any required loan extensions and modifications in his/her portfolio. For loans where the borrower is seeking an extension or modification, the Asset Manager/Senior Asset Manager will work closely with the borrower to provide an assessment of the necessity, feasibility and credit-worthiness of such extension or modification, and communicate same with the Manager of Asset Management and Underwriting and the Chief Credit Officer. The Asset Manager/Senior Asset Manager will conduct an analysis of the credit and then make and support a recommendation as to the extension or modification terms and conditions, if an extension or modification is deemed appropriate.
- Loan Origination: As requested, the Asset Manager/Senior Asset Manager will collaborate with the Loan Officer in performing thorough due diligence review and evaluation of loan requests including but not limited to site inspections, financial proforma analysis, evaluating feasibility and likelihood of repayment sources, appraisal reviews, entitlement/land use assessments, environmental report reviews, and analyzing borrower financial statements.
Customer Service: The Asset Manager/Senior Asset Manager will maintain a positive and professional relationship with LIIF’s customers and business partners (which include third party lenders, attorneys and other external parties such as appraisers) by both initiating and responding promptly to any and all requests in a responsive, consistent, and accurate manner.
The ideal candidate for this position will have these key qualifications:
- For Credit Associate, one to two years of experience in real estate-based lending and/or business lending, including borrower contact, credit analysis, due diligence and loan documentation; For Senior Credit Associate, five years of experience in real estate-based lending and/or business lending, including borrower contact, credit analysis, due diligence and loan documentation
- Proficiency in analyzing financial statements of for-profit and nonprofit organizations and their real estate operations (in particular, rental housing and community facilities occupied by a single tenant). Familiarity with basic accounting principles including the ability to translate cash to accrual accounting and vice versa.
- Familiarity with federal, state, and local government funding sources for capital and operating needs of multi-family housing, special needs housing, and community facilities (e.g., child care centers, educational programs, health clinics, etc.)
- Working experience with both private sector financial institutions and public agencies
- Basic familiarity with business law concepts including contracts, loan collateral, uniform commercial code, creditors' rights and forms of business organization and sufficient knowledge to review and negotiate loan documents.
- Proficiency with Microsoft Office Suite Programs, and other database software
- Excellent skills in managing multiple tasks requiring strong attention to detail
EDUCATIONAL AND OTHER REQUIREMENTS:
Educational background should include a bachelor’s degree in a relevant area of study such as real estate, urban planning, business administration or finance, and at least an introduction to accounting; an advanced degree is preferred. In addition, the position requires a high degree of self-motivation, dedication, creativity, and perseverance; flexibility with time and willingness to accept a demanding (and personally satisfying) position. Excellent teamwork and strong time management skills are essential. Travel is required, and candidates must have a valid driver’s license.
We offer excellent benefits. see our website for overview.
Minimum Education Required