ASSET MANAGER
Company: Low Income Investment Fund
Location: Herndon
Posted on: October 5, 2024
Job Description:
LOW INCOME INVESTMENT FUNDASSET MANAGERLocation: Washington, DC
(hybrid 2x a week in office requirement)Reports to: Deputy Director
of Asset ManagementExempt classification: Exempt Status: Full time
Salary range: $95,000 -$110,000 Annually THE COMPANY:The Low Income
Investment Fund is a non-profit community development financial
institution, that mobilizes capital and partners to achieve
opportunity, equity and well-being for people and communities. LIIF
innovates financial solutions that center racial equity to create
more equitable outcomes for all by building and preserving
affordable homes, quality educational opportunities from early
childhood through higher education, health clinics, healthy food
retail and community facilities. In this way, LIIF provides a
bridge between private capital markets and communities. LIIFs
headquarters is in San Francisco and has offices in Los Angeles,
New York, Atlanta, and Washington D.C. POSITION SUMMARY:The Asset
Manager (AM) is responsible for the overall asset management of a
portfolio of loans, including acquisition, predevelopment,
construction and permanent loans, which support the development of
affordable housing, childcare facilities, charter schools, and
other community facilities. The Asset Manager is responsible for
actively managing the loans in their portfolio from the period
immediately following the loan closing until repayment, and serving
as the LIIF lead contact for borrowers, sponsors, and other
external partners. Additionally, the Asset Manager is responsible
for credit monitoring and analysis, risk rating recommendation,
construction loan administration, loan conversion, modification
underwriting and closing, special attention loan monitoring, and
workouts for all assigned loans.REPORTING RELATIONSHIPS:The Asset
Manager reports to the Deputy Director of Asset Management. They
will work closely with the Deputy Director, Director of Asset
Management and Loan Administration (DAMLA), the Credit Team,
Regional Directors and Deputy Directors, Loan Officers, and Loan
Administrators as well as colleagues in the Early Childhood
Education (ECE), Structured Products, and Finance teams in an
effort to meet LIIFs lending goals and objectives. The Asset
Manager will communicate with borrowers, third party lenders,
attorneys and other external parties, as appropriate.ESSENTIAL
FUNCTIONS:Loan Monitoring
- This role will entail direct, ongoing asset management of a
portfolio of affordable housing, health providing facilities,
charter schools, and community facility loans, including
construction loan monitoring and draw approvals.
- Relationship development with each borrower and conducting
regular loan monitoring reviews.
- Preparation of credit reviews for each loan on a regular
schedule to review overall asset and credit quality, including
performance against original underwriting expectations.
- Analysis and evaluation of 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.
- Ongoing coordination and communication with loan officers and
other LIIF staff to remain informed of LIIFs overall relationships
with borrowers and sponsors.
- Risk analysis and development of risk-rating recommendations to
senior management by integrating and analyzing data to provide
rational judgment on their significance and quality.
- Conduct regular site visits and prepare site visit reports for
loans within individual portfolio in accordance with lending
procedures.Construction Loan Disbursement Management
- Ongoing review and approval of construction loan draw packages
prepared by loan administration, including but not limited to:
review of disbursement tracker, AIA documentation, construction
monitors site observation reports, and title reports.
- Ensures LIIF construction funds are disbursed in compliance
with loan documentation, loan budget, lien law, and designated
timelines.
- Monitoring of construction budget and timeline to support
borrowers in delivering on-time and within-budget construction
completion, which may include regular calls with construction
teams, management of budget line-item reallocation, or ensuring
borrower secures additional funding for project
overages.Underperforming Loans and Workouts
- Asset Managers are responsible for managing underperforming
and/or nonperforming loans and loans in workout within their
portfolio in partnership with the Credit Team, Deputy Director and
DAMLA.
- Management of underperforming or non-performing loans and loans
in workout includes, but is not limited to: conducting site
inspections, appraisal reviews, borrower and project financial
analyses; participating in developing loan restructuring strategies
and alternatives; researching loan histories and reviewing existing
loan documentation, monitoring compliance with loan restructure
agreements, and preparing monitoring reports, action plans and/or
workout strategies.
- For loans at the workout stage, Asset Managers will work
closely with LIIFs legal counsel, the Credit Team, Deputy Director,
and DAMLA, to propose and implement an action plan and workout
strategy.Portfolio Data Collection and Reporting
- The Asset Manager will provide portfolio credit data and
analysis in support of audits and reports managed by Structure
Products, Finance, and Originations teams such as those for
S&P, DOE, and the CDFI Fund.Loan Extensions, Modifications and
Conversions
- The Asset Manager will be responsible for any required loan
extensions, and modifications and conversions in his/her
portfolio.
- For loans where the borrower is seeking an extension or
modification, the Asset Manager will work closely with the borrower
to provide an assessment of the necessity, feasibility and
creditworthiness of such extension or modification, and communicate
same with the Deputy Director, DAMLA, and the Credit Team.
- The 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.
- The asset manager will manage conversion of loans product type,
which may involve updated credit underwriting and loan
closing.Customer Service
- The Asset Manager will maintain a positive and professional
relationship with LIIF colleagues and LIIF 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.SKILLS REQUIRED:The ideal candidate
for this position will have these key qualifications:
- A minimum of two years of experience within real estate-based
lending and/or business lending, including borrower contact, credit
analysis, due diligence and loan documentation 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.
- Understanding of federal, state, and local government funding
sources for capital and operating needs of multi-family housing,
special needs housing, and community facilities (e.g., childcare
centers, educational programs, health clinics, etc.)
- Industry experience within 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 bachelors 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.
- 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 drivers
license.Additional Requirement:All Low Income Investment Fund
(LIIF) employees must be fully vaccinated against COVID-19. In
accordance with LIIF's policies, we provide reasonable
accommodations, absent undue hardship, to qualified individuals who
cannot get vaccinated against COVID-19 because of sincerely held
religious or medical reasons. If you believe you need an
accommodation from the vaccination mandate required by this policy,
please notify our Human Resources Department.HOW TO APPLY: Please
apply with Resume and Cover Letter via our recruitment portal: via
email: Notice to Third Party Recruitment Agencies:Please note that
Low Income Investment Fund does not accept unsolicited resumes from
recruiters or employment agencies. In the absence of an executed
Recruitment Services Agreement, there will be no obligation to any
referral compensation or recruiter fee. In the event a recruiter or
agency submits a resume or candidate without an agreement Low
Income Investment Fund shall explicitly reserve the right to pursue
and hire those candidate(s) without any financial obligation to the
recruiter or agency. Any unsolicited resumes, including those
submitted to hiring managers, shall be deemed the property of Low
Income Investment Fund. We do not accept unsolicited phone calls.
Only candidates being considered for a position will be
contacted.LIIF, an EOE (Equal Opportunity Employer), believes that
diversity ensures excellence. All qualified applicants will receive
consideration for employment without regard to race, color,
religion, sexual orientation, gender, or national origin.
Candidates of diverse background and with diverse experience are
strongly encouraged to apply for this position. Compensation
details: 95000-110000 Yearly
SalaryPI7b300bfcb9eb-26289-35694541
Keywords: Low Income Investment Fund, Frederick , ASSET MANAGER, Executive , Herndon, Maryland
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