Asset Manager

Background

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. LIIF’s headquarters is in San Francisco and has offices in Los Angeles, New York, Atlanta, and Washington D.C.

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 LIIF’s lending goals and objectives.

The Asset Manager will communicate with borrowers, third party lenders, attorneys and other external parties, as appropriate.

Responsibilities

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 LIIF’s 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 monitor’s 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 LIIF’s 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.

Requirements

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 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.
• 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.

Compensation and Benefits

Location:  Washington, DC

Reports to: Deputy Director of Asset Management

Exempt classification :   Exempt

Status:  Full time
Salary range: $95,000 -$110,000 Annually

How to Apply

Please apply with Resume and Cover Letter via our recruitment portal:

Recruitment (adp.com) via email:  [email protected]