Loan Closing Specialist

Background

In 1987, our founders had a vision of putting their money to work as a tool for building financially strong and culturally vibrant communities capable of growing their sown seeds of self-determination.

We have successfully carried out that vision since the 1980s, by connecting investors to communities, lending to nonprofits, small businesses, and cooperatives, and providing financial and real estate consulting to organizations that share our vision of sustainable communities and social, racial, and economic justice.

Since then we’ve invested more than $350 million to projects throughout California, impacting the lives of more than 1.5 million of our neighbors. Our lending and consulting services support organizations that provide affordable housing, equitable and sustainable access to healthy food, community arts, and critical social, medical and youth services.

Summary

The Loan Closing Specialist is responsible for ensuring all loans are closed and documented in accordance with Community Vision’s credit policies and guidelines. This staff member is responsible for working with outside counsel to prepare legal documents, performing appropriate due diligence tasks, and ensuring conditions precedent are met prior to closing or funding a loan. This individual will work entirely with commercial loan transactions including real estate construction, predevelopment and term loans, as well as lines of credit and other commercial loans.

The Loan Closing Specialist must possess strong verbal and written communications skills in order to interact efficiently and effectively with internal staff, legal counsel and clients.

They will have knowledge of federal and state regulations, loan documentation terms and conditions including credit agreements, notes, guarantees, and collateral. You must act as a gatekeeper for certain compliance and reporting requirements.

Responsibilities

WHAT YOU WILL DO

• Interface with internal and external parties, including staff, borrower, closing attorney, and title company proactively to ensure loans are closed timely.
• Manage and communicate transaction timelines to internal and external partners to verify all appropriate deadlines are being met.
• Perform pre-and post-closing functions including managing closing checklists to ensure that closing counsel has received all required documents to review and close the loan.
• Review draft loan documentation, legal descriptions, preliminary title reports, and insurance documentation to verify accuracy of terms and collateral information.
• Transmit loan information and documentation to appropriate internal parties.
• Review loan settlement statements prepared by the escrow agent for accuracy.
• Inform staff borrower, and other parties informed of potential problems or delays.
• Work on projects and team initiatives as requested.
• Ensure proper internal hand off and transition of responsibilities in a timely manner.
• Communicate with Borrowers and serve as one of the primary points of contact for loan closing and disbursements.
• Review title reports, escrow instructions, surveys, appraisals, environmental reports, property condition reports, insurance and other documents, ensuring compliance with loan closing requirements and loan policies
• Ensure accurate, well-organized electronic loan files through loan closing and disbursement, maintaining an audit trail of all closing and monitoring documents and materials.
• Maintain a working knowledge of loan policies and protocols as implemented and/or updated.
• Maintains the internal loan tracking system in a Salesforce database.
• Collaborate with department colleagues to support monitoring and compliance assignments as required.
• Assist or lead ad-hoc projects as assigned that may include industry research, product development, operational efficiency, compliance and reporting systems protocol, social impact tracking development, funding applications or policy analysis
• Work collaboratively with other departments to manage information, reporting and document preparation for various internal and external needs, funding requests, and compliance with investor covenants

Requirements

WHO WE ARE LOOKING FOR

Ideal qualifications

• 4+ years of experience documenting commercial loans preferably in the fields of community development or affordable housing.
• Experience with New Markets Tax Credits, Low Income Housing Tax Credits or other state or federal loan programs a plus.
• Understanding of and experience with one of our key areas of affordable housing or nonprofit community facilities lending desired
• Database skills (e.g. Salesforce) with a demonstrated proficiency in MS Office and Google Suites
• Ability to build relationships internally and externally and elicit confidence by demonstrating reliability and commitment to Community Vision’s mission and values.
• Knowledge of and experience working with nonprofit community-based organizations is desired.
• Demonstrated ability to consistently multi-task and manage a varied and occasionally intense workload while maintaining a high degree of accuracy
• A high level of attention to detail and excellent judgment and decision-making abilities
• Excellent written and verbal communication and organizational skills

Compensation and Benefits

The salary for this position is between $91,500 – $116,500 annually, depending on experience. Benefits include: 100% health insurance premium coverage for employees and a contribution towards dependent coverage, dental insurance, long-term disability and life insurance, transportation and cell phone subsidies, employer contributions towards retirement savings, three weeks’ vacation, and a commitment to work/life balance.

Occasional evenings and out of area travel may be necessary. The position involves regular computer and telephone use plus some minimal lifting. The position can be based at either of Community Vision’s offices in San Francisco or Oakland. All staff are working on a hybrid basis until further notice.

How to Apply

Send resume and cover letter, please. Incomplete applications without a cover letter will not be considered. Cover letters should discuss your interest in the position and in working at Community Vision. Position will remain open until filled.

For more information on our programs and services, please visit our website at: communityvisionca.org.