Background:
THE COMPANY
Low Income Investment Fund (“LIIF”) is a national nonprofit Community Development Financial Institution (CDFI), formed in 1984 and headquartered in San Francisco, California, with five offices across the country. LIIF has 80 full time employees. LIIF’s mission is to alleviate poverty by providing capital and technical assistance to integrated community development projects, serving as a bridge between the capital markets and low-income communities, attracting and directing private capital into under- invested areas. LIIF focuses on the “social determinants of health” via our work across housing, child care, education, health and transit-oriented development. Our capital and programmatic innovations and practices create models and templates that we utilize to inform and create policy at the federal / state / local levels, with the broader goal of systems change. LIIF’s mission is to maximize its impact in low- income communities, centering its commitment to equity through its social justice and equity mission statement (appended).
With a 35-year history, LIIF has deployed approximately $2.4 billion and served more than two million people and is among the largest and most successful of the CDFIs in the country. To date, total financings have resulted in the creation of 33.3 million square feet of community, commercial and fresh food retail space; 75,830 units of affordable housing; 364,750 slots in quality K-12 and early education facilities; and 151,723 jobs. LIIF has loan assets under management of $749 million. To date, LIIF has raised more than $1 billion in off balance sheet funds. LIIF received an issuer rating from S&P Global Ratings of “A-” with a Positive outlook, in addition to the highest possible ratings from AERIS.
LIIF’s Social Justice and Equity Statement
Social justice and equity are a lens, a value, a process and an outcome we seek to achieve. Achieving equity and justice requires an inclusive approach, empowering people, connecting with communities and transforming the systems that allocate power and resources in order to create communities where all people have equitable access to opportunity.
LIIF's mission is poverty alleviation. Our impact pathways and program strategies are guided by a North Star, which holds that all people, no matter the circumstances of their birth, should have a chance to contribute their full potential to our nation's well-being and to participate in our prosperity. We seek to use LIIF’s resources, programs, partnerships and collective voice toward this end.
Position Summary:
POSITION SUMMARY:
The Asset Manager/Senior Asset Manager (AM/SLA) is responsible for the overall asset management of a portfolio of acquisition, predevelopment, construction and permanent loans made to support the development of affordable housing, childcare facilities, charter schools, and other community facilities. Following closing and through repayment, the Asset Manager is responsible for actively managing their portfolio and serving as the LIIF lead contact for borrowers, sponsors, and other external partners. The AM is responsible for credit monitoring and analysis, risk rating recommendation, construction loan administration, loan conversion, modification underwriting and closing, special attention monitoring, and workouts for all assigned loans.
REPORTING RELATIONSHIPS:
The Asset Manager/Senior Asset Manager reports to the Director of Asset Management and Loan Administration (DAMLA). The Asset Manager/Senior Asset Manager will work closely with the Chief Credit Officer (CCO), Regional Directors and Deputy Directors, Loan Officers, 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.
Responsibilities:
Essential Functions
Asset Management:
• 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 credit reviews 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 risk
analysis and making risk-rating recommendations to senior management by integrating and analyzing these data and making judgments on their significance and quality.
Construction Disbursement Management - The Asset Manager/Senior Asset Manager will review and approve the construction draw packages prepared by loan administration.
This review includes review of disbursement tracker, AIA documentation, construction monitoring’s site observation reports, and title reports. The AM/SAM ensures LIIF construction funds are disbursed in compliance with loan documentation, loan budget, lien law, and designated timelines. The AM/SAM monitors the construction budget and timeline, and takes proactive steps to support on time and on budget project delivery,
which may include regular calls with construction teams, management of budget line item reallocation, or ensuring borrower secures additional funding for project overages.
• 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.
• Special Attention Loans – The Asset Manager/Senior Asset Manager will work under the direction of the Chief Credit Officer and Director of Asset Management and Loan Administration in managing special attention or non-performing loans in their portfolio 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 Workouts – Senior Asset Managers are responsible for loan workouts for transactions within their portfolio. For loans at the work-out stage, the SAM conducts a thorough credit analysis of the loan, including researching loan history, reviewing existing loan documentation, and analyzing financial statements of the borrower and, where applicable, the real estate asset. Working closely with LIIF’s legal counsel, the CCO and DAMLA, the Director of Asset Management proposes and implements an action plan and workout strategy for each troubled loan. The Director of Asset
Management meets regularly with the Chief Credit Officer and Chief Operating Officer to review such action plans and strategies.
• Portfolio Data Collection and Reporting – The Asset Manager/Senior Asset Manager will collect 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.
Underwriting
• 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 Director of Asset Management and Loan
Administration 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.
• Conversion – The Asset Manager/Senior Asset Manager will manage conversion of
loans from product type, which may involve updated credit underwriting and loan closing
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.
Requirements:
SKILLS REQUIRED:
The ideal candidate for this position will have these key qualifications:
• For Asset Manager, 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 Asset Manager, 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.
Compensation:
Medical
Dental
Vision
Disability
Life and Accidental Death & Dismemberment Insurance
Health and Dependent Care Flexible Spending Accounts
Short-Term and Long-Term Disability
Employee Assistance Program
Wellness Subsidy
Volunteer Release Time
401(k) Contribution
Employee Discount Program
Commuter Transit Savings Program
How to Apply:
HOW TO APPLY
Forward via email
cover letter with resume to:
Low Income Investment Fund
Attn. Human Resources
50 California St., Suite 2900
San Francisco, CA 94111
E: careers@liifund.org
No phone calls please. 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, sex, gender or national origin.
