Underwriter – Equity

Underwriter

JOB SUMMARY: An Underwriter analyzes real estate debt and equity investments and assesses the risks and mitigants associated with such. Generally, this includes ensuring that the proposed investment is sound real estate, that it meets stated underwriting guidelines, that the loan has the ability to be repaid within the underwriting parameters, and that it will provide underwritten financial benefits.

REPORTING RELATIONSHIP: Reports to Chief Underwriter

DUTIES & RESPONSIBLITIES:

• Having knowledge of financial programs and products designed to expand the availability of affordable housing, including but not limited to, Low Income Housing Tax Credits and Section 42 of the Internal Revenue Code, Section 8, Rural Development 515, HOME and other governmental programs.
• Having knowledge of the real estate development process
• Prepare routine to moderately complex property level pro forma cash flow statements and financial models
• Prepare property valuations to properly size loan request and comparing them to current loan products available
• Asses the borrow and guarantor financial statements including review and analysis of financial statements, real estate schedules, tax returns and cash flow statements
• Assessing the financial strength and capacity of the development team
• Assessing the real estate market where the proposed investment will be located to:
  • Verify the primary market area
  • Identify market comparables
  • Confirm rent and occupancy levels at comparables
  • Identify future developments that may impact demand
  • Determine reasonableness of proposed rents
  • Identify underwriting issues and mitigants
• Assessing validity of operating expense assumptions by using comparable data from Cinnaire portfolio, appraisal, and data provided by the developer and/or management agent
• Identifying factors of the proposed investment that differ from standard underwriting criteria
• Perform site due diligence visits
• Preparing presentations of proposed investments to the technical review committee
• Preparing term sheets, letters of intent and commitment letters for potential real estate investments
• Effectively communicate credit issues to the Senior Debt Underwriter and/or Chief underwriter and timely problem recognition
• Identifying potential structural enhancements in order to improve credit and reduce risk
• Updating investment information in data management system
• Preparing investment reports and presenting the proposed investment to the investment and loan committee
• Coordinating the preparation of the partnership agreement and loan documents with Cinnaire counsel
• Negotiating the terms of the investment with the developer as reflected in the commitment letter, final partnership agreement, and final loan documents
• Overseeing the collection of due diligence documents with Cinnaire counsel and Cinnaire Closing Coordinator, and reviewing pertinent documents affecting investment feasibility
• Preparing final notes, financial pro forma, and transition memo

• Holding transition meetings with asset management staff to ensure effective transition of investment
• Participating in orientation meetings, as requested, on closed and transitioned investments
• Participating in industry activities, including industry conferences, trade shows, education opportunities, and other events that will benefit Cinnaire business relationships
• Continued education in applicable aspects of the laws and regulations for different programs involved in the investments (Fannie Mae DUS loans, HOME Loans, other loan products, tax credit rules, bond compliance, etc.)
• Maintaining business relationships with investors, developers, accountants, attorneys, consultants, property manager, housing finance agencies, lenders, and any other related parties
• Involvement in the assessment of policies and procedures of the underwriting department to assist in continually improving the performance of the department; understand and employ all policies and procedures
• Participation in departmental staff meetings and company-wide staff meetings
• Maintaining a professional appearance and presence at all times
• Performing other duties which may be requested by Cinnaire management and/or executive staff

MINIMUM REQUIREMENTS:

• Excellent communication, organizational and interpersonal skills, as well as the ability to work under tight deadlines manage priorities, and complete assigned tasks with minimal management follow up
• Keen analytical skills and attention to detail
• Bachelor Degree in Finance, Accounting, Economics, Business or Real Estate/Urban Planning. Course work in real estate preferred.
• Ability to model financial investments including expected cash flow and return on investment
• Strong PC (Excel, Word, Database) skills are required
• Preference for previous experience underwriting permanent mortgage loans on affordable housing properties under Fannie Mae guidelines and familiarity with Fannie Mae Multifamily Guide
• Previous experience with loan underwriting and/or structuring real estate transactions
• Five years of progressive work experience with the evaluations of real estate investments