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

1. 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.
2. Having knowledge of the real estate development process
3. Prepare routine to moderately complex property level pro forma cash flow statements and financial models
4. Prepare property valuations to properly size loan request and comparing them to current loan products available
5. Asses the borrow and guarantor financial statements including review and analysis of financial statements, real estate schedules, tax returns and cash flow statements
6. Assessing the financial strength and capacity of the development team
7. Assessing the real estate market where the proposed investment will be located to:
a. Verify the primary market area
b. Identify market comparables
c. Confirm rent and occupancy levels at comparables
d. Identify future developments that may impact demand
e. Determine reasonableness of proposed rents
f. Identify underwriting issues and mitigants
8. Assessing validity of operating expense assumptions by using comparable data from Cinnaire portfolio, appraisal, and data provided by the developer and/or management agent
9. Identifying factors of the proposed investment that differ from standard underwriting criteria
10. Perform site due diligence visits
11. Preparing presentations of proposed investments to the technical review committee
12. Preparing term sheets, letters of intent and commitment letters for potential real estate investments
13. Effectively communicate credit issues to the Senior Debt Underwriter and/or Chief underwriter and timely problem recognition
14. Identifying potential structural enhancements in order to improve credit and reduce risk
15. Updating investment information in data management system
16. Preparing investment reports and presenting the proposed investment to the investment and loan committee
17. Coordinating the preparation of the partnership agreement and loan documents with Cinnaire counsel
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18. Negotiating the terms of the investment with the developer as reflected in the commitment letter, final partnership agreement, and final loan documents
19. Overseeing the collection of due diligence documents with Cinnaire counsel and Cinnaire Closing Coordinator, and reviewing pertinent documents affecting investment feasibility
20. Preparing final notes, financial pro forma, and transition memo
21. Holding transition meetings with asset management staff to ensure effective transition of investment
22. Participating in orientation meetings, as requested, on closed and transitioned investments
23. Participating in industry activities, including industry conferences, trade shows, education opportunities, and other events that will benefit Cinnaire business relationships
24. 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.)
25. Maintaining business relationships with investors, developers, accountants, attorneys, consultants, property manager, housing finance agencies, lenders, and any other related parties
26. 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
27. Participation in departmental staff meetings and company-wide staff meetings
28. Maintaining a professional appearance and presence at all times
29. Performing other duties which may be requested by Cinnaire management and/or executive staff


1. 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
2. Keen analytical skills and attention to detail
3. Bachelor Degree in Finance, Accounting, Economics, Business or Real Estate/Urban Planning. Course work in real estate preferred.
4. Ability to model financial investments including expected cash flow and return on investment
5. Strong PC (Excel, Word, Database) skills are required
6. Preference for previous experience underwriting permanent mortgage loans on affordable housing properties under Fannie Mae guidelines and familiarity with Fannie Mae Multifamily Guide
7. Previous experience with loan underwriting and/or structuring real estate transactions
8. Five years of progressive work experience with the evaluations of real estate investments