Job Summary: The Underwriter evaluates and structures real estate equity investments and assesses the risks and mitigants associated with such.
Essential Duties and Responsibilities:
- Underwrites and closes real estate equity investments.
- Prepares routine to moderately complex property level pro forma cash flow statements and financial models.
- Assesses the borrower’s and guarantor’s financial statements including review and analysis of financial statements, real estate schedules, tax returns and cash flow statements.
- Assesses the financial strength and capacity of the development team.
- Assesses the real estate market where the proposed investment will be located.
- Assesses validity of operating expense assumptions by using comparable data from Cinnaire portfolio, appraisal, and data provided by the developer and/or management agent.
- Identifies and communicates factors of the proposed investment that differ from standard underwriting criteria.
- Performs site due diligence visits.
- Prepares term sheets, letters of intent and commitment letters for potential real estate investments.
- Identifies potential structural enhancements in order to improve credit and reduce risk.
- Updates investment information in data management system.
- Prepares investment reports and presents the proposed investment to the investment committee.
- Coordinates the preparation of the partnership agreement with Cinnaire counsel.
- Negotiates the terms of the investment with the developer as reflected in the commitment letter and final partnership agreement.
- Oversees the collection and review of due diligence documents with Cinnaire counsel and Cinnaire Closing Coordinator, and reviewing pertinent documents affecting investment feasibility.
- Transitions investment to asset management staff after closing.
- Participates in orientation meetings, as requested, on closed and transitioned investments.
- Maintains business relationships with investors, CDFIs, developers, accountants, attorneys, consultants, property managers, housing finance agencies, lenders, and any other related parties.
Qualifications and Skills:
- 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.
- Previous experience with loan underwriting and/or structuring real estate transactions.
- Analysis to Synthesis: Interpreting data and information from multiple sources and translating into coherent messages that inform decision.
- Intellectual Agility: Flexing and adapting thinking skills to meet the needs of different situations and circumstances; not limiting problem solving to one approach or methodology.
- Perseverance: Accepting uncertainty by remaining focused and engaged on assignments; looking for plausible solutions to different problems.
- Insight to Action: Acting on conviction and advancing from concept towards a goal; drawing upon knowledge and professional judgment to orchestrate the steps required to get results.
Reporting Relationship: Reports to Executive Vice President, Underwriting & Credit Risk
Supervisory Relationship: None
- Ability to work on a computer for extended periods of time.
Travel Required: 20%Apply