- Salary
- $102k – $127k
- Location
- New York City - LISC National Headquarters
- Department
- Lending
- Seniority
- Senior
- Source
- Greenhouse
Description
LISC is one of the country’s largest community development organizations, helping forge vibrant, resilient communities across America. LISC works with residents and partners to close gaps in health, wealth, and opportunity so that people and places can thrive. We do this by acting as a conduit for grants, loans and equity--and by providing technical assistance and capacity building--to locally rooted organizations that carry out the work in communities.
Position Description
Local Initiatives Support Corporation (LISC) is seeking qualified candidates to fill the position of Senior Asset Manager. This position will be part of LISC’s Lending Department and will report to LISC’s Director of Asset Management and work in close coordination, with other members of LISC’s Lending and Legal departments. The Senior Asset Manager will be responsible for loan monitoring, tracking and reporting on LISC’s loan portfolio, including LIHTC and/or NMTC transactions, managing workouts and contributing to other facets of the Lending Department’s work as needed. The primary duties of the position include:
- Manage a loan portfolio, spanning numerous product and project types provided by LISC as part of its community development /lending activity.
- The position requires proactive management of closed loans including the following:
- Conducting credit assessment of loans involving the analysis of financial statements, project performance in comparison to underwriting projections and historical performance, and covenant compliance and preparing loan portfolio performance reports and risk rating assessments for committee
- Monitoring disbursements on lines of credit and predevelopment
- Effectively manage relationships with portfolio borrowers to ensure the performance of portfolio loans and develop new business opportunities through regular communication and periodic site visits, including communication with regards to pending maturity dates, late payments and loan covenant
- Tracking late, delinquent, and maturing loans to ensure that credit issues and loan maturities are addressed in a timely manner; coordinate across the Lending, Credit, Asset Management, Legal, and Loan Administration teams to ensure that all loan documentation and records are accurate and current.
- Identifying, prioritizing and engaging in problem solving with borrowers and offering recommendations when issues arise; propose and execute on loan workout and restructuring strategies.
- Evaluating the feasibility of proposed loan modifications and preparing post-closing amendment requests in accordance with LISC underwriting guidelines.
- Tracking insurance compliance on active loans and requesting and reviewing updated certificates, endorsements, and policies.
- Preparing write-off memos.
- Ensure the quality of data in LISC’s loan administration system, including development of policies and procedures for data collection and quality maintenance and oversight of the management and use of data.
- Perform additional loan monitoring on individual loans and prepare reports on the more complex loans, including loan restructurings, modifications and workouts.
- Perform ongoing borrower check-ins.
- Interact with LISC staff to provide accurate and timely information.
- Some travel is required.
- Perform additional duties, as required.
Qualifications
- Bachelor’s degree from an accredited college or university.
- Experience with loan asset portfolio management, acquisitions, credit, and underwriting in community development.
- Minimum five (5) years’ real estate experience with working knowledge of real estate finance and/or operations.
- Experience managing and negotiating loan workouts, restructurings and real estate owned.
- Lending experience in at least one of the following market sectors is a plus: affordable rental and for-sale housing, charter schools, community health centers, small business, and commercial development, preferably combined with knowledge of the Historic Tax Credit, Low Income Housing Tax Credit and/or New Markets Tax Credit programs.
- Strong communication, analytical, decision-making, time management, organizational, follow-up and relationship management skills.
- Self-starter ability to work independently as well as collaboratively.
- Solid proficiency in Microsoft Office suite, particularly Microsoft Excel, Salesforce, and loan management systems.
- Good organizational abilities and attention to detail, including ability to work independently and to manage multiple assignments simultaneously.
- Commitment to impact investing and LISC’s mission and values.
COMPENSATION
LISC offers a competitive salary ($102,000-$127,000) and excellent fringe benefits.
*Actual salaries may be based on several factors including, but not limited to, a candidate's skill set, experience, education, work location and other qualifications.
Our benefits include:
Medical, Dental, Vision Coverage: Comprehensive health plans for you and your family's well-being; Disability Insurance: Long-term and short-term coverage for peace of mind; Retirement Savings: Secure your future with our 401(k) and 403(b) plans; Generous Holidays: Enjoy ample time off to recharge and celebrate; Vacation, PTO, and Sick Days: Take advantage of flexible time-off policies to maintain work-life balance; Tuition Assistance: Pursue your educational goals with support from our tuition assistance program; Referral Program: Earn rewards for referring qualified candidates to join our team; Professional Development Opportunities: Grow and advance in your career with access to ongoing training and development programs tailored to your goals.
LISC is an equal opportunity employer. LISC does not discriminate in employment on account of actual or perceived race, color, creed, religion, national origin, ancestry, citizenship status, age, sex or gender (including pregnancy, childbirth, lactation and related medical conditions), gender identity or expression (including transgender status), sexual orientation, marital status, military status or veteran status, unfavorable discharge from military service, physical or mental disability, protected medical condition as defined by applicable state or local law, genetic information or any other characteristic protected by applicable federal, state or local laws and ordinances.
We will endeavor to make a reasonable accommodation to the known physical or mental limitations of a qualified applicant with a disability unless the accommodation would impose an undue hardship on the operation of our business.