Locations: Detroit, MI; Lansing, MI; Grand Rapids, MI; Chicago, IL; Indianapolis, IN; Madison, WI; Wilmington, DE
Job Function: Financial Services
Cinnaire is a nonprofit community development financial organization that invests in people and places to transform communities through capital investments and development solutions. We believe that every community needs affordable housing, job opportunities, and quality healthcare and childcare in order to thrive.
Since 1993 we’ve been making high-impact investments and loans to developers and nonprofits that have resulted in more than $10 billion in community impact. Our investments focus on economically and racially marginalized communities that have been systematically denied access to capital. By leveraging innovative financial tools including the Low-Income Housing Tax Credit and the New Markets Tax Credit, we strive to change inequitable systems so that all people — especially low-income and vulnerable individuals — have the opportunities provided by living in healthy communities.
The Assistant Loan Underwriter assists the Loan Underwriting team in assessing the risks and mitigants associated with affordable housing and community development loan transactions. The Assistant Loan Underwriter also prepares incoming loans for underwriting, monitors the status of the loan pipeline, and ensures the loan pipeline management system is up to date.
- Prepares incoming loans for underwriting in coordination with the loan originations team and the assigned loan underwriter, including preparation and accuracy of the due diligence checklist.
- Prepares and/or performs quality review of routine to moderately complex financial models, including property level pro forma cash flow statements.
- Works with the loan underwriter to order and follow up on third-party reports and/or become a reliant party on another lender/investor’s third-party report.
- Attends due diligence calls and takes accurate notes to assist loan underwriter in understanding the transaction and tracking next steps.
- Ensures overall accuracy and integrity of data point entries in internal systems and follows up with borrowers to collect timely and accurate due diligence items.
- Assesses the borrower’s and guarantor’s financial capacity including review and analysis of organizational financial statements, real estate schedules, tax returns, and personal financial statements.
- Assesses the financial strength and capacity of the development team.
- Assesses the real estate market where the project will be located.
- Assesses the validity of operating expense assumptions by using comparable data from Cinnaire portfolio, appraisal, and data provided by the developer and/or management agent.
- Updates loan information in the pipeline management system.
- Supports the collection, review, and organization of due diligence documents and sets up or organizes loan files, ensuring appropriate naming conventions are used.
- Supports loan underwriters in preparing loan committee reports.
- Supports the transition of approved loans to the loan closing team.
- Provides any other additional support for loan underwriters under their direction.
Qualifications and Skills:
- Bachelor’s Degree in finance, accounting, economics, business, or real estate/urban planning. Course work in real estate and finance preferred.
- Ability to model financial investments, including expected cash flow and return on investment.
- Ability to spread and analyze financial statements.
- Strong PC (Excel, Word, database) skills are required.
- Previous experience with loan underwriting or structuring affordable housing and/or community development loan transactions.
- Analysis to Synthesis: Interprets data and information from multiple sources and translates it into coherent messages that inform decisions.
- Intellectual Agility: Flexes and adapts thinking skills to meet the needs of different situations and circumstances. Doesn’t limit problem solving to one approach or methodology.
- Perseverance: Accepting uncertainty by remaining focused and engaged on assignments. Looks for plausible solutions to difficult problems.
- Insight to Action: Acts on conviction and advances from concept to implementation toward a goal. Draws upon knowledge and professional judgment to orchestrate the steps required to get results.
Reporting Relationship: Reports to Director, Loan Underwriting
Supervisory Relationship: None
- he ability to sit at a computer for extended periods of time.
Travel Required: 5%
Compensation and Benefits
Benefits Offered: Medical, Health Reimbursement Account, Flexible Spending Accounts (medical and dependent care), Dental, Vision, Life Insurance, Accidental Death & Dismemberment, Long-Term Disability, Employee Assistance Plan, Pet Insurance, Identity Theft Protection, Paid Mobile Phone Service, Unlimited PTO, Incentive Compensation, 403(b) Plan, and Profit-Sharing Plan.