Assistant Underwriter

Company: Cinnaire

Locations: Detroit, MI; Grand Rapids, MI; Lansing, MI; Indianapolis, IN; Wilmington, DE; Madison, WI

Job Function: Underwriting


Who we are
Cinnaire is a mission-driven organization. Our team of more than 130 individuals are united by our core purpose. As dedicated problem solvers, we start each day thinking ‘what kind of difference can we make in people’s lives today?’ and then go about revitalizing communities, empowering individuals and creating economic opportunities.

What we do
We get involved. We spend time on the ground in the communities we serve, getting to know the people, understanding their challenges, and devising out-of-the-box solutions. Ours is a people-first approach to advancing communities. As a community development financial organization, we provide creative capital solutions to projects with high social value that may not otherwise receive support from traditional financial institutions. Our toolkit of services includes programs that lend funds, finance development and manage and build all the components of healthy communities.

How we do it
We help community development organizations, lending partners and socially motivated investors accomplish goals in underserved communities. We fill gaps in community development funding by leveraging capital from public and private sector organizations and bringing expertise to communities that need it most.

Where we serve
Since 1993, Cinnaire has funded affordable housing developments and community development initiatives throughout the Midwest and Mid-Atlantic states. Headquartered in Lansing Michigan, we have offices in Detroit and Grand Rapids, MI:, Milwaukee and Madison, WI; Chicago, IL; Indianapolis, IN; and Wilmington, DE, while providing financial and development support across our nine-state footprint including Michigan, Wisconsin, Minnesota, Indiana, Illinois, Pennsylvania, New Jersey, Delaware and Maryland.


The Assistant Underwriter assists Underwriters in evaluating and structuring real estate equity investments and assessing the risks and mitigants associated with such.




  1. Prepares routine to moderately complex property level pro forma cash flow statements and financial models.
  2. 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.
  3. Assesses the financial strength and capacity of the development team.
  4. Assesses the real estate market where the proposed investment will be located.
  5. Assesses validity of operating expense assumptions by using comparable data from Cinnaire portfolio, appraisal, and data provided by the developer and/or management agent.
  6. Identifies and communicates factors of the proposed investment that differ from standard underwriting criteria.
  7. Prepares term sheets, letters of intent and commitment letters for potential real estate investments.
  8. Updates investment information in data management system.
  9. Prepares investment reports and presents the proposed investment to the investment committee.
  10. Coordinates the preparation of the partnership agreement with Cinnaire counsel.
  11. Oversees the collection and review of due diligence documents with Cinnaire counsel and Cinnaire Closing Coordinator, and reviewing pertinent documents affecting investment feasibility.
  12. Transitions investment to asset management staff after closing.
  13. 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.

Key Competencies:

  • 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 and Credit Risk

Supervisory Relationship: None

Physical Requirements:

  • Ability to work on a computer for extended periods of time.

Travel Required: 5-10%

Compensation and Benefits

Cinnaire offers a competitive compensation package.

How to Apply