Associate Director, Underwriting

Background

The Connecticut Green Bank (hereafter “Green Bank”) is seeking an Associate Director, Underwriting to support the deployment and investment management of several financial products originated by the Investments and Financing Program divisions of the Green Bank.

Green Bank, a quasi-public authority, is the nation’s first state-level “Green Bank,” leveraging public funds to increase and accelerate private investment in the green economy of Connecticut. Working at the Green Bank means being part of a dynamic team of talented people who are passionate about implementing the green bank model, stimulating the growth and development of clean energy and environmental infrastructure investment in Connecticut – growing our economy, strengthening our communities, and protecting our environment.

The Green Bank’s Investment Team focuses on crowding in external sources of capital and is dedicated to originating and closing transactions across different sectors and technologies that impact the climate, clean energy and environmental infrastructure goals of the State of Connecticut. The team includes investment professionals dedicated to business development, underwriting, project management, and sector-specific originations. Such sectors include commercial and industrial / small medium enterprises, nonprofit, single family residential and multifamily housing as well as local and state governments. The Investment Team considers a wide array of commercially demonstrated technologies, primarily solar PV, battery storage, equipment associated with energy efficiency retrofits, small hydro, anaerobic digesters, fuel cells, on-shore wind, as well as clean energy mobility.

Summary

The Associate Director, Underwriting will support the Investment Team with its existing ($200MM) and expanding portfolio of loan, lease, loan loss reserves, guaranties and equity investments in energy efficiency, clean energy, and environmental infrastructure finance projects and/or programs of the Green Bank. The Associate Director works with a high degree of independence and initiative and is expected to be very knowledgeable in the areas of energy and environmental finance, typically taking assignment of challenges of significant complexity. The position requires a great amount of discretion, authority, and responsibility and will support various business development officers in the origination and execution of new loans. The Associate Director works closely with the Investments team, Financing Programs origination team, and the internal legal team to ensure proper credit risk management, financial modeling, risk rating determinations and subsequent credit review and risk rating adjustments, review and analysis of financial statement reports, conducting due diligence, helping structure the transaction, assessing credit risk, preparing deal screen presentations, writing credit approval memorandums, presenting recommendations to the Green Bank staff level credit committee as well as the Green Bank Board of Directors and its Deployment Committee, and monitor and manage the credit portfolio.

The Associate Director also works closely with the Asset Management team, coordinating receipt of financial information, covenant tracking and compliance monitoring, review of borrowing base certificates, and with the Accounting Department concerning loan servicing / collections and accounts receivable aging schedules, etc. The position requires a proactive banker with strong credit acumen, excellent communication skills, adroit customer relationship management, as well as the ability to effectively prioritize multiple requests and meet tight deadlines.

Responsibilities

The Associate Director will be the principal party to guide the underwriting and credit of transactions. Specifically, the Associate Director will be responsible for:

• Guiding the originations team on credit and risk analysis and assisting with the development of financial structures.
• Evaluating market, sector, and counterparty information to diligence originations.
• Underwriting conventional loans, transactions using subordination, participations, loan loss reserves, and other structured finance approaches.
• Analyzing and evaluating due diligence documentation related to sponsor, property characteristics, operating history, property inspection, market, etc.
• Verifying assumptions contained in pro forma financials and determining if projects should be updated with more realistic assumptions.
• Evaluating adequacy of cash flows to service proposed debt structures and other credit metrics.
• Preparing comprehensive credit memorandums that provide in-depth analysis, rationale, opinions and recommendations regarding new credit requests and presenting transactions to staff level credit committee or Board of Directors (or Board committee) in support of approval, including:
  • Attending meetings and/or conference calls on transactions, lead due diligence discussions and work with the Investments and Financing Programs Teams to develop deal indicative term sheets, financial models and deal screen presentations
  • Performing annual credit reviews (or more frequently as needed (e.g., nonperforming assets))
  • In collaboration with the Investments and Financing Programs Team, negotiating rates, fees, and terms with clients that meet Green Bank guidelines
  • Working directly with Green Bank’s counsel to help prepare loan documentation for borrower to execute
  • Providing innovative underwriting approaches based on market behaviors while efficiently analyzing, mitigating, and clearly defining credit risk.
  • Meet with potential borrowing customers to determine credit needs, project economics (if applicable) and develop appropriate loan structure that meet the client’s needs and Green Bank’s requirements
  • Proactively manage client relationships by setting appropriate client expectations and meeting deadlines.
  • Proactively keep management and other team members informed on the progress with client requests and other deliverables.
• Assess new risk exposures within the Green Bank’s lending policies and procedures and identify exceptions to credit policy.
• Manage credit risk by identifying and analyzing risks within individual transactions
• Recommend appropriate risk ratings in accordance with credit policy guidelines and on an ongoing basis monitor changes in borrower risk and recommend appropriate upgrades/ downgrades.
• Assisting with financial institution engagement to shape underwriting and transaction development.
• Developing term sheets and commitment letters.
• Working with various Green Bank teams (Investments, Financing Programs, accounting, Asset Management) to:
  • Monitor and evaluate ongoing compliance with financial covenants and reporting requirements
  • Review financial statements on an ongoing basis for covenant compliance.
  • Monitor monthly borrowing base certificates and confirm availability.
  • Organize and maintain credit files.
  • Prepare and present reports for internal meetings (i.e. credit quality meetings)
  • Manage assigned loan portfolio within Green Bank policy and customer service standards.
  • Prepare responses for information requests from internal and external auditors.
  • As needed, confirm loan payments and reserve account distributions per payment waterfall schedules in loan agreements.
  • Work with General Counsel, Accounting Department, and Asset Management, Investments and Financing Programs teams to identify, report and resolve/workout problem accounts in a timely manner.
• And other duties as assigned.

Requirements

The following minimum qualifications in knowledge, skill, and ability are required:

• Credit training or demonstrated experience in credit and underwriting roles in a commercial bank, community bank, or CDFI environment.
• Experience in clean energy and/or energy efficiency is desired.
• Demonstrated knowledge of loan structures and treasury products
• Proven track record of reviewing financial and real estate documents for due diligence and transaction execution purposes.
• Willingness to develop standards, products, and provide support to new and innovative originations.
• Solid background in various extensions of credit (preferably with commercial & industrial, small business, and/or commercial real estate credits). Knowledge of climate finance, structured and blended lending, project finance, and/or other tax equity structures preferred, knowledge of real estate property fundamentals and real estate lending/underwriting.
• Highly proficient in MS Word, Excel, financial analysis skills, including financial modeling and understanding of financial data, e.g. balance sheets, income statements, cash flow statements, financial ratios, etc.
• Strong verbal, written, inter-personal, and public presentation skills; speaks clearly and effectively, is thoughtful, persuasive; writes clearly and informatively; varies writing style to meet client needs
• Proven organizational skills; able to work independently and be detail oriented
• Ability to work independently while supportive of a team with different personalities, adjust quickly to various work situations, and remain composed under pressure/in stressful situations
• Ability to work on multiple long-term transactions simultaneously and prioritize assignments to meet deadlines
• Business acumen: understands business implications of decisions; displays orientation to profitability within a Green Bank context; demonstrates knowledge of market and competition; aligns work with strategic goals and performance objectives
• Judgment: exhibits sound and accurate judgment; can clearly explain reasoning for decisions; includes appropriate people in decision-making process; demonstrates persistence and overcomes obstacles; takes calculated risks within Green Bank tolerance to accomplish goals
• Professionalism: reacts well under pressure; treats others with respect and consideration; accepts responsibility for own actions; follows through on commitments, able to present concise arguments, can disagree and accept disagreement without undue emotion or resorting to personal attacks
• Problem solving: identifies and resolves problems in a timely manner; works with others to solve complex issues
• Customer service: responds efficiently and cordially to requests for service and assistance within Green Bank customer service standards; meets commitments
• Dependability: completes tasks on time; takes responsibility for own actions; detail oriented; ability to prioritized effectively and meet deadlines; can be relied upon
• Teamwork: promotes team goals over individual accomplishment; provides assistance and guidance to other team members; participates in team activities

General Experience:

A Bachelor’s degree (but a Master’s degree is preferred) in accounting, finance or related field with proven academic excellence. In addition, formal credit training and minimum (10) years of underwriting and portfolio management experience either within a commercial banking lending team or a community development financial institution.

Substitutions Allowed:

• A Master’s degree in Business Administration or other related field may be substituted for one (1) additional year of the direct experience.
• A professional certification in a relevant field may substitute for one (1) additional year of the direct experience.

Compensation and Benefits

• This position reports directly to the Chief Investment Officer.
• It is expected that the position will be based in the Hartford, CT headquarters or the Stamford, CT satellite office with the opportunity for some remote work.
• State of CT benefits package, including generous time-off, health insurance covering medical, dental and vision, retirement, tuition reimbursement for continuing education, and paid leave.

How to Apply

To apply for this position, please visit https://ctgreenbank.applicantpro.com/jobs/ and click on the “Associate Director, Underwriting” position. Please submit a cover letter and resume in order to be considered for this position.