Loan Closer

Company: Greater Minnesota Housing Fund

Location: St. Paul, MN

Job Function: Lending/Loan Operations


About Greater Minnesota Housing Fund
GMHF is a 501(c)(3) financial intermediary established in 1996 to finance affordable housing throughout Minnesota. GMHF originates $60-80M in new multifamily loans annually, including loans for acquisition and predevelopment; construction/bridge financing; long-term amortizing first mortgages; and flexible (mezzanine) second mortgages. It is certified by the Department of Treasury as Community Development Financial Institution (CDFI), holds an Aeris Rating of “4-Stars, AA, Policy Plus”, and is a member of the Federal Home Loan Bank of Des Moines.
GMHF operates Minnesota Equity Fund (MEF), a Low-Income Housing Tax Credit (LIHTC) financing vehicle. Minnesota Equity Fund typically invests $30M annually to address current demand and will expand to deliver $50M annually in 2021-2025.

GMHF also operates the NOAH Impact Fund, for the acquisition and preservation of naturally occurring affordable housing in the Twin Cities metro area. The NOAH Impact Fund provides financing of $10M -$15M per year and is now fully invested in NOAH properties with over 700 units under ownership and management. NOAH Fund II is currently being capitalized and will be operational in 2022.

Greater Minnesota Housing Fund supports the creation of strong communities and affordable homes through making strategic investments and forming effective partnerships.

Equity and Inclusion
Greater Minnesota Housing Fund believes racial equity in housing improves life outcomes of individuals
and families in areas of health, employment, educational attainment, income, and intergenerational wealth. We believe equitable access to safe and affordable housing is critical to moving to parity in housing, health, employment, income, and other areas of life. We are committed making investments in emerging market communities to create a more equitable housing landscape.


The Greater Minnesota Housing Fund Loan Closer is responsible for closing loans and equity investments in affordable multifamily and single-family real estate developments. The Loan Closer works directly with other professionals, including legal counsel, real estate developers, lenders, and representative of other agencies and organizations in order to bring funded projects to closing.

The Loan Closer role requires knowledge of common affordable housing financing structures including Low Income Housing Tax Credits, tax-exempt bonds, Tax Increment Financing, and multiple public sources of deferred loans; and the Loan Closer must be able to close on loans for developments that include multiple sources of such financing. The Loan Closer reports to the Director of Lending and works closely with the Closing Manager and Lending Coordinator on a daily basis.


Pre-closing Due Diligence
• Perform thorough review of the loan commitment and credit report to ensure the loan complies with final GMHF requirements.
• Work directly with borrowers and other partners to review, track, and prepare due diligence according to GMHF closing checklist such as:
o Settlement statements, title commitments, organizational documents, property survey, environmental reports, insurance policies, and UCC searches.
• Prioritize and monitor workflow to meet closing deadlines to facilitate timely and efficient review of documents.
• Prepare legal loan documents in coordination with GMHF attorneys and review for loan closing.

• Review and process loan closing package for loan execution.
• Prepare and process loan closing draws for loan disbursements.

• Perform a post-closing review of executed closing documents to ensure the package is complete, accurate, and in compliance with regulatory requirements.
• Review all invoices for third-party fees and submit for payment.
• Facilitate timely hand-off of closed loans to asset management for ongoing monitoring.
• Work with the Lending Coordinator to process construction draws.

Loan Documentation
• Maintain loan financing records in accordance with GMHF record retention requirements.
• Organize drafts and final documents from pre-closing through the final closing to allow for efficient search and retrieval of items needing review and execution.

• Other duties & responsibilities as assigned.


Professional Qualifications
• Bachelor’s Degree or equivalent experience.
• 2 – 4 years of loan closing experience with affordable multifamily housing.
• Ability to understand and analyze legal documents associated with real estate sales and development.
• Analytical skills and attention to detail with strong housing finance knowledge is essential.
• Ability to plan, schedule, and prioritize responsibilities, work under pressure to meet strict deadlines, and consistently produce high quality work products.
• Ability to work both independently and collaboratively in a dynamic organization.
• Knowledge of affordable housing finance programs such as:
o state agency financing programs,
o federal low-income housing tax credits and tax exempt bonds,
o HUD and USDA-RD federally subsidized mortgage products,
o Freddie Mac and Fannie Mae affordable housing products.
• Proven track record of effective project management involving multiple objectives, stakeholders and programs.
• Proficiency in MS Office (word processing, spreadsheet, database, other applications).
• Experience with lending, banking, affordable housing and/or community development lending.

Personal Qualifications
• Personal maturity, highly professional social skills, ability to remain objective, rational and discrete in stressful situations such as business negotiations, resolving differences of opinion, completing complex transactions, and collaborating with multiple internal and external stakeholders.
• Interpersonal skills necessary to deal effectively with staff, funders, the public.
• Excellent oral communication skills, writing and publication skills.
• Passion for affordable housing, community development, social justice.

Compensation and Benefits


How to Apply

Send resume to Alexis Lancaster, Executive Assistant,