Company: Cinnaire Corporation
Locations: Lansing, MI; Detroit, MI; Grand Rapids, MI; Chicago, IL; Madison, WI; Indianapolis, IN; Wilmington, DE
Job Function: Financial Services
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.
Job Summary: The Loan Closing Manager (LCM) ensures the timely closing of loans and transitions loans to Portfolio Management and Servicing. The LCM maintains productive relationships with internal and external stakeholders throughout the closing process.
Essential Duties and Responsibilities:
- Attends loan committee meetings and documents loan approvals and closing conditions.
- Prepares commitment letters consistent with loan committee approval.
- Collaborates with underwriters and follows up to ensure the appropriate due diligence is performed to satisfy closing conditions.
- Ensures loans are risk rated at closing and communicates reserve requirements to Senior Vice President, Lending Capital through preparation of final booking sheet.
- Develops naming conventions and file architecture for closed loan files and collaborates with Loan Processor, Servicing to ensure all closing documents are appropriately named and stored post-closing.
- Manages the creation of loan documents by counsel that reflect the loan approval and subsequent due diligence for closing conditions. Creates templates for standard loan documents to expedite the closing process.
- Ensures borrowers understand their responsibilities by reviewing loan documents and explaining loan covenants, reporting requirements, and draw processes as needed.
- Perfects collateral as necessary by filing appropriate liens or UCC filings.
- Manages preparation of investor-related materials for deal closings and coordinates the execution of funding requests. Demonstrates industry knowledge and expertise to instill confidence in investors.
- Transitions loans to Portfolio Management and Servicing staff, flagging any portfolio management or servicing requirements outside the norm, and ensures borrowers are aware of appropriate portfolio management and servicing contacts.
Qualifications and Skills:
- Bachelor’s degree and at least 5 years of progressively responsible work experience required.
- Extensive experience closing real estate loans.
- Expert knowledge of loan documentation, security instruments, and other closing requirements.
- Knowledge of affordable housing and community development desired.
- Strong stakeholder relations and organizational skills.
- High level of detail-orientation
- Intellectual Agility: Can flex and adapt thinking skills to meet the needs of different situations and circumstances. Doesn’t limit problem solving to one approach or methodology.
- Perseverance: Accepts uncertainty by remaining focused and engaged on assignments. Looks for plausible solutions to difficult problems
- Resource Optimization: Applies knowledge of internal structures and existing talent to accomplish a goal.
- Customer Focus: Stays ahead of customer needs and uses insight to develop new and/or modify client services.
Reporting Relationship: Reports to Senior Vice President, Cinnaire Lending
Supervisory Relationship: Closing Coordinator
- Ability to work on a computer for extended periods of time.
Travel Required: Occasional
Compensation and Benefits
Cinnaire offers a competitive compensation and benefits package