Loan Officer

Company: Greater Minnesota Housing Fund

Location: St. Paul, MN

Job Function: Lending/Loan Operations


Background

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.

Mission

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.

Summary

Greater Minnesota Housing Fund is looking for two Loan Officers, one located in greater Minnesota and one located in the metro.

The Loan Officer focused on business development plays a key role in the deployment of Greater Minnesota Housing Fund’s financing for affordable multifamily housing and provides technical assistance to developers and community partners engaged in advancing affordable housing solutions statewide. The Loan Officer primarily functions as GMHF’s origination staff member and is responsible for generating new loans and managing a loan pipeline from initial borrower contact through closing.  The Loan Officer must have experience working with multifamily proformas and may be asked to assist with other due diligence as needed. A successful Loan Officer has a passion for affordable housing and community development.

Responsibilities

Business Development – Primary Responsibilities

  • Originate and close approximately 10 multifamily loans per year.
  • Develop and maintain external relationships with industry partners, including real estate developers, public agencies, and community organizations as needed to successfully cultivate lending prospects and advance programmatic initiatives that advance GMHF’s strategic goals and priorities.
  • Conduct preliminary pro forma analysis to assess (1) project feasibility and credit quality; (2) conformance to GMHF’s existing loan products, policies, and underwriting standards; and (3) alignment with GMHF’s strategic priorities and charitable purpose.
  • Review initial due diligence items, such as purchase agreements, rent rolls, and development team experience.
  • Prepare project feasibility documentation, present, and obtain approval for preliminary loan commitments from the Credit Committee.
  • Ensure all necessary information and documentation is submitted to the underwriter and is recorded properly in electronic file format.
  • Coordinate with GMHF’s underwriter and loan closer to ensure timely and accurate approvals and closings of loans.
  • Represent GMHF at community events and workshops.

Underwriting Responsibilities

  • As needed, conduct detailed underwriting of projects from preliminary commitment to final approval, and assist in the resolution of potential issues in GMHF’s lending process.
  • Work closely with the underwriter to assist in the preparation of the written credit reports and present loan recommendations for review and final approval by applicable GMHF committees and the Board of Directors.
  • Perform technical assistance to borrowers, project partners, and other stakeholders as needed to overcome barriers to project success and/or timely completion.
  • As needed, review due diligence and legal documents prior to closing in conjunction with the Loan Closer, and review construction draws during the construction period, if any.
  • Coordinate with Asset Manager and Loan Portfolio & Data Analyst to facilitate compliance and performance of existing loans including proactive communication with borrowers to gather information and provide technical assistance, reviewing scheduled draws, coordinating loan modifications, debt restructuring, or other remedies as needed to achieve desired outcomes.
  • Perform other duties as assigned and required

Requirements

Desired Skills & Experience

  • Experience in multifamily development and finance, including ability to review proformas and size mortgages for existing apartments and new construction.
  • Experience in business development within the multifamily housing industry.
  • Strong preference for candidates who have experience with financing affordable housing using multiple funding sources, such as tax increment financing (TIF) and other local contributions; Low Income Housing Tax Credits (LIHTC); tax-exempt bonds; project-based rental assistance; and HUD, Rural Development, Freddie Mac and Fannie Mae loan products.
  • Demonstrated analytical and problem-solving skills in the context of complex real estate development and finance transactions.
  • Excellent oral and written communication skills.
  • Personal maturity, strong interpersonal skills, and proven ability to negotiate effectively and resolve conflicts professionally.
  • Ability to effectively organize competing work priorities under pressure to meet deadlines while maintaining high quality work products.
  • Ability to work both independently and collaboratively in a dynamic organization.
  • Ability to travel.
  • Proficiency in Microsoft Excel and Word.
  • 3 – 5 years of related professional experience.
  • Bachelor’s Degree in Business, Finance or Real Estate, or Equivalent Experience in affordable housing or real estate development.

Compensation and Benefits

Greater Minnesota Housing Fund offers competitive wages and strong benefits, including 401k, medical, dental, and health savings account.

How to Apply

Please send your resume to Alexis Lancaster, Executive Assistant, alancaster@gmhf.com.