Company: NeighborWorks Capital
Locations: Silver Spring, MD; Location flexible; Silver Spring, MD (NeighborWorks Capital Main Office) preferred. Must have ready-access to regional/major airport., All
Job Function: Financial Services
NeighborWorks Capital is a national community development financial institution (CDFI) that serves the real estate financing needs of the 250 members of the NeighborWorks America network in all 50 states, the District of Columbia, and Puerto Rico. Its current capitalization is $155 million with $90 million in loans outstanding nationwide. NeighborWorks Capital is based in Silver Spring, MD and provides loans to the members of the NeighborWorks America network that undertake real estate development projects beneficial to their communities, including affordable rental, for-sale housing, and commercial projects. NeighborWorks Capital is a certified CDFI and is rated by Aeris Insight™.
NeighborWorks Capital’s loan portfolio includes short-term loans for predevelopment costs, acquisition of sites and properties, construction or rehabilitation, lines of credit, and organizational/enterprise financing, as well as a growing portfolio of longer-term permanent and mini-perm loans for multifamily and commercial. NeighborWorks Capital is implementing its Five-Year Strategic Plan that includes continued growth in lending impact and development of new products that will result in the doubling of the loan portfolio. This is an exciting time to join the NeighborWorks Capital team to address the shortage of affordable housing in communities across the country.
NeighborWorks Capital is expanding, reaching more NeighborWorks Organizations with our financing solutions as part of our Five-Year Strategic Plan that will result in the doubling of our lending impact. We are hiring for our Portfolio Management Team and looking for energetic and motivated teammates who want to work in partnership with dynamic nonprofit affordable housing developers to achieve ambitious community goals.
The Senior Portfolio Manager is responsible for independently managing loans after closing. This includes loan monitoring, completing annual reviews, analyzing any changes in the borrower or project, proactively identifying early warning signs of trouble and implementing risk mitigation strategies, completing extension requests and modifications prior to maturity date, recommending risk ratings, and overseeing loan disbursement requests. The Senior Portfolio Manager will coordinate with the Lending and Finance teams. S/he will also analyze the portfolio, identify existing and potential risks, make risk management recommendations, monitor exposures, maintain all databases containing information related to loans in the portfolio, and provide reports to the Senior Leadership team, Board of Directors, Loan Committee, and funders. This position is responsible for complex and higher risk loans.
- Full-time, exempt status
- Location flexible; Silver Spring, MD (NeighborWorks Capital Main Office) preferred. Must have ready-access to regional/major airport
- Evidence of full COVID-19 vaccination and boosters required.
- Analyze quarterly financial reports and project status updates from borrowers, proactively identifying early warning signs of trouble
- Perform annual reviews on each loan in the portfolio and make risk rating recommendations
- Maintain database of required monitoring information due from borrowers, loan specifics, payment status, and risk analysis
- Interface with lead lenders or loan participants as appropriate
- Review and respond to loan modification and extension requests, complete and submit memo to Chief Portfolio Officer (CPO) for approval, and complete necessary documentation to be signed by borrower, all prior to the maturity date. Responsible for more complicated loans that are on watch list.
- Oversee and compile all disbursement requests with assistance from Portfolio Analyst, including construction draws and revolving lines of credit, obtaining and independently reviewing all required documentation
Loan Monitoring and Analysis
- Input new project loan information into Nortridge Loan System (NLS)
- Monitor compliance with policies covering risk management.
- Monitor payment of real estate taxes, insurance and other escrows
- Identify any problem loans and propose resolution strategies to CPO
- Implement approved workout strategies when necessary
- Pursue collection efforts when necessary
- Oversee all disbursement requests, including construction draws and revolving lines of credit, obtaining and independently reviewing all required documentation
- Perform periodic site inspections and prepare reports on physical condition of properties
- Advise management of any potential issues in portfolio concentrations, exposures, and market risks
- Advise management well in advance of any potential covenant violation issues in the portfolio
Portfolio and Impact Reporting
- Provide and present reports at regularly scheduled meetings to Senior Leadership team and Loan Committees on credit quality and loan issues
- Update reports for funders or investors
- Assist with historical lending and impact reporting for internal and external partners
- Other duties as assigned
- Work cooperatively and constructively with a wide variety of people
- Share responsibility for relationship management with Loan Officers to create loyalty and repeat business
- Build relationships with borrowers post-closing and encourage them to work in partnership with NeighborWorks Capital
- Provide leadership and mentoring to other team members
- Proactively induce borrowers to deliver timely information when needed
- Meet many deadlines while managing a portfolio of loans
- Resolve conflicts through negotiation, effectively balancing borrower needs with risk mitigation for NeighborWorks Capital
- Work effectively in a team environment and actively participate in joint problem solving; willingly cooperate with co-workers and listen attentively to others
- Maintain flexibility and adaptability to change
- Positively recognize the accomplishments of customers and co-workers
- Come to meetings prepared, honor work commitments, meet deadlines
- Honor private and confidential matters
- Communicate courteously and effectively; deal with issues directly, in a respectful and timely manner, focus on resolving the issue while not criticizing the person
- Undergraduate degree in business, finance, economics or accounting, advanced degree in relevant field (finance, planning, etc.) is a plus
- At least 5 years of demonstrated relevant portfolio management experience, preferably in multi-family housing and/or commercial real estate at a CDFI or bank, or 7 years in a related field
- Supervisory experience preferred, but not required
- Project management leadership skills
- Knowledge and experience with multifamily real estate finance required, community development real estate lending, especially affordable housing lending experience is a plus
- Proficiency in analyzing complex financial statements of for-profit and nonprofit organizations and their real estate operations
- Ability to create amortization schedules and cash flow spreadsheets when needed
- Familiarity with business law concepts including contracts, mortgages, appraisals, loan collateral, uniform commercial code, creditors’ rights and forms of business organization and sufficient knowledge to review and negotiate loan documents
- Knowledge of federal and state real estate development subsidy programs that serve urban and rural areas
- Commitment to community development, low-income communities
- Professional demeanor and willingness to cooperatively participate on a team in a mission-based organization
- Self-starter, ability to work independently and as well as collaboratively in a small team
- Experience in public speaking is a plus
- Detail oriented and strong work ethic
- Demonstrated ability to prepare clear, accurate, well-organized written and financial reports and to communicate verbally in an effective manner
- Proficient in Microsoft Office software programs, use of e-mail and internet, and willingness to expand skill base
- Familiarity with Nortridge is a plus
- Capacity to prioritize multiple tasks to meet customer deadlines while ensuring credit integrity
- Occasional travel within U.S. required (10-15%), including to Maryland headquarters
- Fluent in English
- Possess valid U.S. driver’s license and capable of driving for periodic local site visits.
Compensation and Benefits
Annual salary range of $100,000 to $115,000, plus excellent employer-paid benefits package that includes medical, dental, vision, 11 paid holidays, PTO & sick leave, life insurance, short & long-term disability, 6% contribution of eligible salary to 401(k), transportation subsidy, matching contribution plan to eligible nonprofits, and bonus potential up to 10% of salary.
How to Apply
Please submit letter, resume, and salary requirements to firstname.lastname@example.org. Salary requirements must be provided to be considered. No phone calls, please. Due to the nature of this position, background checks (including verification of education and employment, as well as criminal record) and credit checks will be conducted as a condition of employment.
NeighborWorks Capital is an Equal Opportunity Employer. It is NeighborWorks Capital’s commitment to treat all its employees and candidates for employment with dignity and respect and to provide a workplace that is free from discrimination, whether that discrimination is based on race, color, religion, sex, national origin, disability, political affiliation, marital status, membership in an employee organization, age, sexual orientation, gender identity, pregnancy, or other non-merit factors. NeighborWorks Capital is committed to diversity and inclusion; and our goal is to have a workforce that is representative of the communities we serve.