Home

Quick Links

Underwriter, Lending

Company: Philadelphia Industrial Development Corporation (PIDC)

Job Function: Underwriting

Background

Philadelphia Industrial Development Corporation (PIDC) is Philadelphia’s public-private economic development corporation. Our mission is to spur investment, support business growth, and foster developments that create jobs, revitalize neighborhoods, and drive growth to every corner of Philadelphia. We achieve our mission through a diverse range of financing products, real estate solutions, and business support services. You can learn more about PIDC at pidcphila.com.
PIDC is committed to driving transformative growth for Philadelphians with a human-centered approach by directing our financial and real estate services, knowledge, and networks toward creating a vibrant and sustainable Philadelphia. To achieve this mission, PIDC focuses on five areas:
  • CAPACITY: Create and sustain internal capacity and external partnerships to scale the availability and breadth of economic development resources to clients.
  • CAPITAL ACCESS AND SERVICES: Expand financing and business support services to benefit communities that have difficulty accessing capital.
  • LAND USE: Catalyze development of projects that create quality jobs and advance economic growth.
  • KNOWLEDGE AND NETWORKS: Share knowledge and networks to respond to clients, partners, and market needs.
  • EMPLOYEE WELL-BEING: Elevate the physical, mental, and financial well-being of PIDC employees and provide opportunity for each to thrive and grow professionally.
PIDC is governed by a thirty-member Board of Directors, appointed by the Mayor of Philadelphia and the President of the Greater Philadelphia Chamber of Commerce.  The staff includes approximately 60 full-time employees, and PIDC’s current 12-member senior leadership team has a combined 150+ years of experience at PIDC. The organization’s annual budget of approximately $12M is funded by a combination from fees generated by PIDC’s transaction activities, service and management contracts, and contributed revenue.
Over the past 65+ years, PIDC has settled over 13,500 transactions with a diverse range of clients — including nearly $21 billion of financing and 3,400+ acres of land sales — which have leveraged tens of billions of dollars in total investment and assisted in retaining and creating hundreds of thousands of jobs in Philadelphia.

Summary

As an Underwriter at PIDC, specializing in business and real estate transactions, you will play a vital role in ensuring the growth and credit quality of our loan portfolio. The Underwriter will be expected to underwrite a wide variety of lending products, including complex and creative funding sources such as HUD 108, CDBG, NMTC, EDA, EPA, PIDA, SSBCI, and EB-5, as well as private CDFI programs. The Underwriter is involved in many aspects of the client experience at PIDC, from the receipt of a complete application to loan closing.

Responsibilities

  • Application intake, review, and analysis: Proactively liaise with Business Development Managers and Loan Processing Coordinators for effective and smooth client handoffs from application to underwriting. Lead applicants through the underwriting, approval, commitment and settlement process for PIDC loans and other resources. Schedule and attend underwriting meetings and provide advice and guidance including indicative size and structure of financing. Issue Term Sheets in a timely fashion and secure source of funds for all deals in preliminary underwriting stages. Assemble underwriting materials and develop written credit memos in accordance with PIDC’s Policies and Procedures, including but not limited to an executive summary that can be used for approval presentation, project description, sources and uses of funds, outline of primary risks relevant to the sponsor and deal with relevant mitigants, accurate risk financial statement and credit report analysis, comprehensive collateral analysis, and market and financial analyses. All the above contribute to a comprehensive risk rating scoring methodology. Enter required contact, account, and deal-related data in Salesforce (CRM) during underwriting, as well as document detailed client meetings and call notes.
  • Credit approval: Present credit memo internally and to PIDC’s Loan Committee in alignment with funding requirements. Input and maintain project-related files and data systems in coordination with PIDC policies. Review Board Resolutions for Board approval as needed. Obtain City and other governmental approvals for financing as needed including negotiation and preparation of forms or contracts in coordination with City, State and Federal officials.
  • Settlement: Draft commitment letters and coordinate client handoff to Loan Administration/ Processing, Legal and Portfolio Management/Servicing Groups as the primary contacts for settlement, disbursements, and post-closing loan covenant monitoring. Review third-party due diligence reports (i.e., appraisals, environmental reports, plan & cost reviews, etc.), manage negotiation of transaction terms with client, finalize the budget, and ensure all required due diligence documents are complete. Support all project-related demographic, impact and employment data collection prior to settlement.
  • Subject matter expertise: Build on industry knowledge and experience to develop and continually enhance subject matter expertise related to NMTC program underwriting and approvals, CDBG/HUD 108, EDA, EPA, PIDA, RACP, EB-5 and other public and/or private PIDC resources. Ensure organizational compliance with all funding sources, including client eligibility screening and loan package compliance forms requirements. Attend annual trainings and conferences from trade organizations, such as Opportunity Finance Network and Risk Management Association, to continually sharpen technical and industry knowledge.
  • Administration of Technical Assistance (TA) resources: Identify needs and opportunities for targeted TA and business support services for existing clients and prospects, i.e., business planning assistance, grant opportunities, referrals to key service providers or other support services, and more.  Develop, and as needed, deliver technical assistance programs for PIDC’s clients and key partners, including the City of Philadelphia, on topics including, but not limited to, financing options, access to capital and the facility development processes. Represent PIDC’s loan programs at relevant networking, educational, and industry events.

Requirements

  • Minimum of five (5) years of experience in community development, business, or real estate financing.
  • Bachelor’s degree or equivalent work experience in business, finance, economics, real estate, or economic development, preferably within a CDFI or financial institution. Equivalent credit training and non-academic experience may also be considered.
  • Credit and financial analysis experience of for-profit and non-profit businesses is required.
  • Prior experience structuring, negotiating, underwriting, and closing complex commercial financing, including federal loan programs such as New Market Tax Credits (NMTC), CDBG, and/or EB-5 transactions, is preferred.
  • Excellent oral and written communication skills.
  • Proficiency in Microsoft Office Suite, loan servicing software, Salesforce, or other CRM/EMS.
  • Strong organizational skills and ability to project manage, multitask, prioritize independently, meet deadlines, and produce results with limited resources.
  • Strong problem-solving skills in sometimes difficult and time-sensitive situations.
  • Capacity and desire to function in a fast-paced work environment.
  • Knowledge of small business and real estate development technical assistance resources is preferred.
  • Flexible, self-motivated, and strategic thinker.
  • Bilingual (English/Spanish) or multilingual candidates preferred.
  • Valid driver’s license.
  • Some travel may be required (<10%).
  • Resident of the City of Philadelphia or willing to relocate within six months of employment.

Compensation and Benefits

PIDC offers a generous and comprehensive benefits package program that provides employees with high-value options and solid financial protection, meeting the personal needs of its people and their families.

How to Apply

Applicants can forward a resume and cover letter with annual salary requirement information
to: [email protected].