Affordable Housing Investments Underwriter

Barings•New York, NY

5d•$125,000 - $150,000

About The Position

At Barings, an Affordable Housing Investments Underwriter is a critical role within the team. This individual will partner with the originations coverage team to handle the credit and underwriting of core and structured loans for affordable and middle-income (workforce) housing multifamily properties. As a member of the Affordable Housing Investments team, this individual will work on transaction underwriting with support by a senior underwriter, ensuring prudent loan underwriting, third party reports reviews and timely and accurate preparation of loan approval memos for the group's Investment Committee. Along with the senior underwriter, this individual will work closely with transactions managers, servicing and asset managers, to ensure accurate process and procedures are being delivered efficiently. This is a mid-level position for someone who is passionate about housing and multifamily investments.

Requirements

BA/BBA and completion of a major corporate credit training program (or the equivalent corporate banking/corporate finance experience)
3-5 years of institutional experience in loan structuring and underwriting balance sheet loan products for multifamily housing lenders or investors
Experience in conducting underwriting, due diligence, running models, analyzing trailing monthly reports, evaluating appraisals, market studies and other related transaction documents, including loan and partnership agreements, housing agencies documents, PILOT and tax abatements
Experience with loan conversions and conversion analysis prior to funding
4-day/week office attendance
Demonstrated self-starter with strong work ethic, excellent verbal and written communication skills, interpersonal skills, problem solving skills, multi-tasking skills and time management skills
Combines exceptional teamwork and communication skills with the ability to operate independently in a dynamic environment.
Ability to build cohesive relationships that incorporates core values, builds trust and promotes a productive environment among teammates and within the overall Barings Real Estate platform
Strong desire to learn and work collaboratively to help grow the Affordable Housing platform

Nice To Haves

Exposure to Fannie Mae and Freddie Mac affordable loan products helpful but not necessary
Some understanding or experience with LIHTC industry is helpful

Responsibilities

Play a critical role in underwriting transactions for commercial multifamily loans and equity investments with a focus on affordable and middle-income housing
Ensure new loans and extensions are underwritten to prudent risk standards and are in compliance with the company's commercial loan and credit risk policies, and multi-task among multiple loans concurrently
Build financial models, conduct financial and credit analysis of properties, review markets, underwrite borrowers, assist in internal and external processes, and conduct other key diligence
Stay current on company policies, capital provider guidelines, and updates to multifamily loan programs, incorporating changes into underwriting recommendations and pipeline management
Prepare and present loan approval memos and packages to investment committee
Work with senior underwriter as needed to navigate through transactions
Work with external partners on joint underwriting on club deals
Engage and partner with borrowers or outside parties to work through underwriting issues
Collaborate with transaction managers, servicing teams, and asset managers to ensure precise processes and procedures, leveraging a strong understanding of client, loan investor, and capital provider requirements
Navigate effectively and apply anticipatory skillset to identify risks early on
Maintain strong discipline for credit and timely and responsive underwriting

Benefits

Medical and Prescription Coverage
Dental Coverage
Vision Coverage
Wellness Program with incentive awards
Gym/Fitness Center Reimbursement Subsidy Program
Employee Assistance Program (EAP) and Telehealth
HSA & FSA Health Savings Account (HSA) with company contributions
Flexible Spending Accounts (FSA) - Health Care & Dependent Care
Generous paid Vacation
Paid Sick days
Paid Holidays
Paid Maternity Leave
Paid Parental Leave
Paid Caregiver Leave
Paid Volunteer Time
Short-term Disability plan
Long-term Disability plan
Paid Life Insurance
401(k) with company matching contributions
Pension Plan with short vesting
Financial Counseling
Education Assistance Program
Charitable Gifts Matching Program
Medical (including Virtual Care), Prescription, Dental, and Vision Coverage
Fitness Center Reimbursement Program (Including Online Memberships)
Employee Assistance Program (EAP)
Fertility Benefits
Highly competitive 401(k) Plan with Company Match
Health Savings Account (HSA) with Company Contributions
Flexible Spending Accounts (FSA) - Health Care & Dependent Care
Retirement Health Reimbursement Account
Basic and Supplemental Life Insurance
Spouse and Child Life Insurance
Paid Vacation, Sick Days and Annual Holidays
Paid Leave of Absences (Maternity Leave, Parental Leave, Caregiver Leave, Bereavement Time)
Short and Long Term Disability Plans
Paid Volunteer Time
Education Assistance Program
Charitable Matching Gifts Program
Commuter Reimbursement Program
Adoption and Surrogacy Reimbursement Program