Asset Manager

Mascoma Bank•Hanover, NH

13h•Hybrid

About The Position

Mascoma Community Development - Responsible for asset management of New Markets Tax Credit projects receiving NMTC allocation from closing through completion of the NMTC compliance period. Additionally, the Asset Manager negotiates and implements required changes to asset structures during the life cycle of each transaction and manages the unwind process at the back end of each NMTC transaction’s life cycle. Community Development Lending Department - Mascoma Bank - Responsible for management and review of a tax credit loan portfolio made through Mascoma Bank that includes projects using New Markets Tax Credits, Historic Tax Credits, and Low-Income Housing Tax Credits. Additionally, the Asset Manager negotiates and implements required changes to asset structures during the life cycle of each transaction and manages the unwind process at the back end of each transaction’s life cycle, as applicable.

Requirements

Bachelor's degree; or 3 to 5 years related experience and/or training; or equivalent combination of education and experience.
Ability to effectively present information and respond to questions from groups of managers, clients, customers, and public.
Ability to quickly synthesize information, communicate well with a variety of internal and external customers.
Ability to perform credit analyses.
Ability to work mathematical concepts such as probability and statistical inference; Ability to apply concepts such as fractions, percentages, ratios, and proportions to practical situations.
Ability to work with computer programs such as Microsoft Office (Word/Excel/PowerPoint).
Ability to read and understand legal documents.
Ability to read, analyze, and interpret general business periodicals, professional journals, technical procedures, or government regulations.
Ability to work independently, as well as interact professionally and cooperatively with a diverse group of professionals, to achieve company goals.
Ability to define problems, collect data, establish facts, and draw valid conclusions.
Ability to operate professionally under time pressures.
Highly organized and detail-oriented.
Strong interpersonal skills.
High degree of self-motivation and self-direction.
Professional appearance; grooming and dress consistent with MB appearance policy.
Must maintain confidentiality and privacy
Must be able to lift or transport up to 25 pounds
Varied work with a normal expenditure of energy and little or no unusual physical effort
May involve incidental business machine operations
Work involves intermittent periods of stationary positioning and traversing
Working conditions include well-lit and well-ventilated areas
Driving is essential to get to meetings and customer locations.
Travel by air, road or rail may be required. Travel may include conference attendance and visits to manufacturing facilities, real estate assets, construction sites, and land.

Responsibilities

Directs the pre- and post-closing transition of projects from the Lending/Investment Team to Asset Management, including monitoring and follow-up on all post-closing terms and requirements for each asset, including outstanding closing items;
Works with originating lenders to ensure adequate documentation for debt service coverage ratio definitions.
Negotiates construction monitoring agreements with all parties to transaction.
Ensures Loan Agreement Schedules adequately document disbursement requirements and match Financial Projections modeling the transaction.
Negotiates escrow and disbursing agreements with all parties to transaction.
Reviews pre-closing documents and provides input to Lending/Investment Team to ensure accuracy of documentation.
Ensures that all sources of funding for each transaction are received and disbursed at closing and subsequent to closing, as applicable.
Monitors construction disbursements of New Markets Tax Credit, Historic Tax Credit and/or Low-Income Housing Tax Credit development projects:
Reviews and approves draw requests, to include review of all required Loan Agreement schedules, Source/Use accuracy and adequacy, GC application, lien waivers, etc.
Reviews construction inspector’s monitoring reports.
Fields questions from the asset managers of each party to the transaction. Works with the developer/sponsor/borrower, construction inspector and the GC to ensure that all draw request questions are answered.
Makes periodic site visits to review construction progress.
Works with all parties to the transaction to ensure that each project achieves Certificate of Substantial Completion, final Certificate of Occupancy and the project is placed in service.
Manages existing NMTC/LIHTC loan portfolio, to access and maintain acceptable credit quality, to include the following tasks:
Financial reporting compliance.
Financial covenant compliance.
Providing updated information to the Bank’s Credit Department to ensure completion of annual reviews.
Manages all Borrower requests for amendments, modifications, release of collateral or restructurings;
Works with and provides back-up for Asset Management Associate to ensure that:
periodic payments for reserves are received and escrowed
CDE fees are paid on a timely basis
monthly transaction payments are made on a timely basis during the NMTC compliance period
Works with originating lenders to structure and close any approved project refinancing.
Acts as MCD’s primary contact among lenders, investors, borrowers and partners as it relates to each asset.
Collaborates with MCD’s NMTC Consultants with respect to monthly loan servicing and compliance tracking for all NMTC relationships.
Collaborates with the Investment Team and Finance/Accounting Team during the pre-closing process.
Works with Director of Asset Management and Investment Officers to manage the disposition, exit and/or “unwind” of the NMTC investments at the end of the seven (7) year compliance period.
Works with CDE Managing Director and Senior Investment Officer to compile NMTC compliance information and transaction data to be utilized in future NMTC allocation applications.
Assists in periodic drafting, editing and review of asset management policies and risk rating procedures.
Provides exceptional customer service to his/her customer base. Works with team members to effectively resolve problems and address customer needs in a timely and professional manner.
Meets regularly with customers to strengthen the relationship; keeps apprised of customer’s business and expands the relationship, as appropriate.
Monitors customers’ financial performance. Assigns appropriate credit grade. Maintains and updates credit file, as requested by the responsible loan officer.
Works proactively with delinquent and/or deteriorating credits. Prepares CAC reports and other reports as needed.
Represents the Bank effectively and professionally at events and on non-profit or banking related boards and organizations.
Performs other duties upon request.

Benefits

Strong culture of belonging with a team that values creativity, new perspectives, and innovation.
Community first minded. We care about our employees and the communities we serve.
Competitive compensation.
Flexible work environment with onsite, remote and hybrid opportunities.
Career development and internal career mentorship.
Comprehensive health care, dental care, and vision.
401(K) Program: 4% safe harbor employer match on top of 5% non-elective contributions following one year of service.
Generous PTO starting at 22 days per year, not including 11 paid holidays and 16 hrs. of Volunteer Time Off.
Tuition Reimbursement.
Student Loan Paydown and so much more!