Director, Asset Management

Low Income Investment Fund•New York, NY

About The Position

Low Income Investment Fund (LIIF) is a national community development financial institution (CDFI) that invests in communities of opportunity, equity and well-being. LIIF supports projects that have high social value but lack access to traditional financial institutions. Since 1984, LIIF has deployed over $3.1 billion to serve more than two million people and is currently driving $5 billion in investments to advance racial equity (2020-2030). The Director, Asset Management is responsible for the direction of a team of Asset Managers and the overall asset management of LIIF’s growing portfolio of nearly $650,000,000 in acquisition, predevelopment, construction and permanent loans. These loans support the development of affordable housing, childcare facilities, charter schools, and other community facilities. The Director guides Asset Managers in managing their respective portfolios, serving as the lead LIIF contact for borrowers, sponsors, and external partners. Responsibilities include credit monitoring and analysis, risk rating recommendation, construction loan administration, loan conversion, modification underwriting and closing, special attention monitoring, and workouts for all assigned loans. The Director will also train, manage, and coach Asset Managers to ensure quality execution of these responsibilities.

Requirements

Minimum 10 years of experience in real estate-based lending and/or business lending, including borrower contact, credit analysis, due diligence and loan documentation
Experience managing Staff
Can directly evidence examples of leadership from working career
Proficiency in analyzing financial statements of for-profit and nonprofit organizations and their real estate operations (in particular, rental housing and community facilities occupied by a single tenant)
Familiarity with basic accounting principles including the ability to translate cash to accrual accounting and vice versa
Familiarity with federal, state, and local government funding sources for capital and operating needs of multi-family housing, special needs housing, and community facilities (e.g., child care centers, educational programs, health clinics, etc.)
Working experience with both private sector financial institutions and public agencies
Basic familiarity with business law concepts including contracts, loan collateral, uniform commercial code, creditors' rights and forms of business organization and sufficient knowledge to review and negotiate loan documents
Proficiency with Microsoft Office Suite Programs, and other database software
Excellent skills in managing multiple tasks requiring strong attention to detail
Bachelor’s degree in a relevant area of study such as real estate, urban planning, business administration or finance, and at least an introduction to accounting
High degree of self-motivation, dedication, creativity, and perseverance
Flexibility with time and willingness to accept a demanding position
Excellent teamwork and strong time management skills
Valid driver’s license
Fully vaccinated against COVID-19 (with reasonable accommodations, absent undue hardship, to qualified individuals who cannot get vaccinated against COVID-19 because of sincerely held religious or medical reasons)

Nice To Haves

An advanced degree

Responsibilities

Assign loan portfolios to Asset Managers and evaluate progress and quality control
Manage Credit Committee
Ensure modifications, credit reviews, and site visits are being performed thoroughly, timely, and in accordance with procedures by AM Staff
Support AM Staff in securing ongoing training in areas such as construction lending, accounting, and charter school management
Responsible for the newly created Cross Functional Delinquent Loan Management Procedures and leading the cross functional collaboration with SVP of Operations, Director of National Lending Initiatives and Operations, Deputy Director of Loan Servicing, Deputy Director of Loan Closings
Review the CFDLM Procedures and update as needed at least once annually by 12/31
Lead the monthly cross functional meetings that monitor delinquent and past due loans and plan for upcoming maturities
Ensure that the Asset Managers are addressing delinquencies from past due maturities and that upcoming maturities are properly planned for in order to minimize delinquencies stemming from matured loans
Ensure that Asset Management team is meeting its responsibilities as outlined in the CFDLM Procedures
Ensure LIIF's complete portfolio of acquisition, predevelopment, construction, and permanent loans is well-managed by Asset Management staff so that credit risk is mitigated, financial losses to LIIF are as low as possible, and delinquencies are low
Ensure LIIF Staff provides excellent customer service, professionalism, and partnership to all participating parties
Consult Asset Managers on internal and external strategies for managing their portfolios
Design strategies and structure solutions for managing special attention and delinquent loans with the Asset Manager
Facilitate information exchange on policy, economics, or events that may affect the portfolio (e.g. teachers strike, government shut down, natural disasters)
Provide direct training and coaching so to develop Staff strengths, address any performance issues, and affirm achievements
Manage performance reviews, time-off approvals, expense reports, time sheets, office space, etc. for direct reports
Help cover Asset Manager portfolio responsibilities in the case of leave, absence, or turnover
Make efforts to improve retainage and employee engagement
Lead hiring, onboarding, performance improvement plan, and termination process for these positions
Monitor workloads and support efforts for ongoing professional development and training
Responsible for the ongoing asset management of a reduced portfolio of affordable housing, healthcare providing facilities, charter schools, and community facility loans, including construction loans’ monitoring and draws approvals
Develop a relationship with each borrower and conducting regular loan monitoring reviews
Prepare credit reviews for each loan on a regular schedule to review overall asset and credit quality, including performance against original underwriting expectations
Review and approve the construction draw packages prepared by Loan Administration for those construction loans in their portfolio
Monitor the construction budget and timeline, and takes proactive steps to support on time and on budget project delivery
Conduct regular site visits and prepare site visit reports for loans in their portfolio in accordance with lending procedures
Work in collaboration with the Special Assets Manager, the Credit Officer and Chief Credit Officer in managing special attention or delinquent loans in their portfolio
Collect and provide portfolio credit data and analysis in support of audits and reports managed by Funds, Finance, and Originations teams such as those for S&P, DOE, and the CDFI Fund
Direct Asset Managers in the design of loan extensions and modifications and be responsible for any required loan extensions and modifications in their portfolio
Work closely with the borrower to provide an assessment of the necessity, feasibility and creditworthiness of such extension or modification
Conduct an analysis of the credit and then make and support a recommendation as to the extension or modification terms and conditions
Oversee Asset Manager’s conversions and will manage conversion of loans from product type, which may involve updated credit underwriting and loan closing
Maintain a positive and professional relationship with LIIF colleagues and LIIF customers and business partners