The Citi Community Capital (CCC) Business within Citi’s Institutional Credit Management (ICM) Division, is seeking to hire an ICM Underwriting Construction Asset Manager.
Citi Community Capital (CCC) provides a suite of financial products to help affordable housing developers construct, rehabilitate, refinance, and acquire affordable multifamily housing across the country. Committed to the communities we serve, CCC finances both straightforward and highly structured transactions for non-profit and for-profit affordable housing developers, Community Development Financial Institutions, and state and local government agencies.
It is the mission of CCC to be the preferred financial partner for affordable housing developers, non-profits and governmental entities that focus on community development. We provide our clients with a distinctive, remarkable experience based on world class responsiveness, customer service, creativity, and superior execution. This mission will be accomplished while delivering superior financial performance for Citi, consistent and impactful CRA results, and an inclusive and rewarding experience for our employees.
Responsibilities:
Manage a team of 6-8 Construction Asset Managers
Manage a portfolio of approximately 10-20 active construction deals.
Confirming and monitoring the overall sources and uses and analyzing the availability of the flow of funds during construction and understanding the nuances and restrictions on the various funding sources as well as specific requirements for funding the project costs.
Working with internal partners in loan servicing, construction management and credit risk to review and approve monthly construction loan advances in adherence with funding priority, funding restrictions and state specific lien law requirements.
Monitoring monthly property performance and absorption during lease up by tracking occupancy and net operating income against underwritten projections.
Independently and proactively monitoring loans for covenant compliance and adherence to terms and conditions under the loan documents; taking a leadership role in problem solving and resolving any past due issues.
Preparing and presenting credit recommendations for material credit actions that require credit committee approval such as loan extensions, modifications, restructures, participations.
Conducting annual review of the recourse exposure of client relationships by assessing the financial strength of the sponsor and guarantors, analyzing project performance against milestones for repayment or conversion and understanding current market conditions.
Proactively identifying and escalating issues that warrant additional investigation and internal discussion such as scheduling delays, cost overruns, accelerated contingency usage, stabilization delays or uncertainty of sources of repayment that may result in a delay in repayment or conversion, recommending and processing classification changes.
Conducting periodic risk rating analysis on the sponsor strength, project performance and weighted average risk rating of the recourse relationship.
Updating the property valuations through internal assessments or external appraisals based on current market conditions and overall performance of the property.
Externally interact with borrowers, syndicators, issuers, subordinate lenders, legal counsel and other transaction parties.
Internally interact with bankers, underwriters, closers, risk managers, construction managers and loan servicing.
Qualifications:
15+ years of experience, including 8-10+ years' managerial experience
Individual must have excellent communication, organizational and interpersonal skills.
Individual must work well under tight deadlines, manage priorities, and complete assigned tasks with minimal management follow up.
Candidate has quantitative skills with a high proficiency with Excel and other Microsoft based programs.
Minimum of 8 years in loan underwriting or equivalent experience.
Excellent analytical and computer skills including the ability to quickly adopt new technology.
Additional non-core qualifications which will be considered are:
The individual should have established working knowledge of lending Underwriting Guides and be familiar with the processes of Rating Agencies.
The successful candidate will be comfortable analyzing real estate projects for financial feasibility as well as analyzing property and market risk factors. This person will be well versed in commercial real estate concepts such as NOI, Cap Rates, debt service coverage, etc.
The individual will have the tact and composure to be client focused while also managing internal and external relationships. A successful Underwriter will take ownership while maintaining attention to details and working independently or among team members.
This person will have the ability to read, comprehend, and summarize legal documents collected in the due diligence process.
Working knowledge of the nuances of loan transactions will be very highly weighted in favor of the successful candidate.
Ability to travel (20% of time) on short notice necessary.
Education:
Process transactions through internal systems to ensure regulatory requirements.
Manage communications among a diverse mix of internal and external participants.
Understand and analyze different local and national real estate markets.
Appropriately assess risk when business decisions are made, demonstrating particular consideration for the firm's reputation and safeguarding Citigroup, its clients and assets, by driving compliance with applicable laws, rules and regulations, adhering to Policy, applying sound ethical judgment regarding personal behavior, conduct and business practices, and escalating, managing and reporting control issues with transparency.
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Job Family Group:
Risk Management
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Job Family:
Credit Decisions
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Time Type:
Full time
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Primary Location:
New York New York United States
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Primary Location Salary Range:
$200,000.00 - $300,000.00
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Citi is an equal opportunity and affirmative action employer.
Qualified applicants will receive consideration without regard to their race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or status as a protected veteran.
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