Underwriter-Equity (171 views)

MI; Chicago, IL
May 24, 2019 2019-07-23
Job Description

JOB SUMMARY:  An Underwriter evaluates and structures real estate equity investments and assesses the risks and mitigants associated with such.  Generally, this includes ensuring that the proposed investment is sound real estate, that it meets stated underwriting guidelines, that the loan has the ability to be repaid within the underwriting parameters, and that it will provide underwritten financial benefits.

REPORTING RELATIONSHIP:  Reports to VP, Undewriting

DUTIES & RESPONSIBLITIES:

  1. Underwrites and closes real estate equity investments.
  2. Prepares routine to moderately complex property level pro forma cash flow statements and financial models
  3. Assesses the borrow and guarantor financial statements including review and analysis of financial statements, real estate schedules, tax returns and cash flow statements
  4. Assesses the financial strength and capacity of the development team
  5. Assesses the real estate market where the proposed investment will be located
  6. Assesses validity of operating expense assumptions by using comparable data from Cinnaire portfolio, appraisal, and data provided by the developer and/or management agent
  7. Identifies factors of the proposed investment that differ from standard underwriting criteria
  8. Performs site due diligence visits
  9. Prepares term sheets, letters of intent and commitment letters for potential real estate investments
  10. Effectively communicates credit issues to the VP Underwriting and/or Chief Underwriter and timely problem recognition
  11. Identifyies potential structural enhancements in order to improve credit and reduce risk
  12. Updates investment information in data management system
  13. Prepares investment reports and presents the proposed investment to the investment committee
  14. Coordinates the preparation of the partnership agreement with Cinnaire counsel
  15. Negotiates the terms of the investment with the developer as reflected in the commitment letter and final partnership agreement
  16. Oversees the collection and review of due diligence documents with Cinnaire counsel and Cinnaire Closing Coordinator, and reviewing pertinent documents affecting investment feasibility
  17. Transitions investment to asset management staff after closing
  18. Participates in orientation meetings, as requested, on closed and transitioned investments
  19. Participates in industry activities, including industry conferences, trade shows, education opportunities, and other events that benefit Cinnaire business relationships.
  20. Maintains business relationships with investors, CDFIs, developers, accountants, attorneys, consultants, property managers, housing finance agencies, lenders, and any other related parties.
  21. Participates in departmental meetings and company-wide meetings.
  22. Performs other duties which may be requested by Cinnaire management and executive staff.

MINIMUM REQUIREMENTS:

  1. Excellent communication, organizational and interpersonal skills, as well as the ability to work under tight deadlines manage priorities, and complete assigned tasks with minimal management follow up
  2. Keen analytical skills and attention to detail
  3. Bachelor Degree in Finance, Accounting, Economics, Business or Real Estate/Urban Planning. Course work in real estate preferred.
  4. Ability to model financial investments including expected cash flow and return on investment
  5. Strong PC (Excel, Word, Database) skills are required
  6. Previous experience with loan underwriting and/or structuring real estate transactions

Supervisory Responsibility:  None

Travel Required:  20%