Senior Associate, Underwriting

This is a fully remote position, open to applicants in United States.

📋 Description

• Oversee the screening and underwriting process for active affordable multifamily rental housing transactions independently.

• Conduct advanced financial and credit assessments, which include analyzing financial statements, project cash flows, sources and uses, budgets, debt service coverage, loan-to-value/loan-to-cost ratios, and sensitivity analyses.

• Assess rents, income, vacancy rates, expenses, construction costs, market assumptions, project feasibility, sponsor capacity, ownership structures, and associated transaction risks.

• Analyze affordable housing financing mechanisms, such as public subsidies, HUD, Fannie Mae/Freddie Mac programs, tax credits, NMTCs, and various debt/equity structures.

• Evaluate third-party due diligence documents, including appraisals, environmental assessments, and property condition reports.

• Identify credit risks and propose mitigative strategies, including collateral, reserves, covenants, guarantees, and structural protections.

• Oversee transactions from initial intake to Investment Committee approval and final closing.

• Draft intake memoranda and detailed credit memoranda.

• Prepare and review letters of intent, term sheets, and preliminary deal terms.

• Anticipate questions from the Investment Committee, conduct further analysis, and co-present investment proposals.

• Collaborate with borrowers, lenders, co-investors, legal counsel, local offices, and internal teams to address due diligence challenges and facilitate closings.

• Review closing statements and transaction documentation; assist in funding processes and transition to Asset Management.

• Act as a senior underwriting resource and thought partner.

• Aid in post-closing transitions and underwriting evaluations for extensions, modifications, workouts, and portfolio issues.

• Enhance underwriting tools, templates, processes, and internal guidelines.

• Engage in pipeline reviews and cross-functional discussions.

• Provide technical guidance, mentorship, or review work for junior underwriting staff.

• Travel less than once a month, totaling up to 15% annually.

⛳️ Requirements

• A minimum of 6–8 years of relevant experience in affordable housing finance, commercial banking, community development lending, or a related discipline, with substantial experience in underwriting affordable multifamily rental housing.

• Proven experience in independently underwriting intricate multifamily real estate transactions from initial assessment to credit approval and closing.

• Previous experience in presenting or co-presenting transactions to credit or investment committees.

• Advanced skills in financial modeling, cash flow analysis, credit assessment, and Excel.

• Capability to independently manage multiple simultaneous transactions while exercising sound credit judgment with minimal oversight.

• Excellent written and verbal communication skills, including the ability to distill complex analyses and present investment recommendations effectively.

• Preferred: Experience underwriting transactions across various U.S. markets or regions.

• Preferred: Familiarity with LIHTC, New Markets Tax Credits, or other public subsidy frameworks.

• Preferred: Experience in underwriting equity investments as well as debt.

• Preferred: Background in mentoring or supervising junior analysts.

🏝️ Benefits

• Medical, Dental, and Vision Coverage.

• Long-term and short-term Disability Insurance.

• 401(k) and 403(b) retirement savings plans.

• Generous holiday schedule.

• Vacation, PTO, and sick leave.

• Tuition assistance program.

• Rewards for referral programs.

• Opportunities for professional development, ongoing training, and growth programs.