The Greater Minnesota Housing Fund Loan Capital Asset Manager oversees a development loan fund portfolio, gap loan portfolio and equity investment portfolio. The $42 million development loan fund portfolio is currently composed of 40+ outstanding loans for various real estate developments and enterprises, including predevelopment loans, construction loans, bridge loans, mini-perm and permanent loans, with various interest rates, cash flow provisions and other terms. In addition, Greater Minnesota Housing Fund manages a $60 million “gap loan” portfolio (200+ gap loans) composed of subordinate and deferred soft second loans which are largely inactive during the term, but with 4–6 maturing loans annually which must refinanced, repaid or extended. Additionally, GMHF is in the process of investing in $25 million of rental properties to preserve unsubsidized affordable housing in the metro. The Loan Capital Asset Manager position will ensure ongoing compliance with executed agreements, monitoring the overall health and condition of underlying properties and adherence to various regulatory agreements. Loan Capital Asset management is fulfilled through disciplined monitoring, analysis, reporting, and problem solving with Greater Minnesota Housing Fund Loan Officers, borrowers, real estate developers, construction managers, and the principals of real estate partnerships.
Essential Job Functions
- Maintaining up to date knowledge of Greater Minnesota Housing Fund’s emerging and ongoing financing pipeline, existing loan assets, and a range of pending loans and equity investments.
- Underwriting operating performance of potential investments, providing feedback on potential sources of risk, and communicating findings with Lending Team.
- Monitoring construction period progress including conducting site visits, evaluating, approving and processing construction draw requests, monitoring loan disbursements and/or capital contribution needs.
- Monitoring the status of occupancy and/or lease-up on investments and/or constructions loans and interacting with the Borrower, Property Manager and the Loan Officer to measure progress metrics and maintain knowledge of the loan/investment through the lease-up phase
- Coordinating with external parties including borrowers, processors, property owner/manager, , attorneys and others as needed in order to build relationships, mitigate risk, and solve problem.
- Monitoring all types of loans, including real estate loans, enterprise loans, facility loans, etc. on a monthly and/or quarterly basis to maintain direct knowledge of the status of the project/collateral and compliance with any loan requirements or covenants.
- Monitoring the ongoing operations of the investment and/or loan collateral and/or the underlying properties to ensure continued compliance with applicable programs, loan documents, and the agreements
- Identifying, analyzing, reporting, and mitigating risk on loans or assets at risk due to operating issues, including such things as high vacancy & turnover, revenue & expenses variances, building condition, market issues and other compliance issues.
- Developing and monitoring an action plan in coordination with the Lending Team on progress for troubled assets on a regular basis to ensure improved asset performance. Corresponding regularly with the borrower and internally on status.
- Flagging the need for, initiating and assisting in project workouts, involving loan officers as need to manage negotiations.
- Managing, monitoring and communicating with Loan Officers and Finance Staff on status of required loan payments and/or the status of due dates.
- Working with the Sr. Underwriter to prepare in advance for Year 15 LIHTC refinancing/ extensions/repayments; 24 months in advance of loan maturity or Year 15 LIHTC compliance term whichever is first.
- Working with and maintaining up to date loan files, including digital files on the server and in the loan servicing system, email records, and paper loan file to assure completeness, audit and inspection quality.
- Participating in strong internal communication so team members are kept informed of project status and borrower relationships.
- Continue to develop and improve asset management policies.
- Working collaboratively on other organizational functions potentially including business planning, financial modeling, capital formation, investor relations and credit analysis, as needed.
- Remaining flexible to shift priorities and assignments as requested to meet organizational demands.
- Other duties as assigned.
- 7-10 years of experience in real estate development; finance, rent-restricted multifamily asset or property management; or community development
- Ability to read and analyze real estate budgets and financial statements.
- Analytical skills and attention to detail with strong financial skills and knowledge is essential.
- Proven judgement and decision-making skills.
- Demonstrated conceptual ability and strategic thinking.
- Excellent oral and written 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.
- Experience with lending, banking, affordable housing and/or community development lending a plus.
- Experience with loan servicing software.
- Expert proficiency in MS Excel and data-base analysis.
- Bachelor’s degree required. BA/BS in real estate finance, economics, business, accounting or related field preferred.
- Personal maturity, emotional intelligence, strong work ethic, task oriented, highly responsive to the day to day needs of the organization, ability to work effectively with a range of personnel, including the CEO, the management team, other professional staff.
- A high degree of comfort with an iterative analytical process, including extensive feedback, ongoing collaboration and input from peers, extensive scenario planning & business planning.
- Ability to organize multi-faceted & diverse assignments, manage multiple priorities and projects simultaneously.
- Comfortable with team work and collaborative work products and interest in work process and work product critiques.
- High energy, flexibility and drive to work in an entrepreneurial organization. High tolerance for ambiguity, changing demands, and multiple priorities.
- Passion for affordable housing, community development, and social justice.
- A commitment and ongoing interest in working in the non-profit field.
GMHF is an equal opportunity employer and program provider.
No one will be denied the opportunity to participate in GMHF’s programs, employment, or promotion, based on race, color, creed, marital status, status with regard to public assistance, disability, genetic information, sexual orientation, age, religion, national origin, sex, or membership in a local human rights commission.