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About the Role

The Director, Asset Management is responsible for directing a team of Asset Managers and overseeing the asset management of LIIF’s extensive loan portfolio. This role involves guiding Asset Managers in managing their portfolios, ensuring quality execution of credit monitoring, risk analysis, loan administration, and workout strategies.

Responsibilities

• Assign loan portfolios to Asset Managers and evaluate progress and quality control.
• Manage Credit Committee.
• Ensure modifications, credit reviews, and site visits are 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.
• Be 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.
• 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.
• Ensure LIIF construction funds are disbursed in compliance with loan documentation, loan budget, lien law, and designated timelines.
• Monitor the construction budget and timeline, and take 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.
• Assign transactions that are loan workouts to the Special Assets Manager.
• 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, and communicate the same with the Credit Officer and the Chief Credit Officer.
• Conduct an analysis of the credit and then make and support a recommendation as to the extension or modification terms and conditions, if an extension or modification is deemed appropriate.
• 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 by both initiating and responding promptly to all requests in a responsive, consistent, and accurate manner.

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 required.
• Experience managing Staff required.
• 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.
• Candidates must have a valid driver’s license.

Skills

• Credit monitoring
• Risk analysis
• Loan administration
• Workout strategies
• Construction lending
• Accounting
• Charter school management
• Financial statement analysis
• Basic accounting principles
• Government funding sources
• Business law concepts
• Contract negotiation
• Loan collateral analysis
• Uniform commercial code
• Creditors' rights
• Forms of business organization
• Loan document review
• Microsoft Office Suite
• Database software
• Task management
• Attention to detail
• Teamwork
• Time management

Location

• San Francisco
• New York City
• Atlanta
• Los Angeles
• Washington, D.C.

Work Type

• Full-time

Experience Level

• Minimum 10 years of experience in real estate-based lending and/or business lending
• Experience managing Staff

Education Level

• Bachelor's degree in real estate, urban planning, business administration or finance
• Introduction to accounting
• Advanced degree preferred

About the Company

• Low Income Investment Fund (LIIF) is a national community development financial institution (CDFI), headquartered in San Francisco with offices in New York City, Atlanta, Los Angeles and Washington, D.C., that invests in communities of opportunity, equity and well-being.
• As a CDFI, LIIF supports projects that have high social value but lack access to traditional financial institutions.
• Since 1984, LIIF has deployed more than $3.1 billion to serve more than two million people in communities across the country from its five offices.
• An S&P-rated organization, LIIF funds healthy communities by providing innovative capital solutions.
• Currently, LIIF is driving $5 billion in investments to advance racial equity (2020-2030).

Equal Opportunity

• LIIF, an EOE (Equal Opportunity Employer), believes that diversity ensures excellence. All qualified applicants will receive consideration for employment without regard to race, color, religion, sexual orientation, gender, or national origin. Candidates of diverse background and with diverse experience are strongly encouraged to apply for this position.