VP, Senior Underwriter, CRE Construction-Community Lending
Company: First Citizens
Posted on: March 15, 2023
OverviewCIT, a division of First Citizens Bank, is expanding its
role in community and economic development in communities served by
the bank. As one of the Country's largest financial institutions,
CIT provides both debt and equity products to a wide range of
community development activities including affordable housing,
community facilities, small business development and other
community development projects. Responsibilities
- The Vice President and Underwriter will drive the analysis,
underwriting, presentation, borrower negotiations and loan closing
process for community development and affordable housing lending
throughout the US.
- This position will be exposed to a wide variety of commercial
real estate transactions (multifamily, community facilities,
industrial, and office) with significant opportunity for growth and
advancement. The position will foster the development of
relationships with lead generators to enhance the quality and
quantity of applications.
- The VP, Community Lending will be a key leader in the
achievement of its $16 billion community benefits plan & will be
responsible for business development & underwriting. This includes
market & credit analyses preparing information for credit approval
decisions & determination of the transaction's impact on the
- The position requires problem solving skills and uses
creativity to turn challenges into viable transactions.
- Review loan requests, determine and match borrower need, and
verify that the information provided meets Community Development
- Analysis of construction projects including budget review, GC
approval, timeline accuracy, and sponsor experience
- Spread financial information from financial statements &
analyze industry, market, and financial information,
- Research market demographics including area median income,
economic hot zone or need for affordable housing to assist in
determining viability of project.
- Prepare analysis on the potential project's mission of the
borrowing organization and the proposed impact on the community and
prepare clearly written communication that reflects thorough and
complete analysis, and a well-reasoned recommendation with
supporting rationale for Loan approval.
- Proactively communicate with the borrowers throughout the
process and process applications within timelines specified for
products and applicable programs.
- Ensure all due diligence is complete to timely and accurately
close and fund the loan.
- Communicate with borrower/sponsors and other capital providers
any requirements for additional documents and credit
- Perform other duties as assigned or required.The base pay for
this position is relative to your experience but the range is
generally$145,000 to $155,000 per year. This position is eligible
for variable compensation, which may be in the form of incentive,
bonus, or commission pay. First Citizens offers a competitive,
comprehensive benefits program which you can review here:.
- Bachelor's degree,
- At least five years related commercial/underwriting
- Prior experience with a focus in community development lending
or investments preferred.Preferred
- Experience in underwriting affordable housing or community
facility loans (construction and perm) including prior underwriting
of projects utilizing Low Income Housing Tax Credits, New Markets
Tax Credits, Historical Credits, Subsidies (i.e., Section 8, VASH,
etc.) or other community development financing products.
- Understanding of construction lending.
- Experience in the closing of lending and/or investing
opportunities, including working with internal/external attorneys,
escrow/title officers and third-party consultants.
- Ability to support CIT's credit culture requiring extensive due
diligence and analysis of financial performance, historical
portfolio performance, risk identification & mitigation
- Strong verbal, written and interpersonal communication skills
and comfort in making presentations at conferences and other
- Willingness to serve on community boards and professional
organizations & knowledge and understanding of current market
- Ability to build successful relationships w/ co-workers,
executives, third-party partners & affordable housing syndicators &
developers (for-profit and not-for-profit groups)
- Must be able to interface with senior Bank credit officers,
lawyers, co-lenders, and other internal and external parties in
sourcing, structuring, and approving deals
- Enjoy working in relationship management teams w/ a proven
understanding of balancing business development, asset quality &
community development needs
- Facility with Microsoft Office
- Ability to make timely & independent judgement decisions while
working in a fast-paced, results-oriented environment, exercising
sound judgement w/ attention to detail & accuracy skills
- Superior critical thinking skills and solid commercial credit
and analytical skills and a thorough understanding of general
economic theory as it relates to the lending and business
environment including thorough level of knowledge in commercial
credit analysis, underwriting, administration, policy, and
- Experience with underwriting and evaluating non-profit
organizations highly desired
Keywords: First Citizens, Pasadena , VP, Senior Underwriter, CRE Construction-Community Lending, Accounting, Auditing , Pasadena, California
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