VP, Senior Underwriter, CRE Construction-Community Lending

Company: First Citizens
Location: Pasadena
Posted on: March 15, 2023

Job Description:

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 community.
• 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 qualifications.
• 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 decisions.
• 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:. Qualifications
  • • • Bachelor's degree,
      • At least five years related commercial/underwriting experience
      • 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 strategies
        • Strong verbal, written and interpersonal communication skills and comfort in making presentations at conferences and other external meetings,
        • Willingness to serve on community boards and professional organizations & knowledge and understanding of current market conditions
        • 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 procedure.
        • 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