Great Lakes Capital Fund is seeking an Assistant Underwriter. Job Summary: The underwriting function analyzes real estate debt and equity investments and assesses the risks and mitigants associated with such. Generally, this includes ensuring that the proposed investment is sound real estate, that it meets stated underwriting guidelines, and that it will provide underwritten financial benefits. (Please do not apply for this position if you do not have some work experience in the evaluation of real estate investments!) Reporting Relationship: Reports to the Chief Underwriter. Duties & Responsibilities: * Preparing financial pro formas for potential real estate investments * Assessing the financial strength and capacity of the development team * Assessing the real estate market where the proposed investment will be located to: * Verify the primary market area * Identify market comparables * Confirm rent and occupancy levels at comparables * Identify future developments that may impact demand * Determine reasonableness of proposed rents * Assessing validity of operating expense assumptions by using comparable data from GLCF portfolio, appraisal, and data provided by the developer and/or management agent * Identifying underwriting issues and mitigants associated with potential real estate investments * Identifying factors of the proposed investment that differ from standard underwriting criteria * Preparing presentations of proposed investments to the technical review committee * Preparing term sheets, letters of intent and commitment letters for potential real estate investments * Updating investment information in data management system * Preparing investment reports for presentation to the investment and loan committee * Coordinating the preparation of the partnership agreement and loan documents with GLCF counsel * Reviewing due diligence documents related to investment feasibility * Preparing the final financial pro forma and transition memo * Participating in industry activities, including industry conferences, trade shows, education opportunities, and other events that will benefit GLCF business relationships * Continued education in applicable aspects of the laws and regulations for different programs involved in the investments (Fannie Mae DUS loans, HOME Loans, other loan products, tax credit rules, bond compliance, etc.) * Maintaining business relationships with investors, developers, accountants, attorneys, consultants, property manager, housing finance agencies, lenders, and any other related parties * Involvement in the assessment of policies and procedures of the underwriting department to assist in continually improving the performance of the department * Participation in departmental staff meetings and company-wide staff meetings * Maintaining a professional appearance and presence at all times * Performing other duties which may be requested by GLCF management and/or executive staff Qualifications & Requirements: * Bachelor or Master Degree in Finance, Accounting, Economics, Business with related course work in real estate fundamentals * Three years of progressive work experience in the evaluation of real estate investments * Ability to model financial investments including expected cash flow and return on investment * Excellent 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 * Keen analytical skills and attention to detail * Strong PC (Excel, Word, Database) skills are required Strongly Prefer: * Knowledge of financial programs and products designed to expand the availability of affordable housing, including but not limited to, Low Income Housing Tax Credits and Section 42 of the Internal Revenue Code, Section 8, Rural Development 515, HOME and other governmental programs. * Knowledge of the real estate development process * Previous experience underwriting permanent mortgage loans on affordable housing properties under Fannie Mae guidelines and familiarity with Fannie Mae Multifamily Guide Applications can be submitted at the following link: https://workforcenow.adp/jobs/apply/posting.html?client=capfund
Posted on: Thu, 29 May 2014 17:04:14 +0000
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