Senior Lending Officer
Location: Tarrytown, NY
About the Employer
The Leviticus 25:23 Alternative Fund is rooted in faith and the call for access to economic improvement. The Fund provides flexible capital, expertise, and support to propel the growth of healthier communities. Leviticus creates opportunities for vulnerable, low-income people to thrive and live with dignity.
The organization provides loans to support the pre-construction, construction, and permanent phases of affordable housing, including housing with supportive services for those with special needs and extremely low incomes; childcare and early learning centers; charter public schools; nonprofit office and program delivery space; and community economic development projects. Leviticus is also committed to decarbonization and upgrading the energy efficiency of existing and new affordable housing and community facilities. The target market includes all counties in New York, New Jersey, and Connecticut.
Role Summary
Leviticus has grown from $19 million in size at the start of 2014 to $157 million today, and significant demand continues from nonprofit housing and community development organizations for capital and expertise. The Senior Lending Officer will join the Origination & Underwriting team to engage in the screening, origination, and underwriting of pre-construction and permanent loans, primarily to new, affordable, rental housing projects. Under the guidance of the Senior Lending Manager, with additional support from the Senior Director of Lending, the successful candidate will contribute to the growth in Leviticus' investments in low-income communities and people throughout New York, with some lending focused in New Jersey and Connecticut. The Senior Lending Officer is expected to take on independent origination and underwriting responsibilities as soon as possible after an initial orientation and onboarding stage.
What You'll Do
Loan Origination and Underwriting
- Maintain deep knowledge of loan policies and conduct initial vetting of loan inquiries; perform pre-application assessment after review of preliminary documents; exercise discretion to recommend moving a potential loan to the application stage; and conduct initial due diligence review of the loan application
- Provide technical assistance to borrowers, usually at the pre-construction phase, in structuring their financing and/or addressing project issues and connecting them with resources to address local needs
- Propose loan structures and terms that meet borrower needs, comply with credit policies, and advance strategic priorities
- Send out loan applications, review underwriting checklists, and manage important project items through the underwriting process
- Underwrite loans based on thorough review and analysis, comprehensive due diligence, sound risk assessment, and incorporate analysis into required templates; present loans for approval to the credit committee
- Re-underwrite amendments or restructure when necessary; write credit memos for loans requiring maturity extensions and present extensions to the credit committee; evaluate and recommend loan extensions, enhanced monitoring, restructurings, workouts, and adjustments to risk ratings and loan loss reserves
- Assist the Loan Closing & Portfolio Review team as needed, including sitting on closing calls, monitoring borrower compliance with loan covenants and repayment provisions, reviewing borrower reports, conducting periodic site visits, and assisting with the annual portfolio review on an as-needed basis
- Work collaboratively with other members of the Lending team, including participating in pre-application meetings and providing feedback on potential transactions, reviewing and providing feedback on portions of the underwriting completed by other team members, and supporting special projects to promote efficiency in internal processes and protocols
- Answer specific questions on projects and loan prospects for other departments as needed
Relationship Management and Business Development
- Assist Senior Lending Manager, Senior Director of Lending and other Lending Team members in managing relationships with existing borrowers and developing new relationships that lead to new lending opportunities throughout Leviticus' geographic footprint
- Develop new and innovative relationships and collaborations with local nonprofit community development organizations and other stakeholders to address local needs through participating in community and local events, including regular attendance at nonprofit borrower-sponsored events and coalition-sponsored events
- Develop relationships with other CDFI lenders to promote co-lending opportunities, and represent Leviticus within one or more CDFI member networks that cover program issues of supportive housing, climate change, childcare, healthy food-access, and community health centers
- Represent Leviticus at industry conferences in New York, New Jersey and Connecticut
- Regularly communicate with borrowers and lending partners regarding project details and status updates on underwriting, maintaining a "continuity of communication"
Required Qualifications
- Minimum of 2–5 years of experience in rental housing finance, including borrower financial analysis and underwriting, deal structuring, relationship management, and loan closing
- Undergraduate degree
- Knowledge of and interest in community development, with experience in affordable housing and possibly more of Leviticus's core sectors – supportive housing (including supportive service programs that address mental illness, chronic homelessness or substance use issues), purpose built shelters, nonprofit facilities development, community economic development and revitalization, organizational financing to strengthen the nonprofit sector and environmental sustainability
- Willingness to work within a team to further housing development and finance-related activities that achieve Leviticus' goals
- Strong interpersonal and communication skills, including a desire to be part of a team of a mission-based nonprofit organization, openness to learning new skills, and a good sense of humor
Preferred Qualifications
- Expertise in affordable and/or supportive housing lending or development, including a solid grasp of federal, state, and local affordable and supportive housing finance programs
- Knowledge of the NYC area market and supportive housing
- An understanding of the challenges faced by low-income people and communities, and an interest to learn more; a desire to engage various communities through open dialogue; and the ability to communicate effectively with stakeholders from a wide range of backgrounds
Physical Requirements & Working Conditions
Moderate travel within NY metropolitan area required. Candidates are expected to initially work in-office at least three days per week. For telecommuting, candidates must have access in their personal work environment to a secure high-speed internet signal (preferably hard-wired) at a capacity sufficient to support video, web, and email processing simultaneously (typically 100Mb and above).
Compensation
$90,000–$105,000, commensurate with alignment of an applicant's experience with the job requirements.
Benefits
Up to 10% employer match to a 403(b) plan, health, dental, vision, and paid time off beginning at 25 days per year.
How to Apply
Submit a letter of interest, resume, and salary requirements to JOBS@leviticusfund.org. Salary requirements must be provided to be considered.
Equal Opportunity Statement
The Leviticus Fund is an Equal Opportunity Employer and is committed to building a culturally diverse staff.
