Asset Manager

Mercy Community Capital is a Community Development Financial Institution (CDFI) that exclusively serves affordable housing communities by providing reliable, flexible funding to socially-responsible community developers in support of affordable housing and essential community infrastructure projects.

The Asset Manager will assist in the overall and loan-by-loan asset management of Mercy Community Capital’s portfolio of affordable housing loans. Analyze borrower financial data, obtain timely borrower payments, manage risk, process draw requests, mail statements, complete monthly reporting, spread borrower/property financials, proactively monitor the portfolio, and recommend loan renewals and extensions prior to loan maturity dates. Oversee all loan monitoring requirements, extensions, and renewals of loans. Maintain and update databases containing all information relating to loans in the portfolio. May assist the lending team with loan closings.

Work Schedule: This position is eligible for a hybrid work schedule in Denver, CO.

Pay: $85,000-106,000 annually, depending on experience.

Benefits

• Several healthcare plans to choose from, dental (includes free basic dental option) and vision
• 15 days of earned PTO your first year, 12 company holidays + 2 floating holidays
• 403b + match
• Early close Fridays (3 paid hours each Friday), early close prior to a holiday (3 paid hours)
• Paid time off between Christmas and New Year's Holiday
• Paid time off to volunteer
• Paid parental & care giver leave
• Employer paid life insurance
• Free employee assistance plan
• Pet insurance options

Job Description

Essential Duties and Responsibilities

• Evaluate requests for modifications to outstanding loans and prepare modification memos for approval by President or Loan Review Committee (LRC).

• Prepare modification of loan documents for renewals and extensions.

• Process construction draw requests of all types, including draws with AIA documentation.

• Proactively monitor risk by analyzing financial and monitoring/progress reports when received from borrowers or third parties for compliance with loan documents or indications of problems.

• Contact borrowers who have not responded in a timely fashion to written requests for updated information.

• Assist in quarterly review of risk ratings of properties in portfolio and adequacy of reserves.

• Prepare loan amortization schedules; calculate pro-ration of interest and principal among various lenders, as necessary.

• Review Loan Summary and ensure that Monitoring Checklist sheet is prepared for each new loan based on review of Commitment Letter and Loan Agreement.

• Analyze major third-party reports, such as appraisals, capital needs assessments, and Phase I environmental reports.

• Update Loan Officers, Supervisor, and Portfolio Manager at weekly meeting of any new borrower information acquired from reviews of financials and monitoring reports.

• Enter and maintain loan information into Nortridge Loan System (NLS) from Loan Summary and add "tasks" for unconventional monitoring items and loan covenants.

• Monitor and quality check documentation in loan files and NLS to ensure accuracy and completeness.

• Assist with other servicing requirements, i.e., obtaining insurance certificates, proof of property tax payments, annual financial audits, and other reporting requirements.

• Design forms, procedures, and processes to enhance and/or automate the Asset Management function of the Mercy Loan Fund.

• Perform periodic site inspections and prepare reports on physical condition of properties.

• Maintain asset management workbook on each loan.

• Present extensions, renewals, and other reports to the LRC and Board as required by policy.

Competencies

• Advanced proficiency in Microsoft Office (Word, Excel, Outlook) and database software.

• Create amortization schedules and cash flow spreadsheets.

• Demonstrated knowledge of federal programs, such as LIHTC, HUD, NSP, USDA, etc.

• Understand real estate lending and legal documents.

• Comprehend and interpret financial reports, evaluate financial trends.

• Exercise good judgment in making decisions impacting borrower and investor needs; ability to maintain confidentiality.

• Build relationships with borrowers to create and maintain a partnership.

• Communicate effectively and accurately, both orally and in writing.

• Work both independently and in groups, and willing to help team members in order to achieve departmental goals.

• Prioritize deadlines/tasks, work quickly and accurately, exercise strong follow-up skills, and identify and act on issues of materiality.

• Problem-solve and resolve conflicts through negotiation.

• Flexible and adaptable to change.

• Treat a variety of people with respect and compassion.

• Represent Mercy Housing in a professional manner at all times.

• Understand and commit to the Mission and Values of Mercy Housing.

Minimum Qualifications

• Bachelor’s degree (or similar experience) in accounting, finance, economics, business, public administration, or related field, with an emphasis in accounting and/or real estate.

• Looking for a background in multifamily real estate experience in asset management, lending, and/or development, including debt structuring, project/loan monitoring, analyzing cash flow, processing construction draw requests, and risk assessment.

• Analyze financial reports for the affordable housing industry.

Mercy Housing is a fair chance employer; while we conduct background checks for all positions, we will consider qualified applicants with arrest and conviction records.