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Multifamily Affordable Underwriter

Job Req ID 21299200 Primary Location Brentwood, Tennessee; Houston, Texas; Tampa, Florida Job Category Institutional Banking
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Multifamily Affordable Underwriter

The Citi Community Capital (CCC) business line within Citi’s Global Spread Products (“GSP”) Municipal Finance Division, is seeking a Multifamily Underwriter to join its Conversion Underwriting Team, focused on the underwriting and closing of transactions that are converting from existing construction loans to permanent loans.

CCC provides a suite of financial products to help affordable housing developers construct, rehabilitate, refinance and acquire multifamily housing across the country.  Committed to the communities we serve, CCC finances both straightforward and highly structured transactions for non-profit and for-profit affordable housing developers, Community Development Financial Institutions, and state and local government agencies. 

CCC works throughout the country from 13 offices and, according to Affordable Housing Finance Magazine, has been the #1 affordable housing lender in the United States in each of the past eleven years. That success is due in large part to having the strongest, most innovative team of professionals in the country.

CCC is looking to add an experienced Multifamily Affordable Underwriter to its Conversion Underwriting Team; the professional will be responsible for and possess the following qualifications:

Key Responsibilities:

  • Analyze existing construction loans to determine whether or not the conditions for conversion to permanent, non-recourse financing have been met; including financial feasibility, physical and environmental condition, borrower financial status and regulatory requirements.
  • Review and understand legal documents to ensure transactions comply with the originally negotiated terms and conditions as well as internal and external (local laws and regulatory) policies.
  • Review and analyze due diligence information used to underwrite and finalize deal files for delivery into internal and/or Agency (Freddie Mac or Fannie Mae) systems.
  • Create and present comprehensive credit underwriting packages for review and approval by internal Risk Management and Business credit officers.
  • Utilize internal automated systems as necessary to document credit approval and underwriting processes.
  • Manage communications among a diverse mix of internal and external participants including production officers, borrowers, Agency lenders, equity investors, attorneys, title agents, etc.
  • Travel to markets throughout the United States to conduct site inspections, meet with internal and external clients, and participate in training opportunities.

Required Skills:

  • Ability to analyze real estate projects for financial feasibility including property-specific, neighborhood and market factors. 
  • Strong working knowledge and understanding of commercial real estate concepts such as NOI, Cap Rates, debt service coverage, etc.
  • Previous multifamily affordable housing underwriting experience, ideally including experience with Freddie Mac and/or Fannie Mae transactions.
  • Working knowledge of the nuances of Affordable Housing, bond and LIHTC transactions is preferred.
  • Excellent written and verbal communication, organizational and interpersonal skills, along with the ability to multi-task under tight deadlines.
  • Ability and desire a take ownership of the underwriting and conversion process to drive a diverse group of deal participants toward successful closing.
  • Ability to work without supervision, with high attention-to-detail, keen judgement and a pay for performance attitude.
  • Professionalism and composure to provide client-focused service while also managing internal relationships.
  • Analytical and computer skills including the ability to quickly adopt new technology.
  • Willingness and ability to travel (10% - 20% of the time) on short notice.

Education:

  • Candidate will possess a BA/BS level degree in Business, Real Estate Finance or related academic study.

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Job Family Group:

Institutional Banking

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Job Family:

Investment Banking

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Time Type:

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