CRE Underwriter Credit Manager
Greenworks Lending Darien, CT
- Expired: March 09, 2021. Applications are no longer accepted.
Greenworks Lending is a rapidly growing company with the goal of changing how our country's buildings produce and use energy. We finance clean energy retrofits and clean new construction on commercial building through an innovative public-private financing structure called C-PACE (Commercial Property Assessed Clean Energy). C-PACE is rapidly gaining traction among real estate owners and developers who are incorporating this specialty financing into their capital stacks.
Greenworks Lending is the nation's leading C-PACE provider. We operate nationally and have offices in Darien, CT (HQ), New York, NY, Bethesda, MD and San Francisco, CA.
The Credit Manager plays a key role in building Greenworks' balance sheet by partnering with deal teams to grow originations of CPACE assets that fit our balance sheet requirements and managing the checks and balances for Greenworks' balance sheet to grow sustainably.
- Perform credit pre-approvals and final approvals up to authorized limits.
- Set clear expectations with deal teams around underwriting requirements and exception approvals as early as possible.
- Assist VP of Credit with underwriting training across rapidly expanding deal team.
- [Review credit memos for accuracy and risk; provide constructive feedback on credit analysis and memo writing to underwriters.]
- Serve in an advisory capacity answering questions regarding credit requirements and creating a path to close for deals that fall outside of Greenworks standard credit box.
- Pitch in with as-needed deep dives on tricky credits, working to quickly come up to speed on the deal, research/understand the risk, and create a solution.
- Run CoStar reports and advise on market dynamics
- Perform early stage new development deal reviews for deal teams that lack capacity.
- Assist VP of Credit with research into special topics in CRE construction lending, culminating in underwriting guideline change recommendations.
- Assist VP of Credit with quarterly portfolio reporting.
All candidates should have 3+ years of related experience. They should have a proven track record of meeting and exceeding goals. Top candidates will have the following characteristics:
- Bachelor's degree or 4+ years related professional experience equivalent. Graduate degree in a related field is a plus.
- 3-7 years' work experience, ideally in commercial real estate with at least one year's experience in a role focused on real estate risk and decision making, e.g. underwriting, acquisitions, lending.
- Intrinsic curiosity and passion for real estate
- Ability to weigh multiple types of risks: business risk, short term asset risk (cash flow), and long term asset risk.
- Experience with at least several and familiarity with a majority of the following topics:
- Property cash flows: proformas, reading and evaluating comps
- Valuations: reading appraisals and performing independent property valuations; market diligence; comparable sale/rent analyses; CoStar or similar real estate database
- Financial Statements: reading balance sheets, income statements
- Development: construction management, lien waivers, draw requests, contractor review, budget reviews
- Capital stack components: common debt and equity structures
- Incentive finance: tax credits (new market, historic, low income), TIF, EB-5 Financing
- Alternative legal structures: ground leases, commercial condominiums/declarations
- Insurance: property insurance, builder's risk insurance, earthquake/flood/fire risk
- Real Estate Law: title reviews and common encumbrances, background searches
- Environmental Risks in real estate
- Special Use Properties such as greenhouses, churches, theme parks, etc.
- CRE Document Review: loan documents, lease documents, organizational documents, ownership waterfalls, guarantees, management agreements, property improvement plans (PIPs), franchise agreements
- Exceptional problem-solving skills; ability to think strategically and creatively
- Excellent written and verbal interpersonal skills; ability to engage with internal and external stakeholders
- Ability to self-manage a large volume of tasks and ability respond to changes in priority
- Strong organizational and analytical skills; attention to detail
- High degree of integrity, self-motivated and self-directed
- Competitive salary and performance based bonus
- Paid time off; health care, dental, vision, FSA, commuter benefits, 401K
- Social activities and a flexible schedule/work life balance philosophy
Greenworks Lending is an Equal Opportunity Employer. Employment decisions are made without regard to race, color, religion, national or ethnic origin, sex, sexual orientation, gender identity or expression, age, disability, protected veteran status or other characteristics protected by law.
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