AVP, Loan Workout Specialist

About Us:

The Community Preservation Corporation (CPC) believes stable and sustainable affordable housing is the foundation of strong communities and we strive to contribute to comprehensive neighborhood revitalization through our lending and partnerships. A nationally recognized leader in affordable housing finance, CPC has provided a consistent source of capital to underserved housing markets throughout New York State since our inception in 1974.

Today, CPC stands as the largest CDFI solely committed to investing in multifamily housing, having invested more than $11.9 billion to finance the creation and preservation of more than 220,000 units of quality housing in neighborhoods across New York State and beyond. CPC has a robust construction lending platform, a mortgage bank, and equity and impact investment platforms that focus on our three goals: Expanding Affordable Housing, Closing the Racial Wealth Gap and Investing in the Green Economy.

As a member of our team, you'll have the opportunity to work on impactful projects that make a real difference in people's lives. We're looking for talented individuals who are passionate about our mission and share our values of commitment, respect, excellence, accountability, and collaboration.

Role Summary:

We are seeking an AVP, Loan Workout Specialist (“LWS”) to manage, monitor, and drive resolutions of a portfolio of distressed multifamily loans. The position will report to the Vice President, Asset Management & Servicing. The LWS work in collaboration with members of the Permanent Loan Asset Management team, in-house and external counsel, mortgage insurers and external partners to drive solutions on troubled loans.

If you're ready to be part of a dynamic and dedicated team that is making a positive impact in the affordable housing industry, we want to hear from you!

What You’ll do:

• Administer the turnaround, workout, or exit of challenged credits through restructuring debt, negotiating settlement agreements, pursuit of appropriate legal action and/or collateral liquidation or loan sales
• Analyze loan documents, financial statements, rent rolls, project operating statements, and other relevant information to determine the appropriate course of action
• Assess the financial condition and repayment capacity of borrowers facing difficulty in repaying their loans. Work with borrowers to understand their financial challenges and repayment capacity, while proposing appropriate solutions such as loan modifications, refinancing, forbearance, or debt restructuring
• Implement detailed action plans and workout strategies, including enforcement of remedies and legal action, for all challenged credits in the assigned portfolio, and provide periodic status reports to CPC management, noteholders and mortgage insurers
• Engage in negotiations with borrowers, legal representatives, public partners, and other parties involved in the loan workout process
• Review legal documentation, including loan modification agreements, repayment plans, and other related documents, ensuring compliance with corporate and credit policies
• Maintain effective communication and professional relationships with attorneys, noteholders, and other industry participants involved in the loan workout process, including litigation and bankruptcy
• Keep abreast of business and market trends that may affect portfolio performance
• Identify risk-related issues needing escalation to management
• Assist Vice President, Asset Management &Servicing and the Chief Operating Officer with special projects, as requested

Skills and Experience:

• Strong credit skills, cash flow modeling, loan workout and management experience
• Background in solving credit problems, as well as working well with both internal and external constituents
• Minimum of 3-5 years of workout experience on complex real estate loans or 3 years of experience at a turnaround consulting firm specializing in real estate workouts
• Experience with affordable housing transaction structures, loan documentation and loan workouts is a must
• Thorough knowledge of financial statements/analysis, accounting principles, credit underwriting, financial statement analysis, and general lending principles
• Familiarity with affordable housing subsidy sources is a plus
• Ability to effectively negotiate appropriate exit or remediation strategies with borrowers, their counsel, and any other outside vendors/individuals that play a role in the loan workout process
• Strong written, verbal, presentation, and interpersonal skills
• Strong computer skills, including MS Word, Excel, and PowerPoint, and ability to learn new applications
• Ability to organize, prioritize work and demonstrated ability to work with minimal supervision

What We Offer:

• Competitive compensation
• 401(k) retirement plans with employer match
• Medical, dental, and vision benefits for employees and their dependents
• Commuter benefits
• PTO for vacation, personal days, sick leave, holidays, jury duty, bereavement, parental leave, and disability
• Tuition assistance program
• Two “work from anywhere” weeks per year
• Summer Fridays
• Collaborative working spaces
• Service days to support our communities
• Employee development and engagement events
• More about our offerings and culture here

This is a full-time, hybrid role where you will work from the Chappaqua office two – three days a week. The salary range is $125,000 – $130,000, dependent on experience.

The Community Preservation Corporation is an Equal Opportunity Employer and all employment-related decisions including recruitment, selection, evaluation, promotion, compensation, training and termination are made without regard to race, creed, color, national origin, sex, disability, marital status, status as a veteran, sexual orientation or gender identity, or any other protected status.