Open until filled.
Position Overview
The Loan Officer plays a key role in the deployment of Greater Minnesota Housing Fund’s financing for affordable single- and multifamily housing and provides technical assistance to developers and community partners engaged in advancing affordable housing solutions statewide. The Loan Officer will report to the Chief Underwriter & Senior Loan Officer and will be responsible for originating and underwriting new loans and managing borrower relationships from initial contact through closing.
Responsibilities
Originate, underwrite, seek approval for, and close approximately 10 multifamily loans per year, including:
- Conduct preliminary proforma analysis to assess project feasibility and credit quality based on GMHF’s underwriting standards and strategic priorities.
- Evaluate initial due diligence items, such as purchase agreements, rent rolls, project operating statements, contractor’s scope of work, and development team experience.
- Review analysis with GMHF’s Chief Underwriter & Senior Loan Officer.
- Write credit memos and make presentations to committees for loan approval.
- Coordinate closing due diligence and loan documents with Closing Manager.
Manage key borrower/developer relationships to foster positive long-term lending relationships
Represent GMHF at community events and workshops.
Provide technical assistance to borrowers, project partners, and other stakeholders as needed to overcome barriers to project success and/or timely completion.
As-needed, coordinate with key staff to facilitate resolution of issues that may arise during
construction or post-closing, including loan compliance and financial performance, reviewing
construction loan draws, coordinating loan modifications, facilitating debt restructuring, or other remedies as needed to achieve desired outcomes.
Required Experience
• Experience in multifamily development and finance, including ability to review proformas and size mortgages for existing properties and new construction.
• Proficiency in Microsoft Excel and Word.
• Bachelor’s degree in business, finance or real estate, or equivalent experience in affordable housing or real estate development.
Preferred Qualifications
• Strong preference for candidates who have experience with financing affordable multifamily housing using multiple funding sources, such as tax increment financing (TIF) and other local contributions; Low Income Housing Tax Credits (LIHTC); tax-exempt bonds; project-based rental assistance; and HUD, Rural Development, Freddie Mac and Fannie Mae loan products.
• Experience or interest in decarbonization and “green” lending or “green” multifamily development
• Ability to communicate effectively with multiple project partners including developers, public funders, LIHTC investors and private banks
• Ability to effectively organize competing work priorities to meet deadlines while maintaining high quality work products.
• Ability to work both independently and collaboratively in a dynamic organization.
About Greater Minnesota Housing Fund
GMHF is a 501(c)3 Certified Community Development Financial Institution (CDFI) committed to creating strong communities and affordable homes through strategic investments and effective partnerships. Our Minnesota-based CDFI advances affordable housing throughout Minnesota by directly funding affordable housing projects, providing technical support to local communities and businesses, linking projects with financial resources, securing additional resources for affordable housing, and using research and program development activities to identify new and innovative ways of increasing affordable housing production. GMHF is dedicated to social and racial justice and committed to advancing solutions that support equity for communities of color throughout Minnesota. We strive to make a positive impact on the lives of those we serve by providing high-quality, affordable housing options, and community development services. GMHF is an equal opportunity employer. We offer hybrid/flexible work schedules, competitive compensation
and benefits, and a collaborative work environment.
Application & Salary Details
Salary range is $90,000 – $100,000, DOQ. Position will remain open until filled.
Please submit cover letter and resume to:
Alexis Lancaster, Executive Assistant
[email protected]
