Senior Loan Associate
Under the direct supervision of the Director of Impact Lending, you will be responsible for supporting the loan originations function, with the primary responsibility being loan underwriting. You will evaluate and underwrite new loan opportunities using deep financial, programmatic and operational performance analysis and evaluation of borrower creditworthiness, business risk, and project readiness. In this position, you are a vital component of the Impact Lending team and will help innovate around the creation and refinement of tools, templates, and procedures to make the loan underwriting process more efficient and scalable as we grow.
Tasks and Responsibilities:
- Loan underwriting:
- Manage the loan underwriting function including all aspects of borrower due diligence. Draft the loan preview memos and full underwriting memos.
- Spread borrower financials and provide historical analysis of strengths and weaknesses in order to assess capacity for new debt. Focus on the “why” behind the #s and identify areas that need clarification and further explanation from borrower.
- Analyze budgets, test assumptions behind cash flow projections, and create appropriate deal-specific sensitizations and scenarios that stress test debt service capacity.
- Perform analysis of borrower operations, programs, management, and evaluate historical and projected social impact.
- Perform thorough risk assessment, using both organizational and environmental factors. Identify potential risks/mitigants. Assess likelihood of repayment sources.
- Proactively flag risks, raise issues and propose possible solutions.
- Prepare due diligence questions for borrowers and, if relevant, lender partners, throughout underwriting. Incorporate responses and track additional follow up as needed.
- Make appropriate loan structuring and approval recommendations in collaboration with Director of Impact Lending.
- Maintain thorough and organized client documents and underwriting due diligence checklists.
- Collaborate and assist with other teams at REDF, including finance & accounting, marketing & communications, IT, and the growth portfolio (grantmaking) team to participate in joint problem solving, information sharing, and developing standard methodologies.
- Refine and iterate on existing underwriting tools, templates, and procedures. Create new tools as needed.
- Attend appropriate network and industry conferences and other skill building and/or customer relationship-enhancing activities.
- Deliver all services with a strong customer focus.
- Perform other projects as assigned.
- Strong financial analysis skills: ability to spread and interpret non-profit and for-profit financial statements; develop and sensitize cash flow projections to determine debt service coverage.
- Demonstrated ability to prepare clear, accurate well-organized memos that synthesize and communicate the story behind the data.
- Prior experience supporting loan underwriting for non-profits and/or small businesses.
- Knowledge of and strong interest in REDF’s commitment to diversity, equity and inclusion, and bringing a DEI lens into the loan underwriting and credit risk assessment process.
- Four to six years relevant work experience in small business finance, community development finance, or impact lending.
- Mature judgment, professionalism, flexibility, and ability to work with minimal supervision in a fast-paced department; enthusiasm for building new programs.
- Strong communication and interpersonal skills, including diplomacy, tact and patience.
- Ability to build and maintain systems for organizing work to manage several priorities and meet deadlines while also meeting customers’ needs.
- Exceptional detail-orientation.
- Well-versed in Microsoft Office Suite; in particular Excel.
- Experience with a CRM platform, preferably Salesforce.
- Able to travel up to 15 percent for work purposes (once business travel resumes).
- Experience with job training and job creation programs employing disadvantaged people.
- Knowledge of Community Development Financial Institution (CDFIs).
- Formal credit training.