Senior Underwriter

Job Description

Job Description

Senior Underwriter

Job Description

Property Assessed Clean Energy (PACE) is commercial real estate financing that allows property owners to upgrade existing building stock or complete capital stacks for new construction projects. PACE Loan Group (PLG) is a leading direct lender in this space.

We are adding a Senior Underwriter to our team. We are a small company, so you will immediately have an impact on our team. You will work with seasoned real estate finance veterans, and you will learn about a growing field in CRE finance.

Reporting to the Managing Director, Head of Underwriting, your day-to-day responsibilities will vary, but primarily will be focused on underwriting commercial PACE loans. If you have a drive to learn and work hard, and enjoy a small, growing environment, this is the role for you!

Underwriting Responsibilities

Underwrite and oversee underwriting of multiple asset classes (i.e. multifamily, office, retail, hospitality, mixed use, etc.)

Work closely with originators and underwriters to assess and underwrite complex deals (i.e. deals that use historical tax credits, TIF funding, mezz debt, grants and other sources in their capital stack)

Working with the deal originator, organize and lead initial kickoff and weekly follow up calls to lead large, multi-stakeholder deals through the funding process under tight timelines

Conduct and execute the PLG due diligence, and troubleshoot underwriting issues

Review for completeness / accuracy and synthesize appraisal data for the appropriateness of the deal

Scrutinize title work for potential issues that impede / supersede a PACE assessment

Review insurance for all applicable requirements and coverages

When needed, review Plan and Cost reports to verify the appropriateness of the capital stack in the deal

Review organizational documents of borrowers to ensure proper loan structuring

Help review credit memos prepared by more junior staff in line with PLG Underwriting requirements and project closing timelines

Interact with legal teams to ensure deal documents are prepared appropriately and review them for accurate encapsulation of the terms of the deal

Close deals working with title companies, banks, attorneys, and other parties, as needed, to ensure timely closing / funding of the loan

Working with our Servicing Group, knowledgably hand over the management of the loan from Underwriting to their group

Other tasks as needed

Skill set must include the following :

At least seven to ten years’ experience in underwriting for commercial real estate

Ability to show mastery of valuation approaches like income capitalization, discounted cash flows and sales comparison approaches

Ability to build and stress-test detailed proformas, cash flow models, and complex debt structures using Excel

Skilled at identifying credit risks, lease rollovers, concentrations in the market, potential for volatility and sensitivity scenarios.

Demonstrable knowledge of insurance impacts and potential coverage issues, depending on Asset location, i.e. MN vs FL

Comfort with zoning, environmental due diligence, title / survey issues, and closing documentation

Strong Excel knowledge

Able to manage / train junior staff

Problem-solving attitude (identify issues, also suggest solutions)

Detail-oriented with demonstrated ability to follow through on tasks

Ability to work in a fast-paced environment and deliver accurate, quality work-product

Ability to thrive in a small company, wear multiple hats and grow with the company

We're proud to be an equal opportunity employer and welcome our employees’ differences, regardless of race, color, religion, sex, sexual orientation, gender identity, national origin, age, disability, or Veteran status. Difference makes us better. Join us.