Loan Officer at CDFI

Genesis LA (CDFI)
Los Angeles, CA
United States
October 6, 2017
Professional Area: 
Community Development
Experience: 
1-3 years
AICP Certification: 
Not required
Salary Range: 
$70,000 - $80,000

ORGANIZATION OVERVIEW:

Genesis LA is a nonprofit community loan fund with a mission to deliver financial solutions that advance economic and social opportunities in underserved communities.  Founded in 1998 out of the office of former Los Angeles Mayor Richard Riordan, Genesis LA is certified by the U.S. Department of the Treasury as a Community Development Financial Institution (CDFI).  Since our inception, we have deployed $300 million in capital, which has leveraged over $1 billion in investments into community and economic development projects.  These projects created or retained over 5,000 permanent jobs; serve over 46,000 clients a year; house 1,200 families; and provide 2.1 million square feet of goods and services to low-income people.  We invest in these projects through two programs.  First, our $40 million Genesis Community Investment Fund (GCIF) is used to make flexible loans ranging in size from about $200,000 to $2.5 million.  Second, we have received $265 million in New Markets Tax Credit (NMTC) allocation, which leverages other capital and is invested into large real estate projects serving low-income communities.  All of our investments must demonstrate both financial viability and tangible community benefits to low-income people. 

Genesis LA’s business model is unique in that it is focused on providing the type of financing that many other lenders cannot provide and it invests in new and innovative approaches to community and economic development.  Our team works hands-on with nonprofits, small businesses, and women and minority-owned enterprises, by blending our financial products with capacity building services that can turn unique challenges and/or innovative ideas into viable, financeable projects.  We often marry these services with customized, flexible capital products that can solve financing challenges not being addressed by others in the market.

POSITION SUMMARY:

Genesis LA consists of a small team that works collaboratively to deliver financing to low-income communities in the Los Angeles region.  The Loan Officer will be the eighth member of the Genesis LA team and will serve as one of two Loan Officers at the company.  The Loan Officer will report to the President & CEO and will have significant responsibility in the underwriting and closing of loans, asset management of loans, and maintaining borrower relationships.  The ideal candidate will have existing knowledge of Los Angeles and must possess a genuine desire to improve low-income communities.  Approximately 1-3 years of experience in lending, underwriting, or credit analysis is required.

RESPONSIBILITIES:

Underwriting

  • Analyze and underwrite potential loans consistent with Genesis LA’s policies and work in collaboration with management on these activities
  • Perform thorough due diligence on potential loans, including site visits, financial proforma analysis, evaluating financial feasibility and repayment sources, appraisal and environmental reviews, entitlement and land use assessments, and analyzing borrowers’ financial statements
  • Work with In-house Counsel and President & CEO to structure loans, many of which may be complex transactions, negotiate terms with borrowers, and make recommendations on loan terms to management
  • Prepare loan narrative / credit memos for review by management and presentation to Board of Directors

Closing

  • Following approval of loan terms, the Loan Officer works with In-house Counsel and President & CEO on loan closings, including the preparation of commitment letter, coordination of loan documents, and ensuring that final loan terms are consistent with the approved terms and Genesis LA’s loan policies
  • Prepare closing memos to be shared with all staff and to transition ongoing loan servicing to the Accounting Department

Asset Management

  • Administer review of covenants and loan compliance on semi-annual basis in keeping with the final loan terms and conditions
  • Assist with the review of loan draws and construction disbursements as needed
  • Develop semi-annual portfolio reports on loan compliance; make recommendations on risk ratings and any necessary actions should loan be at risk or in default
  • Assist with gathering and reporting on community impacts resulting from our investments

QUALIFICATIONS:

  • Bachelor’s degree required, preferably in business, economics, finance, urban planning or related fields.  Advanced degree is preferred.
  • Approximately 1-3 years of experience in real estate lending, including credit analysis, deal structuring, due diligence, and loan closings. 
  • Proficiency in analyzing financials of nonprofit organizations, for-profit developers, and/or small businesses.
  • Prior experience and/or demonstrated interest in assisting mission-driven organizations and projects. 
  • Excellent written and oral communication skills and attention to detail.
  • Outstanding interpersonal skills and demonstrated ability to work collaboratively with a small team on overall business strategies and structuring of transactions.
  • Self-starter with an ability to work independently on core responsibilities.
  • Strong organizational skills and follow through. Capacity to prioritize multiple tasks to meet borrower and lender deadlines while ensuring credit integrity. 
  • Ability to work efficiently in a fast-paced environment and to exhibit flexibility within a dynamic and entrepreneurial organization.
  • Computer aptitude, including knowledge of Microsoft Office Suite Programs; experience with Nortridge Loan Software is a plus.
  • Knowledge of NMTCs, CDFIs, federal, state, and local financing programs and related public policy issues is a plus.

Compensation: Salary range approximately $70,000 to $80,000 depending on experience; generous 401K matching; full healthcare benefits; annual bonus opportunities.

Interested candidates should forward a resume and cover letter to Tom De Simone, President & CEO at tdesimone@genesisla.org

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