Loan Officer

Genesis LA
Los Angeles, CA
United States
August 2, 2017
Professional Area: 
Community Development
Experience: 
1-3 years
AICP Certification: 
Not required
Salary Range: 
Approximately $75,000 depending on experience

ORGANIZATION OVERVIEW:

Genesis LA is a nonprofit community loan fund whose mission is to deliver financial solutions that advance economic and social opportunities in underserved communities.  Established in 1998 out of the office of former Los Angeles Mayor Richard Riordan, today Genesis LA is certified by the U.S. Department of the Treasury as a Community Development Financial Institution (CDFI) and a Community Development Entity (CDE).  As a CDFI, we make direct loans and investments to community and economic development real estate projects through our internally managed Genesis Community Investment Fund (GCIF) with loans ranging in size from about $200,000 to $2.5 million.  As a CDE, we have received $265 million in New Markets Tax Credit (NMTC) allocation to support 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.  We often combine our GCIF and NMTC financing with development services that include technical assistance, financial structuring, capital raising, and acquisition/construction assistance designed to build the capacity of borrowers, the financial viability of their projects, and promote new and innovative community development models.

POSITION SUMMARY:

The Loan Officer will have significant responsibility for business development, loan origination, underwriting and closing loans, asset management of loans and maintaining borrower relationships. The Loan Officer will collaborate with a small team that operates a fast-paced and growing organization and will report to the President & CEO. The ideal candidate will have existing knowledge of Los Angeles and its low-income communities and must possess a genuine desire to improve low-income communities. Knowledge of New Markets Tax Credits (NMTCs) and Community Development Financial Institutions (CDFIs) is a plus. At least 2+ years of experience in lending, underwriting, and credit analysis is required.

RESPONSIBILITIES:

Business Development

  • Identify and respond to new business opportunities in collaboration with the President & CEO
  • Build new and maintain existing relationships with potential and current borrowers
  • Maintain knowledge of current trends in real estate development sector as they relate to underwriting considerations
  • Provide excellent borrower service, including technical assistance as appropriate

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 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.
  • Experience in real estate lending, including credit analysis, deal structuring, due diligence, and loan closings.  Small business lending experience is a plus.
  • Proficiency in analyzing financials of nonprofit organizations, for profit developers, and small businesses
  • Prior experience and/or demonstrated interest in assisting mission-driven organizations and projects.  Experience with or knowledge of community economic development field is a plus.
  • 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 including ability and willingness to 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 and other database software.
  • Knowledge of federal, state, and local financing programs and related public policy issues is a plus.

Salary: Competitive depending on experience.  Healthcare and employer contribution to 401(k) provided. 

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

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