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Underwriter (Multifamily)
3 months ago
Multifamily/Affordable Housing Underwriter
As a Multifamily/Affordable Housing **Underwriter**, you will be responsible for reviewing new applications, ensuring all necessary documentation is received from the borrower, evaluating the financial viability of new transactions such as construction, acquisition, and refinance loans, preparing applications for approval by the Bank's Loan Committee, and ensuring that loans adhere to bank and secondary market guidelines where applicable. This role is focused on individual contributions without any leadership or management responsibilities, although you may be called upon to mentor less experienced colleagues. If you are seeking to join a team that prioritizes teamwork and invests in personal and professional development, then this opportunity is for you.
In one year as an Underwriter, you will know you were successful if you...
- Synthesize and analyze due diligence.
- Input historical financial data to determine project cash flow.
- Complete reviews of borrower proforma and sponsor qualifications.
- Develop underwriting proforma and construction draw schedule projections.
- Conduct site visits to evaluate the condition and quality of multifamily projects, their management, and the market.
- Assess third-party reports including appraisals, engineering, seismic, Phase I environmental assessments, and operations & maintenance (O&M) plans.
- Maintain organized and well-documented underwriting files and oversee underwriting checklists.
- Collaborate closely with the Underwriting, Production, Closing, Insurance, and other relevant teams.
- Present a comprehensive underwriting narrative to the loan committee to support a credit decision.
- Review final loan documents.
Requirements:
- 5+ years of multifamily underwriting experience, with a preference for affordable housing expertise.
- Demonstrated understanding of the multifamily real estate lending process.
- Bachelor's degree in finance or a related field from an accredited institution.
- Demonstrated strong critical thinking skills.
- Ability to multitask effectively and deliver accurate work on time amidst competing priorities and deadlines, maintaining momentum in a fast-paced environment.
- Excellent customer service, interpersonal communication, and presentation abilities.
- Proficiency in Microsoft Excel, Word, and Outlook.
- Respectful and empathetic attitude towards colleagues and stakeholders.
About the Company:
With a legacy of over 30 years centered on prioritizing people, Merchants Capital stands out as a trusted partner in multifamily housing financing nationwide. Holding licenses with Fannie Mae, Freddie Mac, and HUD/FHA, alongside offering a range of banking products, we provide flexible, tailored solutions with speed and efficiency, widening access to housing in significant and meaningful manners. Acknowledged as a leading affordable lender, Merchants Capital merges our comprehensive debt services with in-house tax credit equity, creating a seamless experience for developers and property owners. Explore more about Merchants Capital to gain insights into our operations and offerings.
