Commercial Loan Underwriter

2 weeks ago


Detroit, Michigan, United States Cinnaire Full time

Job Overview:
Cinnaire Lending is recognized as a U.S. Treasury certified Community Development Financial Institution (CDFI).

In the role of a Loan Underwriter, you will evaluate and structure loan transactions while assessing the associated risks and mitigants specifically for affordable housing and community development financing.

Your responsibilities will include ensuring that the proposed loan adheres to underwriting standards, is adequately secured by real estate or other forms of collateral, and that it generates positive financial and social outcomes that resonate with the CDFI mission.


Key Responsibilities:
Underwrite and facilitate the closing of commercial real estate loans, focusing on regulated affordable housing and community development projects.
Prepare and analyze property-level pro forma cash flow statements and financial models ranging from routine to moderately complex.
Evaluate property valuations to accurately size loan requests.

Examine the financial strength and capacity of the project or development team, including a thorough review and analysis of financial statements, real estate schedules, tax returns, and cash flow statements.

Assess real estate market conditions pertinent to the proposed investment location.

Evaluate the risk associated with operating expense assumptions by utilizing comparable data from the Cinnaire portfolio, appraisals, and/or information provided by the developer and/or management agent.

Identify aspects of the proposed loan that deviate from standard underwriting criteria.
Conduct site due diligence visits as necessary.
Effectively communicate credit characteristics that do not align with standard underwriting criteria to the Director of Underwriting.

Lead conference calls and oversee the collection and review of due diligence documents, identifying potential structural enhancements to improve credit quality and mitigate risk, while reviewing relevant documents that impact loan feasibility.

Maintain the integrity of files and ensure accurate data entry into the pipeline management system.
Prepare detailed loan reports and debt models to present proposed loans to the loan committee.
Participate in orientation meetings, as requested, regarding closed and transitioned loans.

Foster business relationships with investors, CDFIs, developers, accountants, attorneys, consultants, property managers, housing finance agencies, lenders, and other related parties.


Qualifications and Skills:
A degree is required, preferably in Finance, Accounting, Economics, Business, or Real Estate/Urban Planning.

  • Minimum of 5 years of experience in underwriting and structuring commercial real estate transactions, ideally in multifamily affordable housing and/or community facilities.
Proficiency in modeling multifamily property cash flow to accurately determine Net Operating Income (NOI), Debt Coverage Ratio (DCR), trend analysis, and a viable exit strategy.
Ability to operate under tight deadlines, manage competing priorities, and complete assigned tasks with minimal supervision.
Demonstrated skill in navigating uncertainty, effectively managing risk, often without complete information.
Strong proficiency in Microsoft Office Suite is essential.

Reporting Structure:
Reports to the Director of Loan Underwriting.

Supervisory Responsibilities:
None.

Physical Requirements:
Ability to work on a computer for extended periods.

Travel Requirement: 20%

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