AVP Loan Workout Specialist

1 day ago

New York, New York, United States Community Preservation Corporation Full time
About Us

The Community Preservation Corporation (CPC) is a nationally recognized leader in affordable housing finance, dedicated to contributing to comprehensive neighborhood revitalization through our lending and partnerships.

With over 45 years of experience, CPC has provided a consistent source of capital to underserved housing markets throughout New York State, investing over $15 billion to finance the creation and preservation of more than 230,000 units of quality housing.

Role Summary

We are seeking an AVP Loan Workout Specialist to manage, monitor, and drive resolutions of a portfolio of distressed multifamily construction loans.

The successful candidate will work in collaboration with Mortgage officers, Construction Portfolio Managers, in-house and external counsel, and external partners to effectively and efficiently resolve troubled loans.

Key Responsibilities
  • Manage the turnaround, workout, or exit of challenged credits through restructuring debt, negotiating settlement agreements, pursuit of appropriate legal action, and/or collateral liquidation or loan sales
  • Analyze loan documents, financial statements, rent rolls, project operating statements, and other relevant information to determine the appropriate course of action
  • Assess the financial condition and repayment capacity of borrowers facing difficulty in repaying their loans
  • Implement detailed action plans and workout strategies, including enforcement of remedies and legal action, for all challenged credits in the assigned portfolio, and provide periodic status reports to CPC management and investment partners
  • Engage in negotiations with borrowers, legal representatives, public partners, and other parties involved in the loan workout process
  • Review legal documentation, including loan modification agreements, repayment plans, and other related documents, ensuring compliance with corporate and credit policies
  • Maintain effective communication and professional relationships with attorneys, noteholders, and other industry participants involved in the loan workout process, including litigation and bankruptcy
  • Keep abreast of business and market trends that may affect portfolio performance
  • Identify risk-related issues needing escalation to management
  • Assist Vice President, Chief Risk officer, and SVP Director Portfolio Management with special projects, as requested
Requirements
  • 8+ years of experience in commercial real estate or mortgage lending, including 3-5 years of loan workouts or restructuring complex real estate loans
  • Strong credit skills, cash flow modeling, loan workout experience
  • Background in solving credit problems, as well as working well with both internal and external constituents
  • Experience with affordable housing transaction structures, loan documentation, and loan workouts is a must
  • Thorough knowledge of financial statements/analysis, accounting principles, credit underwriting, financial statement analysis, and general lending principles
  • Ability to effectively negotiate appropriate exit or remediation strategies with borrowers, their counsel, and any other outside vendors/individuals that play a role in the loan workout process
  • Strong written, verbal, presentation, and interpersonal skills
  • Strong computer skills, including MS Word, Excel, and PowerPoint, and ability to learn new applications
  • Ability to organize, prioritize work, and demonstrated ability to work with minimal supervision
What We Offer

We offer a competitive compensation package, including a salary range of $125,000 - $145,000, dependent on experience, as well as a comprehensive benefits package, including medical, dental, and vision benefits, 401(k) retirement plans with employer match, and tuition assistance program.

We also offer a collaborative working environment, with opportunities for professional growth and development, including employee development and engagement events, and service days to support our communities.

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