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Position Summary Under the direction of the Chief Credit Officer, the Underwriter will generally work on the production of internal Investment Committee Packages to support HCP's new business production. Additionally, the Underwriter will work on special projects involving single asset and pooled asset transaction analyses. The Underwriter will also update policies and procedures as necessary, and communicate with Investors as needed (in support of Investor Relations and as topics pertain to underwriting).
Essential Job Functions
Review financial feasibility/creditworthiness of a to-be built project, focusing on construction sources and uses, pro forma stabilized operating expenses, and hard and soft debt terms and conditions.
Review developer financials, contingent liabilities, and real estate owned portfolio.
Review market studies and/or appraisals and report on key components related to the market dynamics.
Review various project documents, such as, but not limited to, Tax Credit Applications, Environmental Impact Reports, Physical Needs Assessments, Land Use Restriction Agreements, Real Estate Tax Bills, Insurance Quotes, and other documents in conjunction with underwriting project feasibility.
Travel to sites and/or discuss with the developer the neighborhood dynamics for any given property.
Work with Project Managers to collect and maintain project due diligence files with required documentation per HCP's checklist.
Read and understand key components of the core transaction documents, including borrower formation documents, loan documents, limited partnership agreements, guaranty agreements, and developer financials.
Support HCP's Asset Management functions as requested by the Chief Credit Officer or Managing Director of Investor Reporting and Asset Management.
Review Rental Achievement Tests/Requirements in connection with stabilization of projects.
Performs other duties as assigned.
Education Bachelor's degree in Finance, Real Estate, or Business Administration preferred.
Experience and Qualifications
A bachelor's degree plus three to five years of experience in finance, real estate development, urban planning, affordable housing or related field, and/or a graduate degree in a related field and one to three years' experience in finance, real estate development, urban planning, affordable housing or related field.
Knowledge of key aspects of commercial real estate development and finance.
Experience in underwriting and structuring real estate projects, preferably in the low income housing tax credit (LIHTC) field, or commensurate work related experience including government assisted housing.
Ability to initiate and maintain effective and cooperative working relationships with team members, government agencies, consultants, lenders, investors, and developers.
Strong analytical and skills, including oral and written presentation skills; ability to identify and ask questions; ability to reason and crosscheck references.
Good client and public presentation skills; excellent oral and written communication skills.
Exceptional organizational skills, highly attentive to detail, and able to perform tasks with limited supervision in a time sensitive work environment.
Exercise sound judgment and fairness in decision-making.
Maintain the strictest confidence when handling confidential and non-routine information and matters.
Communicate with co-workers, management, clients, and others in a courteous and professional manner.
Conform with and abide by all regulations, policies, work procedures, and instructions.
Computer literacy and experience working with Microsoft Office software programs and Adobe.
High level of proficiency with Microsoft Excel
Other Skills Requires a self-motivated individual who pays close attention to detail and who can prioritize in a fast-moving environment with excellent consulting, client management and business literacy skills. Takes initiative to identify and anticipate client needs and make recommendations for implementation. While working in an independent and reliable manner, teamwork, and effective communication will also be necessary for success.