Special Assets Manager

THE COMPANY

The Low Income Investment Fund is a non-profit Community Development Financial Institution (CDFI) that mobilizes capital and partners to achieve opportunity, equity and wellbeing for people and communities. LIIF innovates financial solutions to create more equitable outcomes for all by building and preserving affordable homes, quality educational opportunities from early childhood through higher education, health clinics, healthy food retail and community facilities. In this way, LIIF provides a bridge between private capital markets and communities. LIIF’s headquarters is in San Francisco and has offices in Los Angeles, New York, Atlanta, and Washington D.C.

REPORTING RELATIONSHIPS:

This position reports to the Deputy Director of Asset Management and may also receive direction from the Director of Asset Management and Loan Administration, the Senior Vice President Chief Credit Officer and the Vice President Credit Officer.

JOB SUMMARY:

The Special Assets Manager (SAM) is responsible for the proactive management of a portfolio of high-risk and distressed community development loans, including multifamily/affordable housing, charter schools, healthcare, childcare, and mixed-use facilities. This role requires the development, implementation, and monitoring of strategic action plans and workout solutions to restore loan performance or facilitate alternative resolutions such as foreclosure, loan sales, or settlements. Additionally, the SAM may oversee a portfolio of performing loans, ensuring their continued success through diligent asset management practices.

KEY RESPONSIBILITIES:

Distressed Loan & Special Assets Management

• Manage a portfolio of high-risk and distressed affordable housing, charter school, health care, childcare, and community facility loans by developing and executing workout strategies, including restructuring, modifying repayment terms, and negotiating settlements.
• Lead borrower relationship management efforts through direct communication, site visits, and strategic engagement to address financial challenges and mitigate risk.
• Collaborate with internal stakeholders—including Credit, Asset Management, Lending, Legal, Finance, Loan Administration, and Portfolio Accounting—and external partners to develop and execute tailored workout solutions, ensuring compliance with internal policies and regulatory requirements.
• Conduct in-depth credit reviews, analyzing borrower/sponsor financials, project performance, covenant compliance, status of workout plan, action steps, lessons learned, and risk factors to develop data-driven recommendations for loan resolutions and risk mitigation.
• In collaboration with internal parties, ensure loan workouts are conducted in compliance with relevant laws and regulations, and internal policies and procedures.
• Recommend internal policies and procedures aimed at reducing underperforming and nonperforming loans.

Performing Loan Asset Management

• Oversee construction loan disbursements by reviewing and approving draw packages, monitoring budgets and timelines, and ensuring adherence to loan terms.
• Prepare credit review reports assessing borrower/sponsor financial health, operating performance, covenant compliance, and risk factors.
• Conduct site visits and generate comprehensive reports in accordance with lending procedures.
• Evaluate borrower requests for loan modifications, assessing financial feasibility, credit-worthiness, and risk factors to provide well-supported recommendations for approval or restructuring.

QUALIFICATIONS:

• Bachelor’s degree in real estate, finance, accounting, or a related field is required; relevant certification is a plus.
• 5 - 7 years of experience in real estate lending, with expertise in multifamily, affordable housing, commercial real estate underwriting, and credit risk assessment.
• Minimum of 3 years of experience managing high-risk and distressed assets, including demonstrated success in executing loan workouts, restructurings, and recovery strategies.
• Occasional travel (10-20%) may be required for site visits, borrower meetings, and industry-related engagements.
• Strong credit analysis and underwriting background, including proficiency in cash flow modeling, financial spreading, and loan structuring.
• Familiarity with federal, state, and local government funding sources for capital and operating needs in community development projects.
• Working knowledge of business law concepts, including loan collateral, creditor rights, UCC regulations, and loan documentation.
• Demonstrated ability to manage complex borrower relationships with professionalism, discretion, and strategic problem-solving skills.
• Strong organizational and project management skills, with the ability to prioritize multiple responsibilities and work under tight deadlines.
• Excellent customer service and communication skills, capable of managing diverse borrower relationships with empathy and professionalism.
• Problem-solving skills and initiative to troubleshoot, find resolutions, and effectively outline risks and mitigants.

ADDITIONAL INFORMATION:

LIIF offers a hybrid work environment with flexibility to balance in-office and remote work. However, all employees are expected to work on-site at least two (2) days per week. The successful candidate may be expected to travel occasionally for meetings or other Company sponsored events.

All Low Income Investment Fund (LIIF) employees must be fully vaccinated against COVID-19. In accordance with LIIF's policies, we provide reasonable accommodations, absent undue hardship, to qualified individuals who cannot get vaccinated against COVID-19 because of sincerely held religious or medical reasons. If you believe you need an accommodation from the vaccination mandate required by this policy, please notify our Human Resources Department.

HOW TO APPLY:

Please apply with Resume and Cover Letter via our recruitment portal: Recruitment (adp.com) or via email: careers@liifund.org

Notice to Third Party Recruitment Agencies:

Please note that Low Income Investment Fund does not accept unsolicited resumes from recruiters or employment agencies. In the absence of an executed Recruitment Services Agreement, there will be no obligation to any referral compensation or recruiter fee.

In the event a recruiter or agency submits a resume or candidate without an agreement Low Income Investment Fund shall explicitly reserve the right to pursue and hire those candidate(s) without any financial obligation to the recruiter or agency. Any unsolicited resumes, including those submitted to hiring managers, shall be deemed the property of Low Income Investment Fund.

We do not accept unsolicited phone calls. Only candidates being considered for a position will be contacted.

LIIF, an EOE (Equal Opportunity Employer), believes that diversity ensures excellence. All qualified applicants will receive consideration for employment without regard to race, color, religion, sexual orientation, gender, or national origin. Candidates of diverse backgrounds and with diverse experience are strongly encouraged to apply for this position.