What are the responsibilities and job description for the Senior Special Assets Manager position at Merchants Capital?
Job Type
Full-time
Description
Location: Strong preference for the candidate to be able to go into a Merchants office located in one of the following cities: Carmel, IN, Bloomington, MN, Chicago, IL, Boston, MA, or New York City.
The Senior Asset Manager of Special Assets will be responsible for pro-actively managing a portfolio of non-performing loans to ensure problem loan identification & execution of optimal resolution strategies. This position’s focus will be split between internal and external stakeholders with responsibilities that may cross platforms and departments.
Success in this position will include providing exemplary support to senior management, credit risk management, and investors by providing and implementing workout solutions to bring the loan back into good standing or if necessary, facilitate recovery via alternative methods such as foreclosures, receiverships, loan sales, asset sales, and discounted payoffs.
Requirements
With over 30 years of success built on putting people first, Merchants Capital is a proven leader in financing for multifamily housing nationwide. Our licenses with Fannie Mae, Freddie Mac, and HUD/FHA, in addition to our bank’s balance sheet products, allow us to offer custom solutions with agility and ease of execution, expanding access to housing in meaningful and impactful ways. Recognized as a top five affordable lender, Merchants Capital pairs our comprehensive debt offerings with in-house tax credit equity to provide a one-stop-shop for developers and owners. To learn more about Merchants Capital, visit www.merchantscapital.com.
Full-time
Description
Location: Strong preference for the candidate to be able to go into a Merchants office located in one of the following cities: Carmel, IN, Bloomington, MN, Chicago, IL, Boston, MA, or New York City.
The Senior Asset Manager of Special Assets will be responsible for pro-actively managing a portfolio of non-performing loans to ensure problem loan identification & execution of optimal resolution strategies. This position’s focus will be split between internal and external stakeholders with responsibilities that may cross platforms and departments.
Success in this position will include providing exemplary support to senior management, credit risk management, and investors by providing and implementing workout solutions to bring the loan back into good standing or if necessary, facilitate recovery via alternative methods such as foreclosures, receiverships, loan sales, asset sales, and discounted payoffs.
Requirements
- Manage borrower relationship on a portfolio of delinquent and/or distressed multifamily and healthcare mortgage loans including balance sheet, participated and securitized deals.
- Work with internal parties, legal counsel, borrowers, and investors to evaluate, negotiate and execute workout strategies including loan modifications, forbearances, troubled debt restructurings, note sales, foreclosure/deed-in-lieu and REO disposition to maximize recovery and mitigate credit loss.
- Engage appraisers, environmental firms, brokers, and other third-party vendors as needed to complete borrower/asset/market-level analyses to ensure thorough understanding of collateral quality and value.
- Author detailed credit memos which include overview of prior/current defaults, collateral due diligence, legal considerations, and strategy recommendation for presentation to senior management and external stakeholders.
- Work with third party property manager and sales broker during REO asset holding period to determine optimum value enhancement strategy and to ensure successful disposition.
- Complete ongoing financial analysis and risk assessment throughout the workout process with clear communication and updates to internal and external parties.
- Provide input on development of group infrastructure, technology platforms, policies and procedures, and staffing plans.
- Collaborate with other departments within the company including a timely feedback loop to underwriting, originations, accounting, legal, and closing on deal specific and common theme issues and “lessons learned”.
- 5 years experience in real estate lending with exposure to both multifamily and healthcare with proven track record in asset or portfolio management including minimum 1-2 years managing distressed loans.
- Credit or loan underwriting experience including proficiency in cash flow analysis and financial spreading.
- Understanding of complex financing structures including A/B Notes and securitization.
- Ability to juggle multiple time sensitive priorities and professionally communicate on behalf of the lender in a manner that accounts for the sensitive nature of the issues and legal considerations.
- Problem solving skills as well as the initiative to troubleshoot, find resolutions and effectively outline risk and mitigants.
- Must possess strong organization and communication skills with a focus on accuracy and attention to detail.
- Bachelor’s degree from an accredited institution required.
With over 30 years of success built on putting people first, Merchants Capital is a proven leader in financing for multifamily housing nationwide. Our licenses with Fannie Mae, Freddie Mac, and HUD/FHA, in addition to our bank’s balance sheet products, allow us to offer custom solutions with agility and ease of execution, expanding access to housing in meaningful and impactful ways. Recognized as a top five affordable lender, Merchants Capital pairs our comprehensive debt offerings with in-house tax credit equity to provide a one-stop-shop for developers and owners. To learn more about Merchants Capital, visit www.merchantscapital.com.
