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Director of Underwriting

Salary
$150,000-$174,999
Employment
Full Time
Work Place
Office
Real Estate Field
Location
Stamford
 CT
Postal Code
06902
Country
United States

This job is no longer active.

Description


About CleanFund

 

Based in Stamford, CT, CleanFund Commercial PACE Capital, Inc. (“CleanFund” or “the Company”) is the leading provider of commercial Property Assessed Capital Energy (“CPACE”) financing for energy efficiency, water conservation, renewable energy and resiliency improvements for commercial real estate, including multifamily, office, hospitality, industrial, retail and other nonresidential properties.

 

CleanFund is committed to providing straightforward and affordable capital for improvements that make commercial buildings cleaner, safer, and more efficient. CleanFund’s mission is to make CPACE a mainstream solution for commercial property owners to adopt energy, water, and other improvements that drive beneficial environmental impacts as well as reduced operating expenses and higher property valuations. CleanFund works with institutional investment management firms such as Starwood Capital to originate, underwrite, structure, and close CPACE financings. CleanFund has significant expertise in CPACE policy and in closing complex commercial real estate financings, having successfully closed several of the CPACE industry’s largest financings, such as a $54.7 million CPACE financing for the new construction of the Hyatt Regency Hotel at the Salt Lake City Convention Center.

 

The Director of Underwriting role represents a unique opportunity for a qualified candidate to join a dynamic and fast-growing team, and to work within a niche of the broader commercial real estate finance industry that is rapidly expanding and innovating. The Director of Underwriting will lead CleanFund’s loan underwriting process and will play an instrumental role in continuing to build upon the Company’s successes.

 

Position Overview

 

The Director of Underwriting evaluates, analyzes, and recommends credit-based decisions on CPACE Financing transactions, as well as manage transactions from term sheet to close. Reporting to the CEO, this position plays a vital role in the Company’s day-to-day activities, and takes responsibility for efficiently and collaboratively moving transactions through the underwriting and closing process. The Director of Underwriting wears many hats, and works collaboratively with various stakeholder groups, including investors, CPACE program administrators, attorneys, and various internal constituents.

 

Responsibilities and Duties

 

  • Perform high-quality and timely underwriting of financings, including obtaining and reviewing environmental reports, property valuation reports, title reports, organizational documents, lease agreements, financial statements and other documents. 
  • Prepare credit approval packages that provide a compelling report and analysis of the subject project, including a discussion of the project purpose, scope, property owner experience, financial condition of the property, risks, mitigants and other aspects of the project necessary for the credit committee to understand the project and to make an informed decision to either accept or reject the proposed financing.
  • Project manage all transactions from term sheet execution through to successful closing, liaising with key internal and external stakeholders including property owners, capital partners, portfolio management, PACE Program administrators, attorneys, and third party report providers.
  • Ensure all transaction data ties to source documents, and ensure all transactions are “securitization ready,” in terms of being well-organized with complete underwriting and closing files.
  • Train, mentor, and develop junior members of the Credit Team and other teams as appropriate.
  • Assess, recommend and implement improvements to process, technology and other aspects of the business that pertain to underwriting and asset management.
  • Work independently and collaboratively with all transaction team members internally and externally to deliver excellent work product and service throughout the underwriting and closing process.  This includes providing timely updates in the Company’s Salesforce system, and helping to set appropriate expectations with CleanFund’s team members, partners and clients.
  • Maintain positive working relationships with all external stakeholders, leveraging those relationships to procure future deal-flow.

Qualifications and Skills

 

  • 7 to 10 years of experience with commercial real estate credit, underwriting and related analysis. New construction underwriting experience is preferred.
  • Four-year college degree in real estate, accounting, business, economics, finance or related field.
  • Sound understanding of commercial real estate credit analysis techniques including cash flow and collateral evaluation; ability to make timely decisions in a fast C PACE, time sensitive environment.
  • Ability to spread large, complex property financial statements and tax returns.  Experience applying underwriting standards and analysis of property financial statements to derive underwritten net operating income and cash flow.
  • Experience reviewing and analyzing various third party reports including appraisals, environmental site assessments, title reports, construction schedules and budgets, and public records.
  • Solid experience in preparing credit and investment memoranda that display a thorough understanding of the project, credit parameters, and other relevant factors.
  • Strong experience in reviewing and analyzing property owner entity documentation.  This includes the ability to determine entity structure, documentation modifications and appropriate signature authority required for financing documents.
  • Excellent verbal and written communication skills.
  • Strong proficiency in the Microsoft Office Suite, including Outlook, Excel, and Word.
  • Experience with Salesforce, DocuSign and/or Conga a plus.
  • Ability to work independently and collaboratively in balancing multiple demands while remaining calm and confident under pressure.
  • Commitment to building strong relationships with internal team members and external parties.
  • Experience and passion for training and mentoring junior co-workers.

 

Benefits

 

  • 401(k) plan
  • Health benefits (CF covers 90%)
  • Generous PTO
  • Parental Leave

 

CleanFund is deeply committed to principles of equal employment opportunity and non-discrimination. CleanFund will not discriminate against its applicants on the following protected basis; race, religion, color, sex, national origin, age, disability, marital status, veteran status, personal appearance, sexual orientation, gender identity or expression, family responsibilities, political affiliation, or any other status protected by applicable law.

 

Job Sector


Not specified

 

Experience


7+ to 10 years


This job is no longer active.

Finance / Investment Stamford Full Time CT Financial Analysis, Underwriting Director of Underwriting other