Affordable Housing Investments Underwriter

At Barings, we are as invested in our associates as we are in our clients. We recognize those who work diligently for us and reward them for personal and professional integrity, communication skills, distinct competencies and expertise in specific strategies, ability to collaborate as a team member and true dedication to the interests of our clients.

We thank you for your interest in joining the Barings team, and invite you to explore our current employment opportunities.

Job Title: Affordable Housing Investments Underwriter

Corporate Title: Associate Director

Department: Real Estate - Affordable Housing Investments

Location: New York City or Los Angeles or Chicago

Position Description

At Barings, an Affordable Housing Investments Underwriter is a critical role within the team.  This individual will partner with the originations coverage team to handle the credit and underwriting of core and structured loans for affordable and middle-income (workforce) housing multifamily properties.  As a member of the Affordable Housing Investments team, this individual will work on transaction underwriting with support by a senior underwriter, ensuring prudent loan underwriting, third party reports reviews and timely and accurate preparation of loan approval memos for the group’s Investment Committee.  Along with the senior underwriter, this individual will work closely with transactions managers, servicing and asset managers, to ensure accurate process and procedures are being delivered efficiently.  This is a mid-level position for someone who is passionate about housing and multifamily investments.  

Primary Responsibilities:

• Play a critical role in underwriting transactions for commercial multifamily loans and equity investments with a focus on affordable and middle-income housing
• Ensure new loans and extensions are underwritten to prudent risk standards and are in compliance with the company’s commercial loan and credit risk policies, and multi-task among multiple loans concurrently
• Build financial models, conduct financial and credit analysis of properties, review markets, underwrite borrowers, assist in internal and external processes, and conduct other key diligence
• Stay current on company policies, capital provider guidelines, and updates to multifamily loan programs, incorporating changes into underwriting recommendations and pipeline management
• Prepare and present loan approval memos and packages to investment committee
• Work with senior underwriter as needed to navigate through transactions
• Work with external partners on joint underwriting on club deals
• Engage and partner with borrowers or outside parties to work through underwriting issues
• Collaborate with transaction managers, servicing teams, and asset managers to ensure precise processes and procedures, leveraging a strong understanding of client, loan investor, and capital provider requirements
• Navigate effectively and apply anticipatory skillset to identify risks early on
• Maintain strong discipline for credit and timely and responsive underwriting

Requirements:

• BA/BBA and completion of a major corporate credit training program (or the equivalent corporate banking/corporate finance experience)
• 3-5 years of institutional experience in loan structuring and underwriting balance sheet loan products for multifamily housing lenders or investors
• Experience in conducting underwriting, due diligence, running models, analyzing trailing monthly reports, evaluating appraisals, market studies and other related transaction documents, including loan and partnership agreements, housing agencies documents, PILOT and tax abatements
• Experience with loan conversions and conversion analysis prior to funding
• Exposure to Fannie Mae and Freddie Mac affordable loan products helpful but not necessary
• Some understanding or experience with LIHTC industry is helpful
• 4-day/week office attendance

Skills and Competencies:

• Demonstrated self-starter with strong work ethic, excellent verbal and written communication skills, interpersonal skills, problem solving skills, multi-tasking skills and time management skills

• Combines exceptional teamwork and communication skills with the ability to operate independently in a dynamic environment. Ability to build cohesive relationships that incorporates core values, builds trust and promotes a productive environment among teammates and within the overall Barings Real Estate platform
• Strong desire to learn and work collaboratively to help grow the Affordable Housing platform

#LI-CM1

Base Salary Range: $125,000- $150,000 and additional incentive compensation.

Barings is an equal opportunity employer, offering competitive compensation and a comprehensive benefit package including:

WELLNESS

• Medical and Prescription Coverage
• Dental Coverage
• Vision Coverage
• Wellness Program with incentive awards
• Gym/Fitness Center Reimbursement Subsidy Program
• Employee Assistance Program (EAP) and Telehealth

HSA & FSA

• Health Savings Account (HSA) with company contributions
• Flexible Spending Accounts (FSA) - Health Care & Dependent Care

TIME OFF & LEAVE

• Generous paid Vacation
• Paid Sick days
• Paid Holidays
• Paid Maternity Leave
• Paid Parental Leave
• Paid Caregiver Leave
• Paid Volunteer Time
• Short-term Disability plan
• Long-term Disability plan
• Paid Life Insurance

FINANCIAL

• 401(k) with company matching contributions
• Pension Plan with short vesting
• Financial Counseling

OTHER

• Education Assistance Program
• Charitable Gifts Matching Program

Requisite Skills

Affordable Housing, Loan Underwriting, Low Income Housing Credit (LIHTC), Underwriting

Additional Skills

Barings is an Equal Employment Opportunity employer; Minority/Female/Age/Sexual Orientation/Gender Identity/Individual with Disability/Protected Veteran. We welcome all persons to apply.

Barings offers a comprehensive benefits package including:

CORE BENEFITS & WELLNESS

• Medical (including Virtual Care), Prescription, Dental, and Vision Coverage
• Fitness Center Reimbursement Program (Including Online Memberships)
• Employee Assistance Program (EAP)
• Fertility Benefits

FINANCIAL WELL-BEING

• Highly competitive 401(k) Plan with Company Match
• Health Savings Account (HSA) with Company Contributions
• Flexible Spending Accounts (FSA) - Health Care & Dependent Care
• Retirement Health Reimbursement Account

LIFE INSURANCE

• Basic and Supplemental Life Insurance
• Spouse and Child Life Insurance

TIME OFF, DISABILITY AND LEAVE OF ABSENCE

• Paid Vacation, Sick Days and Annual Holidays
• Paid Leave of Absences (Maternity Leave, Parental Leave, Caregiver Leave, Bereavement Time)
• Short and Long Term Disability Plans
• Paid Volunteer Time

 OTHER BENEFITS

• Education Assistance Program
• Charitable Matching Gifts Program
• Commuter Reimbursement Program
• Adoption and Surrogacy Reimbursement Program