Associate, Underwriting

Position Description

LISC Fund Management (LFM) seeks a detail-oriented and analytical professional to serve as Associate, Underwriting. This role supports the underwriting and credit analysis of mission-driven real estate investments across LFM's national portfolio, with primary responsibility for transactions within designated funds, including the National Strategic Investments Impact Fund (NSIIF), Cleveland Housing Investment Fund (CHIF), and Dallas Housing Opportunity Fund (DHOF).

Reporting to the Director, Underwriting, the Associate leads financial analysis and structuring for affordable housing transactions, including Naturally Occurring Affordable Housing (NOAH) projects and transactions with layered capital stacks, both debt and equity. The Associate's portfolio may include limited commercial real estate transactions and conduit financing to other Community Development Finance Institutions. The role is responsible for advancing investments from Intake Committee through Credit Committee approval in coordination with originations, asset management, fund management, legal, and loan administration teams.

The Associate prepares detailed credit memoranda and presents financial analysis at Intake Committee, participating in Credit Committee discussions as appropriate. The position requires the ability to evaluate emerging or capacity-constrained borrowers while maintaining disciplined credit standards and ensuring alignment with fund-specific parameters and risk guidelines.

This role is well suited for a professional with real estate loan underwriting experience who is comfortable operating in a bespoke lending environment, managing multiple transactions simultaneously, and contributing meaningfully to investment decision-making within a mission-driven platform.

Responsibilities

Underwriting and Fund-Specific Portfolio Analysis (65%)

• Lead underwriting and credit analysis for assigned funds, including the National Strategic Investments Impact Fund (NSIIF), Cleveland Housing Investment Fund (CHIF), and Dallas Housing Opportunity Fund (DHOF), with a primary focus on affordable housing and naturally occurring affordable housing (NOAH) transactions.
• Underwriting experience with commercial real estate (retail, office, health care) and other CDFI lending desired.
• Screen, structure, and underwrite bespoke real estate financing transactions, evaluating borrower capacity, layered subsidy structures, and fund-specific investment parameters.
• Analyze project and borrower operating performance, including historical and projected financial statements, sources and uses, and sensitivity analysis.
• Develop and interpret detailed financial models and projections, including review of tax credit structures and complex capital stacks.
• Assess emerging borrower risk profiles while maintaining disciplined credit standards and identifying appropriate mitigants.
• Identify and articulate credit risks, proposing appropriate structural enhancements such as reserves, guarantees, covenants, or other risk controls.
• Maintain familiarity with federal and state housing finance programs and evolving market conditions across multiple geographies.

Committee Presentation and Investment Process Management (25%)

• Prepare comprehensive credit memoranda for Intake Committee and Credit Committee consideration.
• Present financial analysis and underwriting recommendations at Intake Committee and Credit Committee.
• Coordinate due diligence review, including loan documents, partnership agreements, and other transaction materials.
• Support closing process and transition of transactions to Asset Management.

Cross-Functional Collaboration and Borrower Engagement (10%)

• Collaborate with Fund Investments, Asset Management, Fund Management, Legal, and Operations to ensure alignment across the transaction lifecycle.
• Participate in structuring discussions for complex or layered affordable housing financings.
• Engage directly with borrowers to request additional information, clarify underwriting assumptions, and communicate credit standards.
• Contribute to pipeline discussions and strategic conversations related to fund deployment and portfolio performance.

Qualifications

• Bachelor's degree in Finance, Real Estate, Economics, or related field required; Master's degree preferred.
• Minimum 5 years of experience underwriting real estate loans in a community development finance, CDFI, affordable housing, or commercial banking environment.
• Demonstrated experience underwriting bespoke real estate transactions, including layered capital stacks and subsidy structures.
• Prior experience preparing and presenting credit analyses to loan or investment committees required.
• Working knowledge of affordable housing finance, including familiarity with tax credit structures (LIHTC) and public funding sources; exposure to naturally occurring affordable housing (NOAH) transactions preferred.
• Working knowledge of commercial real estate financing and community development financing (e.g., financing bridge lending to community development organizations, with a sensitivity to alternative collateral).
• Strong understanding of financial modeling and real estate underwriting principles, including sensitivity analysis and risk mitigation strategies.
• Ability to evaluate emerging or capacity-constrained borrowers while maintaining disciplined credit standards.
• Proficiency in Excel and financial modeling; comfort working with fund models and tax credit calculations.
• Experience coordinating transactions across multiple stakeholders, including borrowers, co-lenders, legal counsel, and internal teams.
• Familiarity with federal and state housing finance programs preferred; CDFI experience is a plus.
• Strong written and verbal communication skills, with the ability to clearly articulate credit considerations and defend underwriting conclusions.
• Demonstrated interest in community development and impact investing, with the ability to balance mission objectives and prudent credit practices.

COMPENSATION:

LISC offers a competitive salary ($84,110-$105,137) and excellent fringe benefits.