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    AVP, Loan Workout Specialist - Chappaqua, United States - Community Preservation Corporation

    Community Preservation Corporation
    Community Preservation Corporation Chappaqua, United States

    4 weeks ago

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    Description
    Job Description

    Job Description


    About Us:


    The Community Preservation Corporation (CPC) believes stable and sustainable affordable housing is the foundation of strong communities and we strive to contribute to comprehensive neighborhood revitalization through our lending and partnerships.

    A nationally recognized leader in affordable housing finance, CPC has provided a consistent source of capital to underserved housing markets throughout New York State since our inception in 1974.

    Today, CPC stands as the largest CDFI solely committed to investing in multifamily housing, having invested more than $11.9 billion to finance the creation and preservation of more than 220,000 units of quality housing in neighborhoods across New York State and beyond.

    CPC has a robust construction lending platform, a mortgage bank, and equity and impact investment platforms that focus on our three goals:
    Expanding Affordable Housing, Closing the Racial Wealth Gap and Investing in the Green Economy.

    As a member of our team, you'll have the opportunity to work on impactful projects that make a real difference in people's lives.

    We're looking for talented individuals who are passionate about our mission and share our values of commitment, respect, excellence, accountability, and collaboration.


    Role Summary:


    We are seeking an AVP, Loan Workout Specialist ("LWS") to manage, monitor, and drive resolutions of a portfolio of distressed multifamily loans.

    The position will report to the Vice President, Asset Management & Servicing.

    The LWS work in collaboration with members of the Permanent Loan Asset Management team, in-house and external counsel, mortgage insurers and external partners to drive solutions on troubled loans.

    If you're ready to be part of a dynamic and dedicated team that is making a positive impact in the affordable housing industry, we want to hear from you

    What You'll do:
    Administer the turnaround, workout, or exit of challenged credits through restructuring debt, negotiating settlement agreements, pursuit of appropriate legal action and/or collateral liquidation or loan sales
    Analyze loan documents, financial statements, rent rolls, project operating statements, and other relevant information to determine the appropriate course of action
    Assess the financial condition and repayment capacity of borrowers facing difficulty in repaying their loans. Work with borrowers to understand their financial challenges and repayment capacity, while proposing appropriate solutions such as loan modifications, refinancing, forbearance, or debt restructuring
    Implement detailed action plans and workout strategies, including enforcement of remedies and legal action, for all challenged credits in the assigned portfolio, and provide periodic status reports to CPC management, noteholders and mortgage insurers
    Engage in negotiations with borrowers, legal representatives, public partners, and other parties involved in the loan workout process
    Review legal documentation, including loan modification agreements, repayment plans, and other related documents, ensuring compliance with corporate and credit policies
    Maintain effective communication and professional relationships with attorneys, noteholders, and other industry participants involved in the loan workout process, including litigation and bankruptcy
    Keep abreast of business and market trends that may affect portfolio performance
    Identify risk-related issues needing escalation to management
    Assist Vice President, Asset Management &Servicing and the Chief Operating Officer with special projects, as requested

    Skills and Experience:
    Strong credit skills, cash flow modeling, loan workout and management experience
    Background in solving credit problems, as well as working well with both internal and external constituents
    Minimum of 3-5 years of workout experience on complex real estate loans or 3 years of experience at a turnaround consulting firm specializing in real estate workouts
    Experience with affordable housing transaction structures, loan documentation and loan workouts is a must
    Thorough knowledge of financial

    statements/analysis,

    accounting principles, credit underwriting, financial statement analysis, and general lending principles
    Familiarity with affordable housing subsidy sources is a plus
    Ability to effectively negotiate appropriate exit or remediation strategies with borrowers, their counsel, and any other outside

    vendors/individuals

    that play a role in the loan workout process
    Strong written, verbal, presentation, and interpersonal skills
    Strong computer skills, including MS Word, Excel, and PowerPoint, and ability to learn new applications
    Ability to organize, prioritize work and demonstrated ability to work with minimal supervision

    What We Offer:
    Competitive compensation
    401(k) retirement plans with employer match
    Medical, dental, and vision benefits for employees and their dependents
    Commuter benefits
    PTO for vacation, personal days, sick leave, holidays, jury duty, bereavement, parental leave, and disability
    Tuition assistance program
    Two "work from anywhere" weeks per year
    Summer Fridays
    Collaborative working spaces
    Service days to support our communities
    Employee development and engagement events
    More about our offerings and culture

    here

    This is a full-time, hybrid role where you will work from the Chappaqua office two – three days a week.

    The salary range is $125,000 – $130,000, dependent on experience.


    The Community Preservation Corporation is an Equal Opportunity Employer and all employment-related decisions including recruitment, selection, evaluation, promotion, compensation, training and termination are made without regard to race, creed, color, national origin, sex, disability, marital status, status as a veteran, sexual orientation or gender identity, or any other protected status.

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