Senior Associate, Underwriting

🕒 August 25

🇺🇸 United States – Remote

💵 $105k - $130k / year

⏰ Full Time

🟠 Senior

📋 Underwriter

👻 Ghost score 23%

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Local Initiatives Support Corporation (LISC)

WebsiteLinkedInAll Job Openings

201 - 500 employees

Founded 1979

🏥 Healthcare

🏗️ Construction

💼 Consulting

Healthcare • Construction • Consulting

Local Initiatives Support Corporation (LISC) is a non-profit organization dedicated to enhancing communities by connecting local groups in the United States with capital and technical expertise. LISC provides flexible lending products to support underserved borrowers and aims to uplift communities through investments in affordable housing, economic development, health, education, and green development. It also emphasizes the importance of building resilient and inclusive communities, partnering with corporations, foundations, and individual donors to bring about these changes. LISC is involved in a variety of program areas including child care, small business support, safety and justice, and sports and recreation, highlighting a comprehensive, community-driven approach to development and capacity building.

📋 Description

• Independently manage screening and underwriting of active affordable multifamily rental housing transactions • Perform advanced financial and credit analysis, including financial statements, project cash flows, sources and uses, budgets, debt service coverage, loan-to-value/loan-to-cost, and sensitivity analyses • Evaluate rents, income, vacancy, operating expenses, construction costs, market assumptions, project feasibility, sponsor capacity, ownership structures, market conditions, and transaction risks • Evaluate affordable housing financing structures, including public subsidies, HUD, Fannie Mae/Freddie Mac programs, tax credits, New Markets Tax Credits, and debt/equity structures • Review appraisals, environmental assessments, property condition reports, and other third-party diligence • Identify credit risks and recommend mitigants such as collateral structures, reserves, covenants, guarantees, and other protections • Manage assigned transactions from intake through Investment Committee approval and closing • Prepare intake memoranda, credit memoranda, letters of intent, term sheets, and preliminary deal terms • Lead due diligence and co-present investment recommendations to the Investment Committee • Coordinate with borrowers, lenders, co-investors, counsel, local offices, and internal teams to resolve diligence issues and advance transactions • Review closing statements and transaction documentation and support funding and transition to Asset Management • Serve as a senior underwriting resource and thought partner to leadership and LFM teams • Support post-closing handoffs and underwriting analysis for extensions, modifications, workouts, and portfolio matters • Contribute to underwriting tools, templates, processes, and internal guidelines • Participate in pipeline reviews and cross-functional discussions • Provide technical guidance, mentorship, or work review for junior underwriting staff • Travel less than once per month, up to 15% annually

🎯 Requirements

• Minimum of 6–8 years of relevant experience in affordable housing finance, commercial banking, community development lending, or a related field, including significant experience underwriting affordable multifamily rental housing • Experience independently underwriting complex multifamily real estate transactions from initial evaluation through credit approval and closing • Prior experience presenting or co-presenting transactions to credit or investment committees • Advanced proficiency in financial modeling, cash flow analysis, credit analysis, and Excel • Ability to independently manage multiple concurrent transactions and exercise sound credit judgment with limited oversight • Strong written and verbal communication skills, including the ability to synthesize complex analysis and present investment recommendations clearly • Preferred: Experience underwriting transactions across multiple U.S. markets or geographies • Preferred: Experience with LIHTC, New Markets Tax Credits, or other public subsidy structures • Preferred: Experience underwriting equity investments in addition to debt • Preferred: Experience mentoring or supervising junior analysts

🏖️ Benefits

• Medical, Dental, Vision Coverage • Disability Insurance, including long-term and short-term coverage • 401(k) and 403(b) retirement savings plans • Generous holidays • Vacation, PTO, and sick days • Tuition assistance • Referral program rewards • Professional development opportunities • Ongoing training and development programs