Posted on January 17, 2013
Calvert Foundation - Director, Underwriting
Calvert Foundation, a nonprofit 501(c)(3), is an innovative industry leader in community investing and microfinance that delivers both a social and financial return. Individuals invest in us through our Community Investment Note that funds our loan portfolio. Our loans are extended to organizations around the world that empower people in underserved communities. Our capital finances affordable housing, education, community health, micro-businesses and essential community services. Calvert Foundation’s work has been profiled in leading publications, including the Washington Post, Business Week, the Wall Street Journal and the Financial Times. Calvert Foundation is legally a separate entity from Calvert Investments, the largest family of socially responsible mutual funds in the country.
The principal objective of the Director of Underwriting role is to support the Calvert Foundation’s end-to-end deal origination, credit assessment and ongoing portfolio monitoring. The Director of Underwriting will play a key role in ensuring the efficiency of the origination team and in positioning the team to reach its loan production goals.
With the Vice President of Underwriting, the Director will also act as an advisor to the Risk Management Department, the Lending Department, and the Community Investment Partners team on underwriting standards and best practices with respect to the Calvert Foundation’s loan portfolio and its entry into new market segments. The Director of Underwriting will serve as a deputy to the Vice President of Underwriting and will fulfill his/her duties, as delegated, when the Vice President is absent or travelling.
In direct report to the Vice President of Underwriting, the Director is responsible for monitoring risk and performance issues for a portfolio of borrowers, including full due diligence packages for new or updated credit line proposals. This portfolio is comprised primarily of Community Development Financial Institutions, Affordable Housing Developers and Lenders as well as direct business investments in social enterprises, affordable housing projects, and community facilities. Working closely with Business Development Loan Officers, the Director will also be fully involved in underwriting and structuring new transactions. This career path caters to community development finance professionals interested in a long-term commitment to lending activities at Calvert Foundation. As such, the Director position is an excellent opportunity for an individual with strong financial, analytical and communication skills, as well as an interest in supporting the Calvert Foundation&rsquo ;s mission.
In conjunction with the Vice President, Underwriting, and as his/her deputy, manage the due diligence process for new and existing credits, with the goal of maintaining high credit quality.
New Credit Analysis:
- Responsible for work load defined by the Vice President, of new investments, renewals, increases to existing borrowers, and workouts/restructures, including spreading and analysis of borrower financial statements, managing the work of third party analysts, and reviewing and underwriting of new loan requests;
- Apply Calvert Foundation’s credit risk assessment policies, procedures, and tools to produce high quality due diligence memos and sound credit recommendations;
- Collaborate with Business Development team in vetting new credit requests including conducting due diligence calls and/or site visits as required.
- Develop a strong understanding of borrower needs and financial solutions such as, to highlight a few examples: enterprise-level unsecured financing for financial and non-financial institutions, real-estate secured housing and facility loans, trade finance and structured fund investments.
Existing Credit Monitoring:
- Conduct quarterly monitoring of financial reports for a defined portfolio of borrowers;
- Monitor and evaluate borrower compliance with financial covenants set forth in the loan documents.
- Mentoring & Training:
- Mentor less experienced members of the Lending and Underwriting teams on aspects of credit analysis;
- Provide feedback on guidance on new loan structures, preclearance memos and term sheets to ensure high quality in credit originations; and
- Provide guidance and feedback in the preparation of due diligence reviews to ensure high quality underwriting and sound credit recommendations.
- Research and Market Analysis:
- Conduct research and analysis in emerging industry trends with respect to lending strategies, loan structures, and underwriting best practices in social enterprise lending and other new market segments.
Qualifications, Skills and Required Experience:
- Advanced degree in business, accounting and or finance; or equivalent experience;
- 5-7 years of credit analysis and/or underwriting or other relevant financial services experience in a commercial banking or community development finance context;
- Strong analytical, financial and problem solving skills, including proficiency in financial modeling, demonstrated in a work environment
- Proficiency in Excel, Word, PowerPoint, and Outlook; experience working with database programs a plus;
- Excellent oral and written communication skills;
- Strong relationship skills and interest in deal structuring and negotiation;
- Experience in credit analysis of enterprise-level unsecured financing for financial and non-financial institutions, community facilities, CDFIs, affordable housing and affordable housing developers, and small business financing.
- Investment experience related to the following sectors is a plus: renewable energy, sustainable agriculture, education, health, water and sanitation and fair trade
- Willingness and ability to travel up to 20% of the time;
- Ability to work independently, multi-task and prioritize competing demands; and
- Willingness and ability to adapt to change in a dynamic work environment.
Interested candidates should email a resume to firstname.lastname@example.org with the job title in the subject line, or mail to Calvert Foundation at 7315 Wisconsin Avenue Suite 1100W, Bethesda, MD 20814. No phone calls please.