Senior Associate, Underwriting

About the role

The Senior Associate, Underwriting & Fund Investments is an experienced affordable housing underwriter responsible for independently managing complex multifamily transactions from initial intake through underwriting, Investment Committee approval, and closing. The position manages active transactions at varying stages, applying strong credit judgment and financial analysis to evaluate affordable housing investments across LFM’s national portfolio. The Senior Associate leads lender‑side underwriting of affordable multifamily transactions, including analysis of project economics, sponsor capacity, market conditions, public subsidies, and financing structures. The role requires the ability to identify and articulate key risks, develop appropriate mitigants, anticipate Investment Committee questions, and clearly co‑present investment recommendations. Experience with HUD and Fannie Mae/Freddie Mac multifamily programs is particularly relevant, while experience with tax credits, New Markets Tax Credits, and equity investments is beneficial. This is a senior individual contributor role requiring substantial independence, sound judgment, and the ability to move multiple transactions forward with limited oversight. The Senior Associate also serves as a thought partner to the Senior Director, Underwriting, and collaborates closely with Fund Investments, Construction, Asset Management, Fund Management, Legal, borrowers, lenders, and other transaction partners. Success requires both technical underwriting expertise and LFM’s mission‑oriented, collaborative approach to investment management.

Responsibilities

• Underwriting and Financial Analysis (45%): Independently manage the screening and underwriting of active affordable multifamily rental housing transactions; perform advanced financial and credit analysis, including historical and projected financial statements, project cash flows, sources and uses, development and operating budgets, debt service coverage, loan‑to‑value/loan‑to‑cost, and sensitivity analyses; evaluate proposed rents, income, vacancy, operating expenses, construction costs, market assumptions, and overall project feasibility; assess sponsor/developer capacity, organizational and ownership structures, market conditions, and transaction risks; evaluate complex affordable housing financing structures, including public subsidies and, as applicable, HUD, Fannie Mae/Freddie Mac multifamily programs, tax credits, New Markets Tax Credits, and debt and equity structures; review third‑party diligence, including appraisals, environmental assessments, property condition reports, and other transaction‑specific materials; identify material credit risks and recommend appropriate mitigants, including collateral structures, reserves, covenants, guarantees, and other structural protections.
• Credit Presentation and Transaction Execution (40%): Take ownership of assigned transactions across the full underwriting pipeline, from intake through Investment Committee approval and closing; prepare intake memoranda that clearly summarize the proposed transaction, preliminary structure, key risks, and recommendation for consideration by the intake committee; draft and review letters of intent, term sheets, and preliminary deal terms following intake approval; lead comprehensive due diligence and prepare credit memoranda that clearly articulate transaction structure, financial analysis, risks, mitigants, and investment recommendations; anticipate potential Investment Committee questions and areas of concern, conducting additional analysis as needed before presentation; co‑present investment recommendations to Investment Committee and respond effectively to questions regarding credit, structure, assumptions, and risk; coordinate with borrowers, lenders, co‑investors, counsel, local offices, and internal LFM teams to resolve diligence issues and keep transactions progressing efficiently toward closing; review closing statements and transaction documentation as appropriate and support accurate funding and transition to Asset Management.
• Collaboration and Technical Leadership (15%): Serve as a senior underwriting resource and thought partner to underwriting leadership, LISC local offices, and other LFM teams on transaction structure, credit considerations, and underwriting standards; manage assigned work independently, escalating material risks and issues appropriately and bringing forward potential solutions and recommendations; collaborate with Fund Investments, Construction, Asset Management, Fund Management, Legal, and other functions throughout the transaction lifecycle; support effective post‑closing handoffs to Asset Management and provide underwriting analysis for extensions, modifications, workouts, or other portfolio matters when needed; contribute to the refinement and consistent application of underwriting tools, templates, processes, and internal guidelines; participate in pipeline reviews and cross‑functional discussions related to deployment, transaction strategy, and portfolio performance; provide technical guidance, mentorship, or work review for more junior underwriting staff, as appropriate.
• Travel: Expected to travel less than once per month, up to 15% annually.

Qualifications

• 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.
• Demonstrated 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 Qualifications

• Experience underwriting transactions across multiple U.S. markets or geographies.
• Experience with LIHTC, New Markets Tax Credits, or other public subsidy structures.
• Experience underwriting equity investments in addition to debt.
• Experience mentoring or supervising junior analysts.

Pay

Competitive salary range: $105,000 – $130,000.

Benefits

• Medical, Dental, Vision Coverage: Comprehensive health plans for you and your family.
• Disability Insurance: Long‑term and short‑term coverage.
• Retirement Savings: 401(k) and 403(b) plans.
• Generous Holidays.
• Vacation, PTO, and Sick Days: Flexible time‑off policies.
• Tuition Assistance.
• Referral Program: Earn rewards for referring qualified candidates.
• Professional Development Opportunities: