Underwriter - Multifamily/Affordable Housing
Chicago, IL Merchants Capital
Job Type


Our Chicago office is seeking an experienced Multifamily/Affordable Housing Underwriter.  As an underwriter, you will review new applications, monitor the receipt of all due diligence from the borrower, analyze the financial feasibility of new transactions, including construction, acquisition, and refinance loans, prepare applications for approval by the Bank’s Loan Committee, and ensure the loan is documented to bank and secondary market guidelines where applicable.  This position initially is an individual contributor role with no leadership or management responsibilities, however, will be looked to as a mentor by a less experienced teammate. You could also take lead on special projects. Apply today, if you want to join a team who is proudly ego-free and 100% team-oriented, where, when mistakes are made, we tackle them together. We also prioritize education and training and want to see our people grow and excel. 

In one year as our Underwriter, you will know you were successful if you…

  • Underwrite multifamily and/or healthcare loans originated by Merchants Capital to Bank guidelines.
  • Provide underwriting narrative and all applicable forms & exhibits to Loan Committee in a timely manner.
  • Analyze and review third-party provided reports including Phase I Environmental, Appraisal, Market Study, and Property Condition Reports.
  • Review borrower-provided organizational documents, financial statements, business debt, and Real Estate Owned schedules.
  • Collaborate with the loan processor to confirm the adequacy of due diligence (DD) for the loan file.
  • Communicate to the processor/borrower any outstanding DD issues in connection with preparing the approval narrative, forms & exhibits.
  • Work extensively with Microsoft Excel in financial models as it relates to the underwriting and flow of funds on transactions.
  • Collaborate with the closing team to ensure Due Diligence is obtained and verified.
  • Review amendment requests and closing documents to ensure clear to close.
  • Attend training on applicable subjects when available and appropriate for the position.


What we are looking for…

  • Minimum of four years of large loan ($10MM+) multifamily underwriting experience required.
  • The ideal candidate has a strong understanding of affordable housing, including LIHTC, bond financing, and Section 8 nuances
  • Bachelor's degree in finance, real estate, or related field.
  • Excellent skills in working with Microsoft Word, Excel, and Outlook are a requirement.
  • The Underwriter may have customer interactions with occasional travel to perform site visits.

Merchants Capital’s Mission is to provide innovative financing solutions that support the accessibility and affordability of multi-family housing. Merchants Bank of Indiana (“MBI”) is a diversified bank holding company with over $10 billion in assets and focuses primarily on multiple real estate lines of business. Merchants Capital (“MCC”) is a wholly owned subsidiary of MBI and is one of the nation’s top financing providers for refinancing, acquisition, new construction, and substantial rehabilitation of multifamily, affordable, senior, and student housing. This role maintains a unique position of working across both organizations, leveraging the financial strength and performance of MBI along with the industry-leading originations and servicing platform of MCC.  

Proudly named to the Best Places to Work in Indiana list seven years in a row, we strive to create a work environment that rewards hard work and strong performance while encouraging a positive work-life balance. At Merchants, we believe our people make the difference in our business and are key to building and maintaining our success.