VP, Equity Underwriting
Boston, MA Merchants Capital
Job Type
Full-time
Description

On a typical day, our VP, Equity Underwriting assists the SVP, Chief Equity Underwriter in evaluating LIHTC equity investments and assesses the associated risks and mitigants. Generally, this includes evaluating the counterparty risk, ensuring that the proposed investment is sound real estate, and ensuring that the investment meets Merchant Capital’s Equity Investment and Underwriting Guidelines. Do you want to join a team where you can experience the creativity and flexibility of a small team with all the capabilities of a large institution? If yes, then apply TODAY!


In one year as VP, Equity Underwriting, you will know you were successful if you are able to proficiently…

  • Review financial forecasts for LIHTC properties
  • Assess the development team and guarantor, including reviewing and analyzing experience, financial statements, and real estate schedules
  • Review due diligence items, including market studies, appraisals, environmental studies, tax credit documentation, and financing documents and perform site due diligence visits as necessary
  • Assess the real estate market where the proposed investment will be located and the validity of operating expense assumptions 
  • Review equity documents 
  • Partner with VPs, Acquisitions and Transaction Managers to ensure all required information necessary to underwrite the investment has been obtained from the development team
  • Identify underwriting variances and risks/mitigants and effectively communicate these to the SVP, Chief Equity Underwriter 
  • Prepare investment committee memos for consideration and assist with presenting investment to Investment Committee
Requirements

What we are looking for…

  • Bachelor’s degree in Finance, Accounting, Economics, Business or Real Estate/Urban Planning preferred 
  • 5-10+ years of LIHTC experience preferred, will also consider individuals experienced with other affordable housing programs
  • Strong knowledge of IRC Section 42 and tax credit financing and multifamily real estate development financing
  • Outstanding credit, analytical, and financial analysis skills
  • Strong attention to detail and commitment to accuracy along with excellent writing skills
  • Strong organizational skills with the ability to manage multiple priorities simultaneously while meeting deadlines
  • Ability to function well in a team environment as well as ability to work independently to complete assigned tasks with limited oversight and follow-up

Merchants Capital was established in August of 1990 as a mortgage banking firm specializing in multifamily housing and health care facilities finance. With extensive experience in these types of finance, the company is a premier provider and servicer of Multifamily, Affordable, Healthcare, and Student Housing. Our mission is simple: to provide the best origination and service of our loan and investment products with exceptional customer service, accuracy, creativity, speed, and conformance to regulations.


Merchants Capital Corp. (MCC) launched its LIHTC equity syndicator in 2020 and as of year-end 2021 had raised $248 million in equity. As a lender, MCC has also originated and closed more than $14 billion in financing and now services more than $10 billion. MCC’s primary source of funding is the secondary market of federally chartered agencies and the federal government and tax credit equity investors. 


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