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Low Income Investment Fund

Credit Associate/Portfolio Manager

Low Income Investment Fund

The Credit Associate is responsible for the overall asset management of a portfolio of loans made to support the development of affordable housing, child care facilities, charter schools, and other community facilities. The Credit Associate also supports Loan Officers in underwriting new loans. As part of the Lending team, the Credit Associate supports the achievement of regional and overall Lending work plan goals.

REPORTING RELATIONSHIPS: The Credit Associate reports to the Director of Asset Management and Underwriting. The Credit Associate will work closely with the Chief Credit Officer, Regional Directors, Loan Officers, Loan Associates, colleagues in the Child Care Group, and Finance associates in an effort to meet LIIF's lending goals and objectives. The Credit Associate will communicate with borrowers, third party lenders, attorneys and other external parties, as appropriate.

Asset Management:

• Loan Monitoring – The Credit Associate will be responsible for the ongoing asset management of a portfolio of affordable housing and community facility loans, including developing a relationship with each borrower and conducting regular loan monitoring reviews. The Credit Associate will prepare Loan Monitoring Reports for each loan on a regular schedule to review overall asset and credit quality, including performance against original underwriting expectations. Such reviews evaluate information including borrower/sponsor financial condition and operating performance, rent rolls, project status reports, covenant tracking and compliance, and overall analysis of the credit condition of the borrower/sponsor, as informed by a complete understanding of LIIF’s relationship with and exposure to the sponsor developed in collaboration with the Loan Officer and other LIIF staff. To the extent certain loans in the Credit Associate’s portfolio are considered non-performing, the Credit Associate will provide support, as requested, to the Director of Asset Management and Underwriting in managing those loans including but not limited to conducting site inspections, appraisal reviews, and borrower or project financial analysis; monitoring compliance with loan restructure agreements; and preparing monitoring reports and action plans. In all cases, the Credit Associate is responsible for making recommendations to senior management by integrating and analyzing these data and making judgments on their significance and quality.

• Site Visits – The Credit Associate will conduct regular site visits and prepare site visit reports for loans in his/her portfolio in accordance with lending procedures.


• Loan Extensions and Modifications – The Credit Associate will be responsible for any required loan extensions and modifications in his/her portfolio. For loans where the borrower is seeking an extension or modification, the Credit Associate will work closely with the borrower to provide an assessment of the necessity, feasibility, and credit-worthiness of such extension or modification, and communicate same with the Director of Asset Management and Underwriting and the Chief Credit Officer. The Credit Associate will conduct an analysis of the credit and then make and support a recommendation as to the extension or modification terms and conditions, if an extension or modification is deemed appropriate.

• Loan Origination - As requested, the Credit Associate will collaborate with the Loan Officers in performing thorough due diligence review and evaluation of loan requests including but not limited to the underwriting of the borrower evaluation (financial and organizational); the development team; the project and the development site and vicinity.

Customer Service: The Credit Associate will maintain a positive and professional relationship with LIIF’s customers and business partners (which include third party lenders, attorneys and other external parties such as appraisers) by both initiating and responding promptly to any and all requests in a responsive, consistent, and accurate manner.

Other Duties as Assigned.

The ideal candidate for this position will have these key qualifications:
• One to two years of experience in real estate-based and/or business lending, including borrower contact, credit analysis, due diligence and loan documentation. Familiarity with construction lending desirable.
• Proficiency in analyzing financial statements of for-profit and nonprofit organizations and their real estate operations (in particular, rental housing and community facilities occupied by a single tenant). Familiarity with basic accounting principles including the ability to translate cash to accrual and vice versa.
• Familiarity with federal, state, and local government funding sources for capital and operating needs of multi-family housing, special needs housing, and community facilities (e.g., child care centers, educational programs, health clinics).
• Working experience with both private sector financial institutions and public agencies.
• Basic familiarity with business law concepts including contract, loan collateral, uniform commercial code, creditors’ rights and forms of business organization and sufficient knowledge to review and negotiate loan documents.
• Proficiency with Microsoft Office Suite Programs, and other database software.
• Excellent skills in managing multiple tasks requiring strong attention to detail.

EDUCATIONAL AND OTHER REQUIREMENTS: Educational background to include a bachelor’s degree in a relevant area of study such as real estate, urban planning, business administration or finance, and at least an introduction to accounting; an advanced degree is preferred. In addition, the position requires a high degree of self-motivation, dedication, creativity, and perseverance; flexibility with time and willingness to accept a demanding (and personally satisfying) position. Excellent teamwork and strong time management skills are essential. Travel is required, and candidates should have a valid driver’s license.

Mail or email cover letter (including salary expectation & history) with resume to: Human Resources Low Income Investment Fund 100 Pine Street, #1800, San Francisco, CA 94111 or email:

LIIF is an Equal Opportunity Employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, gender or national origin.

About Organization:
The Low Income Investment Fund is a non-profit community development financial institution, with headquarters in San Francisco and offices in Los Angeles, Washington, D.C. and New York. LIIF builds healthy communities by bridging the gap between private capital markets and low-income neighborhoods. LIIF is a steward for capital invested in affordable housing, childcare, fresh foods, education and other community initiatives.



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