The Portfolio Manager, independently and under the direction of management or designee, is responsible for managing a portfolio of construction loans and low income housing tax credit proprietary investments originated by the Community Finance group. Additional scope of responsibilities includes performing due diligence while monitoring construction and lease-up progress and gathering information necessary to inform our credit partners about potential risks and mitigants. It is expected that, working with your Team Lead, you will make sound credit recommendations grounded by data and take primary responsibility for managing the deal. While serving in this role, it is expected that the incumbent will gain experience in all facets of departmental operations.
Understand and employ all lending, investing, and regulatory/compliance policies and procedures of the bank and the department.
Partner with production and underwriting staff, loan administration, outside counsel and deal constituents pre-closing to verify and understand the timing, structure and transaction terms. Production staff will facilitate an introduction to the client and deal partners, to ensure the successful transfer of the transaction to your portfolio.
Communicate information requirements to clients and other deal constituents (syndicators, government agencies, other lenders). Serve as the primary facilitator in communications with bank designated review and approval staff.
Work with manager or designee, proactively monitor loans and LIHTC equity investments for compliance with terms and conditions and monitor repayment.
Liaise with loan and investment administration and construction risk partners to review and approve construction loan advances in line with underwritten sources and timing of funding; resolve administrative issues.
Coordinate required processes outside of the department scope, such as appraisals, environmental, construction risk and counterparty risk review, to ensure all issues are identified and appropriately approved.
Identify, collect, and review all due diligence documentation required for credit approval actions, as well as compliance considerations. Maintain an organized electronic folder system of archived credit and investment documentation and records.
Complete quarterly reporting and annual asset reviews. Assess the financial strength of the sponsor as well as other parties involved with the transaction. Track key milestones for repayment and conversion and monitor variances to achievable rents, absorption and general market conditions.
Review all sources, uses, funds flow timing, restrictions on funding sources, operating pro-formas, DSCR, etc. during construction and lease-up when extensions or modifications to the loan terms and conditions are required.
Work with your manager or designee, prepare and present written approval requests for extensions and modifications that, along with financial models and exhibits, clearly and concisely outline the details of the request, the portfolio manager’s recommendation and the basis of the recommendation. The request will identify transaction strengths and mitigate weaknesses and document bank compliance with internal and regulatory policies and procedures.
Proactively identify and elevate issues that warrant additional investigation or may result in a delay in repayment or conversion of our loan or impact our investment performance. Make risk rating recommendations grounded by supporting data.
Bachelor’s degree and/or military experience.
5+ years in commercial real estate banking, affordable housing, or related financial industry
At least 2 years of experience in affordable housing finance
5+ years of experience related to affordable housing, including underwriting and structuring loans and equity investments for multifamily housing funded with Low Income Housing Tax Credits (LIHTC).
Ability to write in a clear and concise manner to convey complex information.
Strong interpersonal skills including the ability to communicate effectively.
Strong analytical and problem-solving skills with an attention to detail and accuracy.
Strong credit and financial analysis skills.
Familiarity with REIS, CoStar, similar industry data sources.
At this time, Capital One will not sponsor a new applicant for employment authorization for this position.No agencies please. Capital One is an Equal Opportunity Employer committed to diversity and inclusion in the workplace. All qualified applicants will receive consideration for employment without regard to sex, race, color, age, national origin, religion, physical and mental disability, genetic information, marital status, sexual orientation, gender identity/assignment, citizenship, pregnancy or maternity, protected veteran status, or any other status prohibited by applicable national, federal, state or local law. Capital One promotes a drug-free workplace. Capital One will consider for employment qualified applicants with a criminal history in a manner consistent with the requirements of applicable laws regarding criminal background inquiries, including, to the extent applicable, Article 23-A of the New York Correction Law; San Francisco, California Police Code Article 49, Sections 4901-4920; New York City’s Fair Chance Act; Philadelphia’s Fair Criminal Records Screening Act; and other applicable federal, state, and local laws and regulations regarding criminal background inquiries.
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