Careers
POSITION ANNOUNCEMENT
Position Title: Vice President of Lending
The Chicago Community Loan Fund (CCLF) provides flexible, affordable financing and technical assistance to start-up, small and midsize community based or focused organizations engaged in affordable housing, social service and economic development initiatives that benefit low- and moderate-income communities and families throughout metropolitan Chicago. CCLF also specializes in providing financial and technical assistance to credit and/or capacity challenged organizations and projects. In addition, CCLF is also a leading provider of predevelopment/gap finance and lender to affordable and/or limited equity housing cooperatives.
CCLF is a fast-paced, dynamic, growth-oriented community development financial institution with an energetic 14-person team that manages over $30 million in total assets. The organization currently closes between 30 and 40 loans per year, primarily in housing, with an average loan size of approximately $350,000. For more information on CCLF, please explore our websites at: www.cclfchicago.org and www.greenaffordable.org.
Responsibilities
CCLF seeks a Vice President of Lending to lead and manage the day-to-day operations of its Community Lending Program, including program administration, marketing, underwriting, risk management, construction process management, product development, policy oversight and development and social impact and compliance reporting. Specifically, CCLF seeks a seasoned, mission-driven, results-oriented, customer-focused financial services professional who will:
- Manage all planning and operational aspects of the lending program;
- Market CCLF’s lending program (primary spokesperson);
- Supervise other lending program staff (6 FTEs) and several consultants;
- Coordinate activities of the Loan, Special Assets, Risk Management and Business Development Committees;
- Develop new loan programs and products, including fee-for-service contracts;
- Maintain relationships with program/initiative partners;
- Lead risk management efforts, ensure credit policies adherence, develop and revise credit policies;
- Oversee provision of accurate and timely investor and funder compliance information to other departments;
- Determine the feasibility of loan applications and prepare written credit memos, and support staff in doing so;
- Oversee loan applications processing;
- Oversee loan closings, including reviewing loan documents, appraisals, surveys and environmental reports;
- Oversee construction process management oversight and reporting;
- Oversee loan servicing and preparation of reports on lending activity and loan performance;
- Oversee maintenance of accurate and complete loan files;
- Assist with the general promotion of CCLF among prospective investors and funders; and
- Complete other assignments as required.
Nature & Scope of Working Relationships
The Vice President of Lending position requires maintenance of working relationships with borrower organizations; financial institutions; state and federal agencies; legal and fiscal advisors; President, Chief Operating Officer (COO) and other Vice Presidents; the Board of Directors and its committees; other public/private sector institutions; and peers in the field of community development. The Vice President of Lending reports to the President and the COO.
Major Challenges/Performance Measures
The major challenge of this position is to solicit, process and approve sufficient applications to make loans up to the maximum capability of CCLF. The major focus is to establish and maintain a track record of fair and secure financial return to CCLF, as well as substantial benefits to low- and moderate-income communities in Chicagoland. Performance measures include the quality of the balance between reasonable risk and maximum targeted production in CCLF’s portfolio (recognizing the final determination of loans and investments is the responsibility of the Loan Committee/Board of Directors) and the accuracy and completeness of proposal evaluations and reports to the Loan, Special Assets, Risk Management and Business Development Committees and Board of Directors.
Performance measures also include: possessing a depth of knowledge of each loan/borrower; proactive and timely problem solving and work-out resolution/loss mitigation; outstanding customer service; aggressive management of delinquencies; timely and accurate loan disbursement, draw and reimbursement processes management; timely and accurate portfolio credit and social impact performance reporting; effective construction process oversight; maintenance of an accurate and well organized loan management system and credit files; and effective staff development. The Vice President of Lending also must make sure that the lending team excels regarding these measures as well.
Qualifications
The successful candidate will possess the following:
- 10-15 years experience in community development or real estate lending;
- 10-15 years financial and project analysis experience; financial structuring experience;
- Working knowledge of the community, economic and affordable housing development industry, especially key funding sources such as LIHTC, TIF, NMTC, HRC, bond financing and various public sector subsidy programs;
- 5-10 years experience in marketing lending programs;
- 5-10 years asset or portfolio management experience with a financial institution;
- 5-10 years experience in designing and negotiating loan workout and loss mitigation strategies;
- 5-10 years experience in team management, ability to build staff capacity’
- Strong mathematical skills;
- Strong oral and written communication skills;
- Ability to work successfully with a diverse range of community-based groups;
- Ability to organize and handle multiple priorities simultaneously, keen attention to details;
- Demonstrated project management and problem-solving abilities;
- Ability to work effectively in a team work environment;
- Working knowledge of the Metro Chicago area; and
- Valid driver’s license.
Minimum educational requirement:
- Bachelor’s degree in finance, accounting, urban planning or a related field. MBA or similar financial services advanced degree desired; Spanish language is a plus.
Compensation
This is an outstanding opportunity for a highly motivated professional to assume a pivotal role in the evolution of a fast-paced, deeply committed organization. We are seeking an individual of outstanding quality with a respected track record. CCLF is prepared to offer a very attractive compensation package (commensurate with experience), including 3 weeks vacation; medical and dental insurance; and retirement (after 1 year).
Application Procedure:
PLEASE SUBMIT RESUMES VIA EMAIL BY December 23, 2011 to
career [at] cclfchicago [dot] org
Attention: David Erickson-Pearson
Erickson-Pearson Search
8008 S. Madison Way
Centennial, CO 80122
303-703-6165
