Loan Closer is responsible for closing loans and equity investments in affordable multifamily and single-family real estate developments. Works directly with other professionals, including legal counsel, real estate developers, lenders, and representative of other agencies and organizations in order to bring funded projects to closing.

Role requires knowledge of common affordable housing financing structures including LIHTC, tax-exempt bonds, TIF, and public sources of deferred loans; must be able to close on loans for developments that include multiple sources of such financing.

Pre-closing Due Diligence

• Perform thorough review of the loan commitment and credit report to ensure the loan complies with final GMHF requirements
• Work directly with borrowers and other partners to review, track, and prepare due diligence, such as: Settlement statements, title commitments, organizational documents, property survey, environmental reports, insurance policies, and UCC searches
• Prioritize and monitor workflow to meet closing deadlines
• Prepare legal loan documents in coordination with GMHF attorneys and review for loan closing

Closing

• Review and process loan closing package for execution
• Prepare and process loan closing draws disbursements

Post-Closing

• Perform a post-closing review of executed documents to ensure the package is complete, accurate, and in compliance
• Review all invoices for third-party fees and submit for payment
• Facilitate timely hand-off of closed loans to asset management
• Work with the Lending Coordinator to process construction draws

Loan Documentation

• Maintain loan financing records
• Organize drafts and final documents from pre-closing through the final closing

Other

• Other duties & responsibilities as assigned.

Professional Qualifications

• Bachelor’s Degree or equivalent experience
• 2-4 years loan closing experience with affordable multifamily housing
• Ability to understand and analyze legal documents associated with real estate sales and development
• Analytical skills and attention to detail with strong housing finance knowledge
• Ability to plan, schedule, and prioritize responsibilities, work under pressure to meet strict deadlines
• Ability to work both independently and collaboratively
• Knowledge of affordable housing finance programs such as:
  • state agency financing programs
  • federal LIHTC and tax exempt bonds
  • HUD and USDA-RD federally subsidized mortgage products
  • Freddie Mac and Fannie Mae
• Proven track record of effective project management involving multiple objectives, stakeholders and programs
• Proficiency in MS Office
• Experience with lending, banking, affordable housing and/or community development lending

Personal Qualifications

• Personal maturity, highly professional social skills, ability to remain objective, rational and discrete in stressful situations such as business negotiations, resolving differences of opinion, completing complex transactions, and collaborating with multiple internal and external stakeholders
• Interpersonal skills necessary to deal effectively with staff, funders, the public
• Excellent oral communication skills, writing and publication skills
• Passion for affordable housing, community development, social justice

Greater Minnesota Housing Fund (GMHF) is a 501(c)(3) non-profit financial intermediary established 1996 by The McKnight Foundation and Blandin Foundation to address affordable housing needs in Minnesota. To date, GMHF has provided over $350M in lending capital and equity investments of over $200M.

GMHF operates a $100M Development Loan Fund to support the financing needs of non-profit and for-profit developers. Financing activities include loans for pre-development, acquisition, construction, bridge, mezzanine and first mortgage financing. Annually, GMHF’s loan fund provides financing of $50M -$80M and raises additional debt and equity annually to meet the growing need for low-cost capital.

GMHF operates Minnesota Equity Fund (MEF), a Low-Income Housing Tax Credit (LIHTC) financing vehicle. GMHF also operates the NOAH Impact Fund, for the acquisition and preservation of naturally occurring affordable housing in the Twin Cities metro area.

GMHF is certified by the Department of Treasury as Community Development Financial Institution (CDFI), holds an Aeris Rating of “4-Stars, AA, Policy Plus”, and is a member of the Federal Home Loan Bank of Des Moines. GMHF utilizes FHLB capital to manage its lending needs. Greater Minnesota Housing Fund values an organizational culture built on collaboration, mutual accountability and partnership with other organizations and leaders in the affordable housing field.

To Apply send your resume to: Alexis Lancaster, Executive Assistant, alancaster@gmhf.com