Tax Credit Industry
Underwriter

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Location: South Charlotte, NC
Our Client

  • Nationally recognized, rapidly growing Institutional Investment Management firm focused in the Tax Credit marketplace

    • Federal and State Tax Credit driven investments

    • Strong presence in Historic & Renewables

  • Consistent YOY growth and 30+ years of experience and success

  • $5B+ in cash equity through investment in the Tax Credit marketplace

  • Entrepreneurial yet supportive and collaborative culture

  • Lean, growing team of professionals who are willing to help and teach

  • Increase your knowledge and get more involved in the beatification of historic landmarks

 

The Opportunity

KM Partners has been retained by Senior Leadership of a rapidly growing, nationally recognized Institutional Investment Management firm focused in the Tax Credit marketplace. With more than 3 decades of success and YOY growth, our client continues to exceed aggressive growth targets with a lean team. Recently, they doubled the amount of equity they deployed from one year to the next. They have a flat structure and lean team, offering more autonomy and opportunities to advance your knowledge and level of responsibility. This organization gravitates toward highly entrepreneurial professionals who have the interest and motivation to be heavily involved in driving continued future growth and success. Our client is looking to hire an Underwriter in this newly created position due to growth.


One of the current Underwriters on this team shared, “I really enjoy working with everyone here. They have all been so helpful in teaching and supporting me. They really have a great culture. I’m also really enjoying being a part of the renovation of historic, million-dollar landmarks and turning them back into beautiful, luxurious buildings. We work on unbelievable projects, and it’s exciting to be a part of the transformations.”

 

Essential Responsibilities:

  • Coordinate with Acquisitions Managers and Developer clients to gather and organize documentation necessary to underwrite a potential investment

  • Identify Real Estate investment risks and mitigants

  • Draft memoranda assessing Real Estate investments for initial term sheet approval

  • Manage the closing process and conduct due diligence for transactions

    • Run weekly calls with multiple parties, including developers, financial institutions, and law firms

    • Review required due diligence items and confirm what is needed for closings

    • Analyze and stress financial models

    • Review third-party reports, including environmental reports, appraisals, market studies, plan & cost reviews, and background and credit reports

    • Analyze financial statements to evaluate the creditworthiness of individuals and companies who will serve as guarantors

    • Review Historic Tax Credit documentation and work with parties to resolve any outstanding issues

    • Work with outside consultants when appropriate

    • Work closely with Attorneys to promote an efficient closing process

  • Draft and present comprehensive due diligence summaries to the Investment Committee for approval in advance of transaction closings

 

Our Client's Underwriting Process​

The Originators are responsible for identifying a potential project, doing an initial vetting of that project, getting an understanding of the experience and financial strength of the Development team, and getting a general sense of whether the project is ultimately likely to meet their standards. Once an Originator has completed that initial review and decides a certain project is likely to meet our client’s standards (based on preliminary information), the Originator then reaches out to the Underwriting team and fills them in on the project details. At that point, a specific Underwriter is tasked with preparing an initial “project snapshot” that highlights the project and includes project information based on their initial underwriting. While a specific Underwriter is responsible for taking the lead on the initial “project snapshot” effort, the Underwriter will have help in editing and polishing the snapshot from other Underwriters, their Controller, and the Originator who initially sourced the project. The completed “project snapshot” is presented to their investors by either the Originator that sourced the project or a member of their Broker/Investments team. The Underwriter that prepared the snapshot is not responsible for presenting the snapshot but may be called upon to help answer any questions their investors have upon reviewing the snapshot.


During the due diligence closing process, the Underwriter participates on weekly closing conference calls. The Underwriter is expected to update the entire closing team on open due diligence items that they either haven’t received or are items that are incomplete and need to be changed/improved, and the Underwriter is expected to communicate via email and on the phone with various members of the deal team in between the weekly calls on what needs to be done in order to keep the closing process moving forward. They need Underwriters to be proactive in moving the closing process forward and not reactive to the efforts of others.


Once they have all the due diligence largely in final form, the Underwriter responsible for a specific project puts together a Due Diligence (DD) Summary for that project (they usually work on various parts of the due diligence summary throughout the closing process, that way they don’t have to put together the entire report all at once). The Lead Underwriter creates the first draft, other Underwriters and their Controller review and suggest edits, the third draft is presented to the investment committee, and the final version is signed by our client’s founder and presented to their fund investor.

If qualified, please contact:
Kelly McCollins | Senior Associate, National Executive Search & Professional Recruitment
303-495-2109 | kellym@kmcompanies.com

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