You will be responsible for contributing to the success of the portfolio management function, with a deep focus on actively managing a significant portion of RIIF’s growing portfolio of loans from closing through repayment and will be responsible for asset management including standard and special attention monitoring of troubled loans, covenant compliance, and reporting. The Loan Portfolio Manager is also responsible for working on loan modifications and re-structures, as well as originating new loans within the portfolio.
The Loan Portfolio Manager will synthesize portfolio-level learnings with other members of the impact lending team, so that we can make better informed credit decisions. This role will involve a high level of engagement with RIIF borrowers, with a strong customer service focus. You will also interact with internal stakeholders including REDF’s learning & evidence team, finance team, and capacity building team, as well as external lender partners and legal counsel as appropriate.
In this position, you are a vital component of the Impact Lending team and will help innovate around the creation and refinement of processes, procedures, and best practices to make the loan portfolio management function more efficient and scalable as we grow.
The Responsibilities:
- Handle post-closing process which includes collaborating with the learning & evidence team to input reporting requirements and with the accounting team to set up repayments.
- Conduct monthly or quarterly calls with each borrower, depending on risk profile. Spread financials and review performance, identify risks and TA needs, discuss project status updates.
- Make recommendations to adjust risk rating if needed before borrower’s fiscal year-end.
- Proactively monitor portfolio performance on an ongoing basis; aggregate key metrics and ratios that roll up to quarterly and annual performance dashboard.
- Prepare annual review memos for each assigned loan to assess overall credit quality, including performance against original underwriting expectations. Include financial condition and operating performance, project status reports, covenant tracking and compliance, and risk analysis, including any recommended changes to the risk rating. Consult with originating loan officer as needed for context as to original loan structure and assumptions.
- Conduct annual site visits to borrowers, meet with senior leadership and see SEs in action; incorporate findings into annual review memo.
- Identifying new ways to support the dynamic needs of the portfolio.
- Work directly with borrowers to assess the necessity and feasibility of loan extensions or modifications, which may be required based on financial condition or performance.
- Proactively flag borrower financial health concerns early and often, note deteriorating conditions as well as related ideas for risk mitigation to the Senior Director of Impact Lending.
- When working on loan modifications and re-structures, do a deep dive into borrower financials to get to the crux of the issue – push on borrower assumptions, approach requests conservatively with a focus on increasing the likelihood of borrower repayment over time.
- Prepare memos which will include an analysis of the credit while making a recommendation as to the appropriate loan modification or extension, always with a focus on repayment.
- Investigate covenant defaults, late reporting, and/or non-payment with a focus on compliance and collection. Identify causes and create an action plan with borrower.
- Work closely with impact lending team, accounting team, and legal counsel in cases of non-payment or troubled assets, to determine optimal strategy and related documentation required.
Compliance, Data Collection & Reporting
- Ensure timely and correct loan reporting and data collection including financial statements, impact reporting, and other deal-specific reporting as required under the loan documents via RIIF’s salesforce system.
- Provide portfolio performance data to provide for reports to internal and external audiences, such as the RIIF board of directors, RIIF & REDF executive teams, and RIIF current or potential funders and investors.
- Identify and structure new loan origination opportunities within existing portfolio.
- Draft loan preview memos and full underwriting memos. Manage all aspects of due diligence.
- Spread borrower financials and provide historical analysis of strengths and weaknesses, in order to assess capacity for new debt. Focus on the “why” behind the #s.
- Analyze budgets, test assumptions behind cash flow projections, and create appropriate deal specific sensitizations and scenarios that stress test debt service capacity.
- Perform analysis of borrower operations, programs, management, and evaluate historical and projected social impact.
- Perform thorough risk assessment, using both organizational and environmental factors.
- Identify potential risks/mitigants. Assess likelihood of repayment sources.
- Pursue guarantees and/or participations via the State Small Business Credit Initiative (SSBCI) program.
Technical Assistance
- Identify TA needs within loan portfolio; create project scopes in collaboration with REDF’s capacity building team and help build a bench of specialized providers to support RIIF portfolio.
- Evaluate effectiveness of TA longitudinally over time, within the assigned portfolio loans. Collaborate with RIIF team to discuss how to refine our TA offerings over time.
Operations & Technology
- Collaborate closely with impact lending team in the development, launch and execution of portfolio management innovations, such as new loan servicing or financial spreading systems.
- Identify operational inefficiencies and propose potential solutions (process improvements, new tools, etc.) as the portfolio grows.
The Perks:
- 13 paid holidays, Summer Fridays, and ample paid time off
- 16 weeks fully paid parental leave for birth parents and 8 weeks for non-birth parents
- A generous dollar-for-dollar retirement plan match up to 4% of your base compensation
- Opportunities to learn continuously by building your skills and broadening your perspectives at conferences, workshops, and more
- Flexible working schedules, support for big life events, and home office equipment for an ergonomic working space
Position Location and Pay Range:
San Francisco or Los Angeles, California, preferred but open to remote if based in the USA. The San Francisco and Los Angeles salary range for this position is $92,000 - $120,000. The range will be adjusted according to the candidate's location.
Qualifications
- Prior portfolio management experience with small businesses and/or non-profits is required, including experience working with troubled loans that require modifications, extensions, and/or workouts.
- 3+ years relevant work experience in small business or community development finance.
- Familiarity with standard loan documentation (loan agreements, notes, guarantees, collateral agreements, reservation of rights letters, amendments, etc.).
- Strong financial analysis skills: ability to spread and interpret non-profit and for-profit financial statement and calculate key ratios.
- Strong communication and interpersonal skills; ability to find a balance between building trust with borrowers and holding them accountable for maintaining covenants and repayment.
- Proven ability to prepare clear, accurate well-organized memos that synthesize and communicate the story behind the data. Ability to fuse quantitative and qualitative information to drive decision-making and risk assessment.
- Prior experience underwriting loans for non-profits and/or small businesses.
- Knowledge of and strong interest in REDF’s commitment to diversity, equity and inclusion, and bringing a DEI lens into the credit risk assessment process.
- Ability to build and maintain systems for organizing work to manage several priorities.
- Well-versed in Microsoft Office Suite; in particular Excel.
- Proficiency using Salesforce as CRM system and data analytics tool for analysis and reporting.
- Able to conduct 10+ site visits per year.
- Knowledge of or experience in the Community Development Financial Institutions (CDFI) industry.
- Formal credit training.
- Experience implementing process improvements within the portfolio management function to help scale and create efficiencies as the portfolio grows.
To apply
Please submit your resume and cover letter via REDF’s applicant portal. A personalized cover letter is required; applications without one will not be considered.
The Culture
Every team member at REDF has an impact, with the ability to influence and iterate on our strategy. We balance autonomy with collaboration, leading with learning, and innovation with expertise. We listen, ask questions, and challenge the status quo and each other to uncover solutions that move us all to a better tomorrow.
REDF is proud to be an equal opportunity employer. Our different experiences, backgrounds, and stories are our strength. We know that an equitable, inclusive, and diverse workplace makes us more effective, innovative and agile. We welcome and will consider qualified applicants for employment without regard to race, color, religion, sex, sexual orientation, gender perception or identity, national origin, age, marital status, protected veteran status, disability status or arrest and conviction history. EEO is the Law. REDF welcomes all.
Despite California’s movement towards herd immunity, low case rates, etc., the COVID-19 pandemic still exists at large. We have a responsibility to provide working conditions that mitigate any direct threat to the health and safety of our employees and others affiliated with REDF and the broader community. REDF employees are required to be fully vaccinated against COVID-19. If you are not able to receive the vaccine for medical or religious reasons, you may seek approval for accommodation through the Director of HR by emailing recruiting@redf.org (please include “Accommodation Request, Loan Portfolio Manager” in the subject line). Our COVID-19 Vaccine Policy will adapt as we continue to review our obligations under Federal, state, and local laws.
REDF
The REDF Impact Investing Fund (RIIF) is a 501(c)(3) debt fund that provides loan capital and technical assistance to non-profit and for-profit social enterprises (SEs). In response to demand from SE partners, REDF launched its Impact Lending practice in 2017 to accelerate the growth of the field. In 2019, RIIF was formed as an affiliate of REDF to provide financing for employment focused social enterprises and businesses that employ and support individuals facing barriers such as experiences of homelessness, criminal justice involvement, addiction and mental health issues, youth disconnected from school and work, and survivors of domestic violence and human trafficking. RIIF became a Community Development Financial Institution (CDFI) in 2022. RIIF helps improve borrower financial sustainability and strengthen business operations to employ more individuals striving to achieve economic power.
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