Senior Special Assets Manager - Team Lead at Merchants Capital Corporation – Carmel, Indiana

The Senior Asset Manager, Team Lead of Special Assets will be responsible for pro-actively managing a portfolio of sub & non-performing multifamily and healthcare loans and real estate owned (“REO”) properties to ensure identification & execution of optimal resolution strategy. This role will require direct management of a small portfolio along with managerial oversight of two asset managers and their respective portfolios. The position’s focus will be split between internal and external stakeholders with responsibilities that may cross platforms and departments, requiring adaptability and strong interpersonal skills.

Success in this position will include providing exemplary support to senior management, credit risk management, borrower and investors by providing workout solutions to bring the loan back into good standing or if necessary, facilitate recovery via note or collateral sale.

• Manage borrower relationship on a portfolio of delinquent and/or distressed multifamily and healthcare mortgage loans including balance sheet, participated and securitized deals.
• Oversight responsibility for two asset managers, providing deal level and career growth support through trainings, routine team meetings and periodic one-on-one meetings.
• Work with internal parties, legal counsel, borrower and investors to evaluate, negotiate and execute workout strategies including loan modifications, note sales, foreclosure/deed-in-lieu and REO disposition to maximize recovery and mitigate credit loss.
• Coordinate engagement of appraisers, environmental firms and brokers to complete borrower/asset/market-level analyses to ensure thorough understanding of collateral quality and value.
• Author detailed credit memos which include overview of prior/current defaults, collateral due diligence, legal considerations and strategy recommendation for presentation to senior management and external stakeholders.
• Work with third party property manager and sales broker during REO asset holding period to determine optimum value enhancement strategy and to ensure successful disposition.
• Ongoing financial analysis and risk assessment throughout the workout process with clear communication and updates to internal and external parties.
• Provide input on development of group infrastructure, technology platforms, policies and procedures, and staffing plans.
• Collaborate with other departments within the company including a timely feedback loop to underwriting, originations and closing on deal specific and common theme issues and “lessons learned”.

Expected Experience, Skills and Education:

• Five+ years of relevant experience with proven track record in real estate asset management including direct exposure to distressed real estate loan and REO positions, preferably at an FDIC or OCC regulated institution.
• Understanding of complex financing structures including A/B Notes and securitization.
• Ability to juggle multiple time sensitive priorities and professionally communicate on behalf of the lender in a manner that accounts for the sensitive nature of the issues and legal considerations.
• Requires problem solving skills as well as the initiative to troubleshoot, find resolutions and effectively outline risk and mitigants.
• Must possess strong organization and communication skills with a focus on accuracy and attention to detail.
• Bachelor’s degree from an accredited institution required.

Our Benefits

Merchants offers a comprehensive package of benefits for eligible employees, including, but not limited to: 401(k) employer contributions; employee stock ownership plan (ESOP); medical, dental and vision insurance; various types of leaves of absence, including paid time off, paid holidays, paid leave as provided under state and local paid leave laws, and short-term and long-term disability; health savings accounts (HSAs), flexible spending accounts (FSAs), dependent care and commuter reimbursement accounts, employee and dependent life insurance and supplemental life and AD&D insurance; telehealth, optional ancillary insurance policies, education assistance, and an employee assistance program. Eligibility for benefits is governed by the applicable plan documents and policies.

ABOUT MERCHANTS CAPITAL

With over 30 years of success built on putting people first, Merchants Capital is a proven leader in financing for multifamily housing nationwide. Our licenses with Fannie Mae, Freddie Mac, and HUD/FHA, in addition to our bank’s balance sheet products, allow us to offer custom solutions with agility and ease of execution, expanding access to housing in meaningful and impactful ways. Recognized as a top five affordable lender, Merchants Capital pairs our comprehensive debt offerings with in-house tax credit equity to provide a one-stop-shop for developers and owners. To learn more about Merchants Capital, visit www.merchantscapital.com.