Associate, Underwriting

Role Overview

• LISC Fund Management seeks a detail-oriented and analytical professional to serve as Associate, Underwriting.
• This role supports the underwriting and credit analysis of mission-driven real estate investments across LFM’s national portfolio.
• Reporting to the Director, Underwriting, the Associate leads financial analysis and structuring for affordable housing transactions.
• The role is responsible for advancing investments from Intake Committee through Credit Committee approval in coordination with originations, asset management, fund management, legal, and loan administration teams.
• The Associate prepares detailed credit memoranda and presents financial analysis at Intake Committee, participating in Credit Committee discussions as appropriate.
• The position requires the ability to evaluate emerging or capacity-constrained borrowers while maintaining disciplined credit standards and ensuring alignment with fund-specific parameters and risk guidelines.

Requirements

• Bachelor's degree in Finance, Real Estate, Economics, or related field required; Master’s degree preferred.
• Minimum 5 years of experience underwriting real estate loans in a community development finance, CDFI, affordable housing, or commercial banking environment.
• Demonstrated experience underwriting bespoke real estate transactions, including layered capital stacks and subsidy structures.
• Prior experience preparing and presenting credit analyses to loan or investment committees required.
• Working knowledge of affordable housing finance, including familiarity with tax credit structures (LIHTC) and public funding sources; exposure to naturally occurring affordable housing (NOAH) transactions preferred.
• Working knowledge of commercial real estate financing and community development financing (e.g., financing bridge lending to community development organizations, with a sensitivity to alternative collateral).
• Strong understanding of financial modeling and real estate underwriting principles, including sensitivity analysis and risk mitigation strategies.
• Ability to evaluate emerging or capacity-constrained borrowers while maintaining disciplined credit standards.
• Proficiency in Excel and financial modeling; comfort working with fund models and tax credit calculations.
• Experience coordinating transactions across multiple stakeholders, including borrowers, co-lenders, legal counsel, and internal teams.
• Familiarity with federal and state housing finance programs preferred; CDFI experience is a plus.
• Strong written and verbal communication skills, with the ability to clearly articulate credit considerations and defend underwriting conclusions.
• Demonstrated interest in community development and impact investing, with the ability to balance mission objectives and prudent credit practices.

Benefits

• Medical, Dental, Vision Coverage: Comprehensive health plans for you and your family's well-being;
• Disability Insurance: Long-term and short-term coverage for peace of mind;
• Retirement Savings: Secure your future with our 401(k) and 403(b) plans;
• Generous Holidays: Enjoy ample time off to recharge and celebrate;
• Vacation, PTO, and Sick Days: Take advantage of flexible time-off policies to maintain work-life balance;
• Tuition Assistance: Pursue your educational goals with support from our tuition assistance program;
• Referral Program: Earn rewards for referring qualified candidates to join our team;
• Professional Development Opportunities: Grow and advance in your career with access to ongoing training and development programs tailored to your goals.