Team Lead - Credit Underwriting

Job Summary  

EDA Overview

Join the NJEDA and help lead New Jersey to sustainable economic growth, fostering equitable opportunities and vibrant communities. We offer hybrid work, a supportive culture, and robust benefits, including health insurance, retirement plans, and extensive wellness programs. Make a tangible impact and shape New Jersey's future with innovative economic development at NJEDA.

Job Overview

• Leads a team of employees responsible for the analysis of applications requesting financial assistance under the NJEDA’s loan, conduit bond, and tax incentive programs.

$85,680 - $96,390

Note: The NJEDA currently offers a hybrid work schedule for up to 2 days of telecommute work from home. To participate, you will be required to have high speed home internet access and a managers approval. This program does not supersede the "New Jersey First Act", which requires newly hired NJEDA employees to establish and then maintain, principal residence in the State of New Jersey.

Duties

Team Lead

Daily Tasks and Responsibilities:

• Leads a team of 3 - 5 employees comprised of Underwriters and program related officers. Mentors and provides coaching where applicable to advance skills, behaviors, and performance.
• Conducts a preliminary review of underwriting and financial analysis memos completed for loan, bond, and tax incentive programs. Prior to approval by Managing Director, ensures the analyses meet the high-quality standards of the department including appropriate documentation in CRM/Enable.  Facilitates the submission of department analyses to the appropriate board agendas. 
• Provides guidance to staff on current projects. Gives input on loan structure, analysis required and credit and policy issues.

Projects:

• Participates in facilitating/moderating certain functions of weekly Underwriter Roundtable and bi-weekly loan and bond pipeline meetings.
• Assists the Managing Director in the oversight of work product and processes completed by a team of professionals having multi-functional expertise in commercial and industrial credit underwriting and the analysis of project-based financing.
• Represents the Underwriting department when appropriate at external meetings with lending partners and internal meetings including product development.

Credit Programs

Daily Tasks and Responsibilities:

• Reviews applications for completeness, evaluates loan request and determines how to best structure the loan/guarantee if not determined in advance. Follows up with applicant, lending partner, or business banking officer for additional information. May conduct site visits with applicants to discuss projects.
• Interviews applicants regarding business, financial/operational matters, and personal financial information. Negotiates collateral or loan conditions when appropriate.
• Prepares loan underwriting including financial statements, business and personal cash flow analysis, collateral analysis and the strengths, weaknesses, and mitigants of each loan to be approved, analysis of public policy considerations, and compliance with internal program policies.
• Reviews draft commitment letters to ensure consistency with credit approval. Responds to applicant questions/challenges, handles modifications and obtains approval for the same when applicable.
• Reviews applicant’s compliance with conditions of approval prior to closing of loan and ensures current financial and other information has been received. Approves closing memorandum and recommends approval to Managing Director and Closing Services.

Tax Incentive Programs

Daily Tasks and Responsibilities:

• Working with tax incentive product owners, meets with applicants/co-applicants who are requesting assistance through the Authority’s real estate and job-based tax credit incentive programs to discuss potential projects and determine eligibility.
• Critically analyzes and understands third party feasibility reports and market studies submitted by applicants in support of development projects. Ensures the primary datapoints and assumptions of the reports align with the financial projections/proformas provided in the incentive application.  Documents and mitigates any material variances. 
• Analyzes and stress tests applicant provided Excel based financial projections to ensure accuracy of calculations, alignment with third party reports, and compliance with program policy, statute, and rules.
• Prepares financial reviews in support of the EDA’s tax incentive programs. Financial reviews include an in-depth analysis of the project’s capital stack, applicant’s proforma and projected internal rate of return (levered and unlevered), financial viability of the applicant business/lead development entity, and a review of feasibility studies and appraisals.  Presents written analyses at internal committees and provides support at EDA Board.

Conduit Bond Financing Programs

Daily Tasks and Responsibilities:

• Leads the analysis of complex bond transactions of higher dollar value including but not limited to State backed bond transactions with Treasury, the Office of Public Finance, the Attorney General’s Office, and the Schools Development Authority.
• For new applications, represents the Authority in weekly bond working group meetings that includes EDA Bond Counsel, Underwriter, Trustee, Placement Agent, and Financial Intermediary. Participates in meetings by providing updates on any tasks to which the EDA is responsible.
• Ensures that all steps required to process conduit bond applications as outlined in the program’s Standard Operating Procedure have been completed. Such items include but are not limited to reviewing bond application for completeness, ensuring CRM is adequately documented with project information, facilitate the applicant’s selection of bond counsel, confirm legal/sister agency checks have commenced and lead the resolution of any findings, reviews all documentation provided by bond counsel in support of the request and ensure the timely receipt of the same.      
• Critically analyzes and leverages commercial bank credit approval or preliminary limited offering memorandum to complete the applicable financial review associated with a direct purchase, private placement, or public offering bond. Presents confidential written analyses at internal committees and EDA Board.   

 Goals and Objectives:

• Success of this role will be measured based on the quality of analyses presented to Managing Director for review and approval. High quality analyses are clear and concise, articulate all material strengths, weaknesses, and mitigants, and require minimal revisions and corrections. 
• Success is measured on the continued development of the Underwriting officers and the team’s overall success in meeting department policies and procedures per quality control reviews.     

 Collaboration and Cross-Divisional Interaction:

• Team Lead will collaborate with Product Teams, Legal Affairs, Legal Compliance, Closing, Post Closing, Accounting, etc. departments to facilitate effective program implementations.

Reporting Structure:

• This position reports to Managing Director, Underwriting.
• This is an autonomous role that requires continuous interaction with assigned staff, processing applications requesting financial assistance, and making operating decisions.

Skills and Qualifications

Technical Skills:

• Advanced knowledge in complex Commercial Credit including:
  • Understanding of GAAP, income, balance sheet and cash flow statements, personal net worth statements, and tax returns
  • Ability to understand loan documentation, appraisals and environmental reports
  • Knowledge of sound commercial lending and underwriting principles, industry standards and regulatory compliance.
• Ability to understand loan approval procedures, closing and disbursement processes
• Ability to critically evaluate and interpret market and feasibility studies
• Ability to critically analyze and stress test real estate development proformas
• Knowledge of market rents and capitalization rates
• Ability to understand and interpret real estate appraisals

Soft Skills:

• Ability to effectively lead a team with diverse levels of expertise and focus
• Effective customer relationship skills, interpersonal skills, strong aptitude for mentoring and coaching less experienced staff
• Energetic, flexible, collaborative and proactive; a team leader who can positively and productively impact both strategic and tactical initiatives
• Ability to identify the need for procedural changes and propose reasonable remedies to improve process efficiencies and strengthen underwriting efforts
• Must possess a solution-oriented mindset to allow creative thinking
• Demonstrates a leadership and ownership mindset
• Excellent interpersonal and negotiation skills when dealing with external business professionals and NJEDA staff
• Ability to communicate effectively both verbally and in writing; proficient in grammar, spelling and editing; and foster communications with business professionals and EDA staff
• Ability to prioritize workload, must be highly organized, detail-oriented, handle various tasks simultaneously and work independently within limited time constraints with little or no supervision
• Must be able to maintain confidentiality and deal effectively and diplomatically with business professionals and EDA staff
• Demonstrates respectful behavior and promotes teamwork and communication to encourage an interactive, cooperative, collaborative and customer focused work environment among division, EDA staff and external customers
• Exceptional analytical skills with a keen focus on details and audit trails

Experience:

• Minimum seven years commercial banking and real estate lending experience including client relationship management
• Advanced degree or industry specific certification may be substituted for 1 year of experience

Education:

• Bachelor’s Degree with emphasis in business, planning, project management, public administration, finance, or closely related field and/or equivalent professional experience
• Formal credit training preferred

Software/Tools Proficiency:

• Advanced Microsoft Office Suite, Moody’s Financial Analyst skills, CRM, Lexis Nexus, and the ability to learn new software packages

Additional Information

• Must complete annual self-assessment as required.
• Performs other duties and special projects, as assigned.
• Minimal physical demands and ability to work out normal business hours
• Travel expected when necessary for business operations

Certificates and Licenses Required

• Staff are required to possess a driver's license valid in New Jersey only if the operation of a vehicle, rather than employee mobility, is necessary to perform the essentials duties of the position.

Note

The examples of work for this title are for illustrative purposes only. A particular position using this title may not perform all duties listed in this job description. Conversely, all duties performed on the job may not be listed. This job description is intended to convey information essential to understanding the scope, general nature and level of work performed by job holders within this job.  This job description is not intended to be an exhaustive list of qualifications, skills, efforts, duties, responsibilities or working conditions associated with the position.

Your employment at NJEDA is voluntary and subject to termination by you or NJEDA at will, with or without cause, or with or without notice, at any time.  Nothing in this job description shall be interpreted to conflict, eliminate or modify the employment-at-will status of NJEDA employees. 

This position is considered exempt and is excluded from minimum wage, overtime regulations, and other rights and protections afforded nonexempt workers under the FLSA.

NJEDA reserves the right to amend/revise this job description as necessary to meet current and changing business needs.

NJ SAME Program

 In accordance with P.L. 2021, c. 465 and P.L. 2021, 466, the SAME program was established to enable New Jersey State agencies to hire, promote, retain, and advance qualified individuals whose physical or mental impairments impact their abilities to participate in the hiring and promotion process for non-competitive and unclassified titles within the State workforce.

The SAME program allows candidates, who identify as having a significant disability, to apply for non-competitive and unclassified positions through a fast track hiring process. This program uses a fast-track process that permits people who are eligible for the program to request that the State appointing authority schedule with them a good faith interview. For more information about the SAME program and the Fast Track Hiring program, please Click Here.  If you have any questions, please email, or call the contact as indicated on the job vacancy announcement.

This posting open to eligible applicants regardless of SAME eligibility.

Equal Opportunity Employer

Position Requirements

• Foreign degrees/transcripts must be evaluated by a reputable evaluation service at your own expense and must be submitted prior to a start date. If this cannot be provided within 21 days of an offer the offer will be rescinded.
• Must comply with the “New Jersey First Act” which requires employees hired after September 1, 2011, to reside in New Jersey. Non-New Jersey resident employees must relocate to New Jersey within one year of their date of hire and provide proof of residency to Human Resources.
• Must complete an Outside Activity Questionnaire (disclosure of outside office or employment) on an annual basis.
• Must review the required NJ State Ethics Guidelines found on the state website.
• Selected candidates must be authorized to work in the United States per the Department of Homeland Security, United States Citizenship and Immigration Services regulations. Note: The State of New Jersey does not provide sponsorship for citizenship to the United States.

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