About the Job - Originate affordable multifamily real estate loans, primarily long term permanent loans, specifically for KeyBank’s investment profile and disposition strategy (Fannie Mae, Freddie Mac, HUD, private placement bonds, and any other affordable Lender with whom Key may develop a lending relationship). Affordable Mortgage Bankers are responsible for specific KeyBank offices and clients as well as specific geographic territories. In this role, the Affordable Mortgage Banker interacts with the Key Community Development Lending Group (“CDLG”) Originators and the Key Community Development Corporation (“KCDC”) Producers within these offices to develop new client relationships that drive permanent loan volume and to help them facilitate construction debt, LIHTC equity investment, and tax-exempt bond underwriting (if applicable). The Affordable Mortgage Banker will call upon and interact with Affordable Developers and Key’s Conventional Mortgage Bankers in the region to provide the same affordable loan products to the general market beyond KeyBank’s existing clients. The ultimate objective of the Affordable Mortgage Banker is to provide permanent affordable loan products and financing alternatives to new clients as well as Key’s borrower and developer clients that match the investment, disposition or exit strategy of Key and Key’s investor clients.
Essential Job Functions - Develop new lending relationships for Key. Establish strong working relationships with existing and prospective KBREC clients in partnership with CDLG and KCDC. The objective is to ensure that the client understands KBREC’s affordable multifamily real estate product capabilities and that these capabilities are utilized to meet the client’s business needs. Partnering with the CDLG Originators and KCDC Producers to work with existing relationships as well as targeting owners of affordable multifamily real estate properties that are new to the bank and need the debt and equity products available through Key is essential to success.
Actively participate in the creation and implementation of client relationships to include exit strategies and client interaction.
Actively and visibly represent KeyBank in the marketplace to include industry functions, trade groups and direct meetings with the Affordable Developer community.
Utilize a consultative sales process where affordable multifamily financing solutions are tailored to the needs of the client. Actively participate in helping KeyBank meet the goals of both the on balance sheet efforts as well as the off balance sheet efforts.
Interact with KeyBank’s investor clients in a clear, constructive and professional manner that protects and deepens the relationship between KeyBank and the investor.
Actively engage with the bankers in anticipation of loan maturities and positioning to move balance sheet loans to permanent financing.
Actively call on borrowers for whom we service loans, in an effort to provide refinancing alternatives for their current permanent financing.
Actively work with new and existing Key affordable developers and borrowers to identify refinance opportunities within their existing portfolios, and to make them aware of Key’s permanent loan products that can be utilized for acquisition, new construction, and or rehab transactions.
Interact with investors on a loan by loan basis.
Develop personal relationships with all appropriate KBREC clients whether they are borrower clients or investor clients
For all affordable multifamily real estate loan opportunities;
Obtain required preliminary underwriting information.
Review preliminary loan information and provide initial loan sizing, pricing and terms.
When necessary, prepare initial financing summary and analysis to obtain permanent loan quotes from third party or secondary market investors.
When required, consult with permanent CRE loan product management to ensure suitability and most competitive loan terms.
Recommend to client appropriate financing alternatives.
Draft and issue term sheet and/or Loan Application
Negotiate final Loan Application.
Assist Underwriting and Closing personnel in processing loan for issuance of Loan Commitment and Funding.
Act as the Client’s central point of contact with respect to all affordable permanent loan issues including the conversion of forward commitments to permanent loans upon construction completion, lease-up, and stabilization.
Shepherd loans through the process starting with quoting and ending with closing.
Call on equity funds and or syndicators within your region to create relationships that allow us to deliver KeyBank’s affordable multifamily real estate products to the marketplace with a goal to create long term relationships with the borrowers as opposed to purely transactional relationships.
Provide frequent, timely and accurate market feedback to affordable multifamily product management.
Take the initiative to stay current with affordable multifamily real estate finance products and the providers of those products.
Maintain strong and current knowledge of the markets that you cover with regard to both affordable multifamily real estate as well as overall economics and maintain the ability to counsel Key’s borrowers, Key’s investors and Key’s management with regard to the markets they cover.
Required Qualifications -Business Related Degree, advanced degree preferred.
Minimum five years of experience in affordable multifamily real estate permanent lending with a proven track record of loan production.
Strong working knowledge and experience with all or nearly all of the following products:
Fannie Mae DUS Multifamily Affordable Housing
Freddie Mac Targeted Affordable Housing
HUD Multifamily Finance
Evidence of a minimum of $100 million of annual production from any of the loan products shown above at any time during the prior 5 year time period.
Computer literate with proficiency in spreadsheet and word processing software.
Demonstrated ability to collaborate with teammates.
Strong sales and marketing skills with specific experience in negotiation of the loan products listed above.
Strong financial analysis skills with the ability to review and evaluate borrower financial statements to include portfolio analysis and projections based upon borrower financial strength and both current as well as projected market conditions.
Well versed in, demonstrated understanding of and expertise with federal and local affordable housing programs including IRS Section 42 4% and 9% LIHTC programs, real estate tax abatements, TIF financings, CDBG loans, HOME Loans, Section 8 programs, and other local affordable housing programs. The Affordable Mortgage Banker must fully understand the programs and also understand how to structure permanent loans in a manner that adequately accommodates any risks presented by the applicable program(s).
Strong written and verbal communication skills.
Strong negotiation skills.
Ability to manage and prioritize multiple tasks in a timely manner.
KeyCorp's roots trace back 190 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $134.5 billion at March 31, 2017. Key provides deposit, lending, cash management, insurance, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of more than 1,200 branches and more than 1,500 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications, and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. KeyBank is Member FDIC.
ABOUT THE BUSINESS:
Key Corporate Bank is a full-service corporate and investment bank serving the needs of mid- to large- sized businesses and focusing principally on middle market clients in six industry sectors: consumer, energy, healthcare, industrial, public sector, and real estate.
KeyCorp is an Equal Opportunity and Affirmative Action Employer committed to engaging a diverse workforce and sustaining an inclusive culture. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or veteran status.