The Organization

IFF improves the world by strengthening nonprofits and the communities they serve. As a mission-driven lender, real estate consultant, and developer, IFF helps communities thrive by creating opportunities for low-income communities and persons with disabilities. Key to our success has been a deep sense of purpose, a broad perspective, and a relentless focus on achieving positive results. Across the Midwest, we help clients from every sector, including human service agencies, health centers, schools, affordable housing developers, and grocery stores. Staff contributes its extensive business experience with an unrivaled connection to the mission of IFF and the nonprofit clients it serves.

IFF is looking for candidates with a commitment to the work we do and can demonstrate their creativity, diligence, enthusiasm, growth-mindset, thoughtfulness, and passion to make meaningful change in the areas of economic and racial justice.

Over 100 professionals work from our Chicago headquarters, and we also serve the Midwest from six regional offices: Indianapolis, IN; Detroit, MI; Kansas City, MO; St. Louis, MO; Columbus, OH; and Milwaukee, WI

Basic Job Function

The Special Assets Manager's primary responsibility is managing a portfolio of nonprofit borrowers with adversely rated loans ("Special Assets") for the purpose of helping the borrower succeed, preserving loan principal, collecting interest, and preventing loans from being charged off or collateral transferred to IFF. In addition, the Manager is expected to consistently exhibit IFF’s core values which include building collaborative relationships with trust and integrity, treating everyone with dignity and respect, and taking pride in one’s work.

Job Duties and Responsibilities:
  1. Manage a portfolio of 30 to 40 borrowers.
  2. Actively work with assigned non-performing relations and others with significant risk of becoming non-preforming. Assist the customers in recognizing the challenges they have and guide them to take appropriate actions such as developing cash flow projections, reorganization, merger, and other appropriate actions.
  3. Review credit and collateral files to understand IFF’s rights under the loan documents and adequacy of collateral documentation, which include complexities such as NMTC, TIF, multiple lenders and loan participations.
  4. Formulate strategies and plans on Special Asset accounts that deliver the most effective method for helping the customer succeed, maximizing financial recovery and endeavors to improve performance of loans to performing status. Communicating with impact, tact, and balance.
  5. Manage resolution by negotiating modifications, settlements, collateral repossessions, collateral disposal, deficiency collection activities, litigation activities and negotiating bankruptcy treatment that result in the best possible solution for all parties involved. It is very important to handle the relationship in a very  sensitive, respectful, courteous and professional manner as we work through difficult situations.
  6. Participate and make appropriate recommendations to loan committees and management committees. Communicate recommendations and updates to IFF’s participants and partners.
  7. Work with legal counsel on renewals and restructures of credit relationship and to initiate any new loan documentation needed.
  8. Determine if the acquisition of assets is appropriate and successfully negotiate the transfer with the borrower or through legal action. Assist IFF’s Senior Director of Facilities and Asset Management to confirm strategy to take assets.  Assist in, monitoring, maintenance and disposition of those properties and assets.
  9. Provide periodic reviews of assigned credit relationships to validate the accuracy of risk ratings, borrowers' ability to repay, and collateral valuation. Recommend reserves, write-downs, non-accruals, TDRs and charge offs.
  10. Assists others in developing plans for lower at-risk borrowing relationships.
  11. Recommend changes to loan policies and procedures regarding credit risk, portfolio management, and problem loan management. Shares knowledge and best practices to enhance the team's skills and performance related to underwriting new loans and servicing existing relationships. Identify trends and risk issues that may impact portfolio sectors or geographies.
  12. Maintain borrower/asset information and monitoring documentation including loan files, problem asset summaries and other databases.
  13. Other duties and tasks as may be assigned.
Performance Measures:
  1. Work effectively with troubled borrowers to achieve constructive workout solutions.
  2. Accurate and thorough assessment of risk issues, optimal solutions and costs to achieve, including costs to carry nonperforming assets.
  3. Cultivating a culture of openness in information sharing, demonstrating open communication, cooperation, and the sharing of knowledge.
  4. Modeling personal accountability that promotes ownership and engagement.
  5. Building and maintaining effective working relationships with colleagues, peers, team members and customers.
  6. Valuing and supporting differences in others to contribute to an inclusive and equitable work environment. Demonstrate the ability and willingness to communicate effectively with people of diverse backgrounds and experiences to create a collaborative, collegial, and caring community.
  7. High level of satisfaction with both internal colleagues and external contacts.
Position Qualifications:
Education:  Bachelor’s degree preferred in business, accounting, or finance. In lieu of degree, 5+ years of relevant experience.

Previous Experience:  Minimum of 5 years of loan Workouts/Special Assets experience with commercial and nonprofit customers. Demonstrated competency in commercial portfolio compliance disciplines and terminology, high-level credit and financial analysis, underwriting policies and procedures, and loan restructuring.
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Special Knowledge & Skills:
  1. Familiarity with nonprofits and adept at learning about a wide variety including Charter Schools, Federal Qualified Health Centers, Social Service Agencies, Grocery stores, and Community Development Corporations.
  2. Understand the financial capacity of the borrower including, the ability to review and understand financial statements to help determine the client's risk, ability to continue operations and repay IFF debt.
  3. Knowledgeable in construction lending.
  4. Reviewing Rent Rolls, Tax Returns, Personal Financial Statements, Appraisals and Leases.
  5. Familiarity with complex loan structures such as NMTC, TIF, and multiple lenders.
  6. Proficient in loan documentation, credit structure, laws related to lending practices, bankruptcy and litigation laws.
  7. Knowledgeable in property and liability insurance, and property taxes.
  8. Possess excellent creative thinking, negotiation, motivation, problem-solving and conflict resolution skills in adverse borrower situations.
  9. High level written and oral presentation skills.
  10. Strong Microsoft Office skills, with a focus on Excel and databases.
  11. Strong follow-up and execution skills, works independently with little day to day supervision; ability to prioritize and meet deadlines.
  12. Periodic travel throughout the Midwest and able to inspect active construction project sites; Occasional evening and weekend work.
Applications please submit a cover letter, resume and salary requirements for “Manager of Special Assets.” 

IFF values equity, diversity and inclusion as part of its mission to strengthen nonprofits and the communities they serve.  IFF is an equal opportunity employer.
 

Department: Capital Solutions
This is a full time position

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