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Vice President of Underwriting

About Greenworks Lending:

The United States is in the midst of a once-in-a-generation change to the way we produce and consume energy. Commercial and industrial buildings use 50% of the country’s electricity, yet often lack capital and access to efficient financing to upgrade their systems or generate renewable energy.

Greenworks Lending is a rapidly growing company that provides financing for energy-saving upgrades in commercial buildings using an innovative model called PACE (Property Assessed Clean Energy). PACE unlocks the commercial market by providing no-money-down, low-cost, long-term capital. Our mission is to improve the energy efficiency of our country by creating a new normal for financing energy upgrades in buildings.

The founding team at Greenworks developed the first successful commercial PACE platform at the Connecticut Green Bank. We are now scaling the model across the country. Greenworks is investor-funded and headquartered in Darien, CT with satellite offices in Maryland and Texas.

Vice President of Underwriting:

This is a senior role on the leadership team of Greenworks Lending. The VP of Underwriting is responsible for leading the team that is underwriting all Greenworks transactions. The VP of Underwriting will be tasked with ensuring C-PACE transactions are underwritten to the highest standards, developing standard operating procedures for new markets and product offerings, and leading the underwriting function.

Responsibilities:

  • Oversee, and manage the training and build out a team of commercial PACE underwriters.
  • Provide insight into market requirements and support evaluation of market feedback from investors, rating agencies, etc.
  • Monitor and manage portfolio risk metrics and clear documentation policies for risk factors of projects.
  • Oversee the build out of underwriting and risk criteria for real estate, channel partners, and risk positions.
  • Be responsible for accurate and thorough analysis of commercial real estate credit risk and comprehensive, complete and accurate documentation for all applicants and projects applying for PACE financing within targeted turnaround times and at targeted volumes.
  • Prepare and attend regular credit committee meetings.
  • Oversee appropriate management of pipeline and communication of underwriting criteria updates and decisions, ensuring that requests are made clearly, accurately and in a timely fashion to borrowers.
  • Continuously update and maintain department policy and procedural documents.
  • Directly troubleshoot, and as needed, underwrite difficult and specialty credits; contribute to an organizational underwriting SOP.
  • Put in place a process to ensure that approval and commitment letters listing all conditions, which need to be met prior to funding of projects, are included and reviewed for accepted projects.
  • Participate in, review, and recommend decisions on underwriting exceptions to Chief Investment Officer.
  • Liaise with capital markets group to quickly respond to investor questions on credit files.
  • Oversee construction disbursements policies to manage Greenworks’ exposure.  
  • Support documentation requirements for final financing agreements and work within district requirements to finalize projects and financings.
  • Other duties and tasks as assigned.

Key Qualifications:

The VP of Underwriting position is ideally suited for a mission-driven leader excited about being in a dynamic environment moving to an exponential level of growth. All candidates should have:

  • 10-15+ years of experience in commercial asset-based underwriting or processing within a rating agency, or mortgage banking or other direct lending institution.
  • Experience originating and underwriting asset-backed securities a plus.
  • Deep understanding of the drivers of credit, and understanding how PACE can change the equation.
  • Bachelor’s degree from a top school required; MBA or graduate degree in real estate preferred.
  • Process and efficiency oriented.
  • Ability to independently manage daily as well as longer-term projects.
  • Extreme organization and attention to detail.
  • Must have excellent communication skills and strong analytical capacity and ability to multi-task and set priorities.
  • Ability to thrive in a constantly changing, fast-paced environment.
  • High degree of intellectual curiosity coupled with proven ability to execute.

Competencies:

  • Passion for Greenworks’ vision and the clean energy space.
  • Leadership—inspires and motivates others to perform well; provides feedback to and accepts feedback from others.
  • Extreme attention to detail.
  • Ability to communicate the “why” of credit decisions to multiple stakeholders
  • Execution – results-oriented and manages to tight timelines; ensures that proper expectations are set out and updated for transactions.
  • Planning – considers current risks and challenges; puts groundwork in place to avoid pitfalls in the future; thinks ahead.
  • Team player—aligns goals and works with peers and rest of organization to drive business results; optimizes for the good of the company, not individual departments.
  • Management skills—includes staff in planning, decision-making, facilitating and process improvement; makes self available to staff; provides regular performance feedback; develops subordinates’ skills and supports career growth.
  • Strategic - is able to see “the big picture”; understands which trade-offs must be made to ensure long-term and short-term success.
  • Analytical—synthesizes complex and diverse information to provide critical insights and feedback.
  • Problem solving—identifies and resolves problems in a timely manner and gathers and analyzes information skillfully.
  • Oral communication—speaks clearly and persuasively in both positive and negative situations; demonstrates excellent presentation skills and conducts productive negotiations and meetings.
  • Delegation—delegates work assignments, gives authority to work independently, sets expectations, and monitors delegated activities,
  • Quality management—looks for ways to improve and promote quality and demonstrates accuracy and thoroughness.
  • Judgment—displays willingness to make decisions, exhibits sound and accurate judgment and makes timely decisions.
  • Planning/Organizing— ability to self-manage against goals and prioritize a large volume of tasks and projects.
  • Adaptability - high level of adaptability in a quickly changing environment.
  • Small-company instincts but someone who clearly can scale with the company’s growth objectives.
  • Fun - ability to inject levity into stressful situations, and natural inclination to check ego at the door.

Details:

  • Greenworks is based in Darien, CT, located close to the Darien train station
  • Bonus structure based on meeting and exceeding milestones
  • Social activities and a work life balance philosophy

 

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