DEPARTMENT: FINANCIAL SERVICES
REPORTS TO: EVP & SVP, FINANCIAL SERVICES
Philadelphia Industrial Development Corporation (PIDC) is Philadelphia’s public-private economic development corporation. Founded in 1958 as a private, non-profit partnership between the City of Philadelphia and the Chamber of Commerce for Greater Philadelphia, our mission is to spur investment, support business growth, and foster developments that create jobs, revitalize neighborhoods and drive growth to every corner of Philadelphia. We offer flexible financing tools, a targeted portfolio of industrial and commercial real estate, and decades of Philadelphia-based knowledge to help our clients invest, develop and grow. PIDC works with companies of all sizes in every area of Philadelphia. We work on projects big and small with businesses, developers and non-profits in every sector.
Over the past 62 years, PIDC has settled over 7,500 transactions with a diverse range of clients – including more than $17 billion of financing and more than 3,200 acres of land sales – which have leveraged over $30 billion in total investment and assisted in retaining and creating hundreds of thousands of jobs in Philadelphia.
PIDC’s Financial Services team is responsible for all client engagement, business development, loan production and portfolio management related to PIDC’s financial products and services. PIDC’s financing services combine comprehensive client engagement together with a broad range of flexible financial products designed to fill gaps in the private capital markets and drive growth to every corner of the City. PIDC’s Financial Services business development and production teams include Business Lending (working capital and equipment, owner-occupied real estate, and receivable financing); Project Finance (New Market Tax Credit allocations, Tax Increment Financing, EB5 Immigrant Investor financing, and other flexible real estate development loan products); and Conduit Finance (Tax Exempt Financing, management of federal, state and local grants). The Client Engagement team offers a range of workshops and targeted supportive services to Philadelphia-based businesses with a focus on PIDC’s existing and potential clients. The Portfolio Management team is responsible for management of all PIDC’s loans from loan closing to final repayment.
PIDC Loan Portfolio
PIDC’s financing portfolio includes over 500 loans totaling more than $500 million covering a broad array of asset classes, loan sizes, and product types. These range from revolving lines of credit and working capital term loans as small as $50,000 and averaging $250,000 per transaction for small businesses, to asset-based financing for mid and large scale real-estate developers that average $1-5MM and can be over $20MM. These financing products are funded from a mixture of private and governmental sources that include a typical mix of Community Development Financing Institution (“CDFI”) resources such as bank loans and foundation grants, and government-related sources such as EB5 Immigrant Investor funds, New Markets Tax Credits, Community Development Block Grant and HUD108 loans, and Tax Increment Financing (“TIFs”).
The Vice President of Portfolio Management is a full-time position that supervises a team of approximately three people and has management responsibility over PIDC’s loan portfolio and post-closing client relationships. Management of the loan portfolio requires sound understanding of PIDC’s diverse sources of funds and loan products. The Vice President of Portfolio Management must balance high standards of credit quality with PIDC’s mission, dedication to superior client experience for all clients, and PIDC’s prominence in the Philadelphia community.
The Vice President reports to the Senior Vice President of Financial Services, and works closely with PIDC’s lending, client engagement, accounting and financial reporting, and operations teams, including internal counsel. This position requires a high volume of work and demonstrated leadership, including directing the Portfolio Management team’s day-to-day activities and managing the PIDC loan portfolio’s repayment and compliance risks.
Ensure timely and accurate disbursements for PIDC’s Loan Portfolio while managing risk consistent with loan documentation and PIDC’s policies and procedures. The Vice President will manage, review and approve the disbursement documentation prepared by the team and will be expected to complete the following tasks independently as needed:
- Review of documentation prior to loan closing.
- Coordinate and review draw requests for accuracy, compliance and completeness, including budget analysis and approval of any change orders, review of inspections reports, confirmation of lien waivers, review for compliance with other requirements of the loan documentation, and with PIDC source of funds requirements.
- Coordinate with appropriate governmental officials for borrower compliance with Federal (Davis-Bacon Act), Commonwealth, or City-required obligations related to payment of prevailing wages, and other governmental requirements as required.
- Coordinate with and obtain approvals from third parties and other lenders as required.
- Coordinate with PIDC Accounting team to process disbursements, and to appropriately account for and accurately document the disbursements in accordance with PIDC policies and procedures.
- Create and maintain the disbursement audit trail and save all documentation on PIDC’s system of record.
2. Repayment, Delinquency and Default
Manage all aspects of primary and secondary loan repayment including management of delinquent and defaulted loans to maintain balance sheet quality consistent with PIDC’s mission including:
- Oversee staff and coordinate with Accounting to monitor loan repayments including balloon payments for PIDC Loan Portfolio and coordinate with accounting to book repayments timely and accurately.
- Review delinquency report on a regular basis and implement strategies and tactics to ensure timely repayment including issuance of notices.
- Monitor collateral coverage including insurance, UCC liens, and mortgage and security positions.
- Maintain an accurate list of all non-performing loans and loans in workout.
- Pro-actively and professionally pursue collection using available remedies at bankruptcy or otherwise, including possession and liquidation of collateral, and obtaining judgements.
- Manage internal and external counsel or other consultants as relevant and appropriate to pursue payment and negotiate and document workout strategies on non-performing loans.
- Coordinate with accounting, client engagement, financial services, executive and communications teams with respect to delinquent and defaulted loans.
- Provide periodic updates on non-performing loans to management and the Loan Committee.
3. Loan Modifications and Restructuring
Independently manage as well as oversee the management of loan modifications and loan restructuring consistent with PIDC’s policies and mission including:
- Maintain working list of all requests for modifications or restructures (i.e. interest-only period requests, release or substitution of collateral request, subordinations, balloon payment refinance).
- Work with internal and external counsel to negotiate and document loan restructures and modifications.
- Coordinate modifications and restructures with other creditors as relevant.
- Present modified and restructured loans to Loan Committee for approval when required by PIDC Loan Policy.
- Coordinate with accounting and financial services, client engagement, financial services, executive and communications teams with respect to modified or restructured loans as appropriate.
4. Covenant Compliance
Compliance Monitor and enforce client compliance with all PIDC borrower’s financial and non-financial covenants including those related to social impact and PIDC’s obligations to its funding source investors including:
- Oversee the collection, analysis and documentation of financial statements for impact to credit quality and client’s compliance with covenants, if any.
- Oversee the collection of job creation and retention reports or other social impact obligations; asses for compliance with covenants, develop mitigation strategies, pursue remedies, and coordinate with PIDC investor compliance team on reporting to external investors as required.
- Oversee the collection of borrower covenant documentation related to PIDC’s obligations to its investors including those related to allocation of New Markets Tax Credits, the CDFI fund, bank loans, foundation grants, and other City, Commonwealth and Federal-based agencies (i.e. HUD, EDA, EPA, DCED, Philadelphia Commerce Department, etc.).
5. Leadership, Management and Administration
Demonstrate leadership and cooperative team attitude with internal and external stakeholders in management of the Portfolio Management team including:
- Provide leadership at the Vice President level within PIDC and with external stakeholders in representing PIDC’s portfolio and client base.
- Manage and motivate the Portfolio Management team with professionalism.
- Support the Senior Vice President for Financial Services to make annual updates to the Loan Policy Manual and any changes needed to PIDC’s risk rating system.
- Identify gaps in documented processes and procedures. Work with the team to develop and maintain accurate processes and procedures for the Portfolio Management Team.
- Work with the VP of Human Resources to maintain accurate job descriptions for direct reports.
- Coordinate with PIDC’s operations and financial reporting and analysis teams to ensure accurate accounting for all portfolio loans, including loan repayments, compliance with financial and non-financial covenants, to provide input into the impaired loans inventory and support calculation of allowance for loan loss, and to assist in analysis and presentation of PIDC’s loan portfolio performance.
- Coordinate with internal and external stakeholders to ensure timely and accurate documentation for all aspects of portfolio management including maintenance of paper, electronic, and data-base files, and development of related procedures.
- Other duties as assigned.
In addition to the necessary skills and experience to perform the responsibilities outlined above, the successful candidate will possess the following skills and experience:
- Bachelor’s degree in Business, Finance, Accounting, or extensive banker’s training program from a national association. Graduate degree Preferred.
- Minimum seven years relevant experience at a financial institution in commercial construction disbursement, real estate and business lending, loan monitoring, workouts, collections, and/or bankruptcy.
- Ability to read and interpret legal documents and work with internal and external counsel to draft legal documents.
- Knowledge of credit investigation and underwriting terminology, procedures and related regulations, specifically as relates to governmental and CDFI-type capital sources.
- Must be proficient in the Microsoft Suite of Products. Advanced Microsoft Office skills, especially Word, Excel, Outlook and PowerPoint. Familiarity with Salesforce is preferred.
- Valid driver’s license.
- Must be a resident of the City of Philadelphia or willing to relocate within six (6) months of employment.
OTHER DESIRED CHARACTERISTICS:
- High degree of professionalism under pressure.
- Capacity and desire to function in a high-profile, public sector environment.
- Effective interpersonal skills, including a demonstrated ability to communicate effectively with clients, management, colleagues, and third-party stakeholders.
- Demonstrated leadership skills and the ability to function as part of a larger team. Must be able to make decisions both independently and in a team environment.
- Written, oral, interpersonal and negotiating skills with ability to interview people at various levels to obtain general and specific credit related information.
- Quantitative, analytic and organizational abilities.
- Very strong drive and work ethic.
- A positive attitude, personal integrity, discretion and candor.
- Adaptable and flexible.
- High degree of creativity.
- Ability to maintain confidentiality.
Interested applicants should submit a thoughtful cover letter and resume along with annual salary requirements by no later than Tuesday, March 31, 2020 to the contact information below.
PIDC promotes a culture of inclusion and does not discriminate on the basis of race, color, sex,
sexual orientation, religion, national or ethnic origin, age, disability, veteran status or any other
legally protected factor.