Special Assets Associate

Overview

The organization is seeking an experienced Special Assets Associate to help protect capital and maximize recovery across a portfolio of Residential Transitional Loans. This role focuses on managing and resolving non-performing and high-risk residential bridge and fix-and-flip loans, working closely with senior leadership, legal counsel, servicing partners, and capital partners to execute loss-minimizing resolutions.

This is a full-time, exempt position.

Responsibilities

• Service and manage a portfolio of non-performing and high-risk Residential Transitional Loans (RTL) and construction loans, including pre-workout credits, downgraded loans, defaulted loans, and loans in legal proceedings, with the objective of minimizing losses and liability while ensuring compliance with organizational policies and applicable regulations.
• Under direction, manage and resolve special assets through borrower rehabilitation, loan modification, foreclosure, sale, or liquidation, including oversight of past-due balances, covenant compliance, and borrower performance.
• Develop and execute workout strategies, adjusting aggressiveness based on borrower capacity, project status, collateral condition, and market dynamics.
• Perform periodic and event-driven problem loan analysis: identify risks, assess collateral and exit viability, and recommend appropriate resolution strategies to senior management.
• Evaluate and recommend workout options, including:
  • Loan modifications
  • Extensions
  • Interest reserve adjustments
  • Collateral liquidation
  • Legal action
  • Receivership
  • Foreclosure
  • Deed-in-lieu
  • OREO disposition
  • Pursuit of guaranties or credit enhancements
• Calculate and recommend impairment reserves and charge-offs in accordance with GAAP, organizational policy, and regulatory guidance applicable to short-term residential credit.
• Provide recommendations to senior management on policy and procedure enhancements related to problem loans, impairment methodology, and workout best practices.
• Manage all aspects of OREO assets arising from loans, including 4-6 unit residential properties under renovation or stabilization—coordinating valuations, property management, and disposition strategies.
• Assist senior management in evaluating collateral value, construction progress, loan documentation, borrower financials, and guarantor strength in light of current housing and capital market conditions.
• Execute strategies to reduce non-performing assets at the lowest possible cost and risk, balancing net credit losses, carrying costs, market conditions, and administrative expenses.
• Present workout and exit strategies to management and capital partners for approval, supported by clear financial, collateral, and risk analysis.
• Maintain accurate risk ratings, accrual status, and Problem Loan Reports (PLRs) for all problem loans to ensure timely, transparent reporting to senior leadership and investors.
• Maintain awareness of housing market trends, construction costs, liquidity conditions, and investor demand impacting portfolio performance.
• Perform other duties as assigned to support the objectives of the Special Assets function.

Requirements

• 3-5 years of experience in special assets, credit workouts, loan servicing, or asset management with a strong focus on Residential Transitional Loans (RTL), construction loans, bridge loans, or fix-and-flip lending (or relevant experience).
• Understanding of workout strategies, foreclosure processes, collateral liquidation, and OREO management for 4-6 unit residential properties.
• Strong working knowledge of GAAP impairment analysis, charge-offs, risk ratings, and accrual accounting related to residential credit.
• Ability to analyze data to determine optimal resolution strategies.
• Proven experience coordinating with legal counsel, servicers, brokers, investors, and internal credit teams to execute complex loan resolutions.
• Excellent written and verbal communication skills, with the ability to present clear, well-supported recommendations to senior management and capital partners.

Benefits

• Health Insurance: employer pays 100% of medical insurance premiums, offering a PPO and HSA plans.
• Paid Time Off: 3 weeks of paid time off each year.
• Paid Holidays: 10 paid holidays throughout the year.
• Competitive compensation.
• Flexible work environment.

Location

United States

Equal Opportunity

The organization is an Equal Opportunity Employer (EEO).