Senior Underwriter - Manufactured Housing

The Role

The Senior Underwriter – Manufactured Housing Communities is responsible for evaluating, structuring, and presenting credit opportunities secured by manufactured housing communities and related real estate assets. The position plays a critical role in maintaining portfolio quality while supporting strategic loan growth objectives. 

This individual will lead complex underwriting assignments, mentor junior team members, collaborate with originations and asset management teams, and serve as a trusted advisor to Credit Committee and executive leadership. 

The successful candidate will possess strong financial analysis skills, exceptional credit judgment, and a comprehensive understanding of MHC operations, market dynamics, infrastructure considerations, and sponsor execution risk. 

 The Work

• Lead the underwriting and credit analysis of Manufactured Housing Community (MHC) lending opportunities, including acquisitions, refinances, bridge loans, recapitalizations, expansions, and value-add transactions. 
• Analyze borrower financial statements, tax returns, liquidity, net worth, contingent liabilities, and organizational structures to assess sponsor strength, repayment capacity, and overall creditworthiness. 
• Evaluate MHC collateral through detailed analysis of rent rolls, operating statements, occupancy trends, lot utilization, tenant-owned versus park-owned home composition, utility reimbursement structures, capital expenditure requirements, and market positioning. 
• Assess key transaction risks, identify mitigating factors, and structure loan recommendations that align with Ascent's credit standards, risk appetite, and portfolio objectives. 
• Prepare comprehensive underwriting memoranda and present recommendations to Credit Committee and senior management. 
• Review appraisals, environmental reports, engineering assessments, market studies, and other third-party due diligence materials to support credit decisions. 
• Evaluate community infrastructure, including roads, water systems, sewer systems, septic systems, electrical distribution systems, and deferred maintenance considerations, as part of collateral risk assessment. 
• Monitor market conditions, industry trends, regulatory developments, and competitive dynamics affecting Manufactured Housing Communities and incorporate findings into underwriting and portfolio management practices. 
• Partner in the development, implementation, and refinement of underwriting standards, credit policies, risk-rating methodologies, and portfolio monitoring processes specific to MHC lending. 
• Support ongoing portfolio management activities by reviewing borrower reporting, monitoring covenant compliance, tracking occupancy and performance trends, and identifying emerging credit concerns. 
• Collaborate closely with Originations, Asset Management, Legal, Construction Risk, Capital Markets, and Servicing teams to facilitate efficient transaction execution and portfolio oversight. 
• Mentor and train junior underwriters and analysts, providing guidance on underwriting methodology, credit analysis, transaction structuring, and risk assessment. 
• Review underwriting work completed by junior team members to ensure consistency, accuracy, and adherence to company policies and procedures. 
• Contribute to departmental initiatives focused on process improvement, operational efficiency, portfolio analytics, and reporting enhancements. 
• Perform additional duties and special projects as assigned. 

Your Skills and Experience

• Minimum 7 years of commercial real estate underwriting experience. 
• Minimum 3 years underwriting Manufactured Housing Communities, Multifamily, Self Storage, or other operational real estate asset classes. 
• Thorough understanding of manufactured housing communities (MHCs), including community operations, ownership structures, resident dynamics, occupancy drivers, rent and utility structures, regulatory considerations, and industry best practices. 
• Demonstrated experience working with, financing, managing, underwriting, acquiring, or evaluating manufactured housing communities preferred. 
• Strong knowledge of market trends, valuation methodologies, and operational performance metrics specific to the manufactured housing sector 
• Ability to analyze community-level financial statements, operating reports, and performance data. 
• Advanced financial statement analysis and commercial real estate underwriting expertise. 
• Bachelor's degree in finance, business, or related field. 
• Highly effective communicator with strong presentation and relationship-building skills.  
• Entrepreneurial mindset with the ability to thrive in a fast-growing, collaborative environment.  
• Strong knowledge of financial analysis, credit risk modeling, and regulatory compliance. 
• Exceptional interpersonal and written communication skills. 
• Leadership track record of leading and developing Underwriting and Credit Analyst teams. 
• Proficiency in financial software and tools, including LOS, financial spreads and risk-scoring tools. 

The Work Environment

• This role can be fully remote  
• Full-time, 40 hours per week; must be available for occasional overtime.
• Some nights and weekends required.

Salary Range

Salary range is $150k-$175k per year, with a discretionary bonus adding up to 20% per year.