Chief Credit Officer (CCO)

Job Title: Chief Credit Officer (CCO)

Position Overview

BlueHub Loan Fund (BHLF or the Loan Fund), an affiliate of BlueHub Capital (BlueHub), seeks a Chief Credit Officer (CCO) to support our real estate-based community development lending program to a diverse set of borrowers. These include real estate developers, charter school and community health center operators, and non-profit and social enterprises serving low-income families and communities. BHLF currently has a loan portfolio of approximately 163 borrowers with aggregate outstanding balances of over $325 million.

The Chief Credit Officer (CCO) will lead BlueHub Loan Fund’s credit function and risk management, ensuring the quality and performance of our lending portfolio. This role requires deep credit experience, the ability to identify, evaluate and proactively manage risk, and a commitment to our mission as a community development financial institution. The CCO will develop creative strategies to mitigate risk, enabling mission-aligned deals while protecting the organization from undue exposure. The CCO reports to the President of the Loan Fund and is pivotal to the continued success and growth of the Loan Fund. The CCO operates in a collaborative, cooperative team environment, working closely with the lending and portfolio management teams and the Loan Fund President.

We are seeking a candidate who is local to the Boston, MA area and comfortable working a hybrid schedule of three days of work in the office (Tuesday, Wednesday, Thursday) and two days of remote work (Monday & Friday). We will consider out of state candidates who are willing to relocate to Boston.

Essential Duties and Responsibilities:

The Chief Credit Officer will be responsible for the following essential duties and responsibilities, as well as other duties as assigned.

Credit Review:
Lead the review, underwriting and evaluation of proposed lending opportunities through triage (initial review of credit and social impact), underwriting, credit approval and closing.

• Facilitate weekly Loan Fund Pipeline meetings to review lending opportunities, including prior review and development of credit and triage memos, vetting of proposed transactions and strategically using the Pipeline meeting to clarify lending standards and strategies, reinforce credit policies and model diligent, best-in-class underwriting, including thorough evaluation of potential risks and development of creative mitigation strategies necessary to achieve impact while proactively managing risk.
• Identify and evaluate risks related to particular loans and risks affecting the pipeline and portfolio as a whole. Work with the Loan Fund leadership to develop mitigation strategies on a project and a portfolio-wide basis.
• Review proposed exceptions to credit policies and recommend conditions to approval, including assessment of related risk and mitigants, and developing additional strategies for achieving mission objectives while proactively mitigating credit risk where feasible (i.e., credit enhancement, additional collateral, guaranty(ies), risk-sharing, additional sources or incentives, etc.).
• Develop underwriting and closing policies, tools and practices to be used by lending and portfolio management teams to evaluate transactions, stress test projections, document loans and ensure compliance with Loan Fund policies and procedures.
  • Develop as needed and maintain credit policies and underwriting processes and guidance to ensure compliance with applicable internal and external standards and alignment with the Loan Fund’s mission and investment strategy.

Credit Policy and Procedure:
Play a leadership role in developing, updating and overseeing implementation of credit policies and procedures that align with the strategies and objectives of the Loan Fund.

• Oversee the implementation of credit policies, underwriting, structuring, and documentation.
• Work with the Loan Fund and IT team to automate credit and underwriting procedures as appropriate, embed credit policies in regular practices and train staff to be thorough in identifying and assessing risk and creative but shrewd in developing mitigation strategies.

Portfolio Risk Management:
Work with the SVP Portfolio Management and the Loan Fund President to effectively monitor and proactively manage risk in the Loan Fund’s portfolio, including through the following tasks.

1. Develop, modify and oversee the implementation of business processes and the development and operation of business systems to identify, assess, and manage credit risk across the loan portfolio, taking into account market and policy changes and ensuring alignment of credit quality and leadership expectations.
2. Ensure effective and timely monitoring of risk exposure by asset class, loan size, collateral type, sponsor exposure, geographic market, political exposure and particular loan types and terms.
3. Ensure that loan risk ratings accurately reflect loan risk profile and, working with BlueHub CFO, propose or review proposed modifications to risk ratings and loan loss reserves.
4. Develop and implement strategies to mitigate portfolio risk while supporting mission and borrower success to the extent feasible, at the loan and at the portfolio level.

Team Leadership:
Play a key role in the Loan Fund leadership team.

• Provide support, direction, credit information, and loan policies and procedures to all staff to ensure the overall quality of the Loan Fund’s lending portfolio.
• Supervise a Credit Analyst to provide strategic underwriting support to lenders to leverage their time and support efficient, responsible lending at scale.
• Foster a culture of excellence, agility and accountability and building policies, practices and personnel necessary to conduct best-in-class underwriting, delivering on our mission while proactively managing risk.

Stakeholder Collaboration:
Support the Loan Fund's strategic, effective and responsive engagement with internal and external stakeholders, including BlueHub CEO and CFO.

• Oversee and support an agile, flexible and responsive credit process that enables the Loan Fund to sustain our reputation
• Provide credit-related support for the development of new products and strategies as we sustain and expand our lending and our sources of capital while ensuring adherence to BlueHub Capital risk tolerance levels.
• Lead effective reporting for and presentation to rating agencies, investors, the Board, granters, regulators, BlueHub Capital CEO, CFO and other stakeholders regarding the foregoing.
  • Bachelor’s degree in finance, business, or a related field; relevant advanced degree preferred.

Preferred Qualifications and Skills:

• Minimum of 10 years of experience in credit risk management, preferably at least 3 years within a community development financial institution (CDFI) or similar lending or investment organization that provides a strong background in relevant subsidy, tax credit and financing programs.
• Deep understanding of real estate investment and/or development, preferably in the relevant sectors of affordable housing, community facilities, educational and health care facilities and/or economic development.
• Demonstrated ability to effectively develop and implement credit policies and risk mitigation strategies.
• Excellent analytical, communication, and interpersonal skills.
• Demonstrated commitment to BlueHub’s mission and values.

Salary and Benefits:

BlueHub has identified a competitive salary range for this role and will share this range with candidates who are selected for interview. Positioning within this range will be commensurate with experience. BlueHub invests in the benefits, training, growth opportunities and infrastructure that let you envision a career here. Benefits for full-time employees include:

• Generous insurance benefits: Health, dental, vision, life and disability insurance, including additional reimbursement for out-of-pocket healthcare expenses
• Retirement benefits: Competitive 401(k) matching
• Unique BlueHub benefits and stipends that support employee wellness, sustainable practices and charitable gift matching
• Excellent package of vacation time and paid leave, as well as generous roll-over policies

About BlueHub:

BlueHub Capital is a mission-driven, nonprofit community development financing organization focused on building healthy communities where low-income people live and work. We use innovative financial tools and deploy capital to support projects that make communities more vibrant places to live. BlueHub has four distinct programs: BlueHub Loan Fund (community development financing), BlueHub SUN (foreclosure relief), BlueHub Energy (clean energy access) and One Percent for America (citizenship financing). Since our founding in 1985, BlueHub has invested over $3.1 billion (and leveraged over $16.1 billion) to finance:

• Affordable housing, school facilities, child and youth development programs, community-based health centers, grocery stores, and community gathering places
• Reducing financial barriers to US citizenship
• Clean energy enhancements that expand access to solar and other renewable sources for people with low incomes
• Mortgage lending for families facing foreclosure

Increasing economic opportunity is at the heart of why BlueHub exists and why we do the work we do. Our investments focus on communities that have been systematically denied access to capital. Our offices are located in the Roxbury neighborhood of Boston, MA. To learn more about BlueHub Capital, please visit, www.bluehubcapital.org.

BlueHub Capital is an Equal Opportunity Employer. As an Equal Opportunity Employer, we do not discriminate on the basis of race, color, religion, sex, sexual orientation, gender, gender identity, gender expression, age, national origin, ancestry, active military or veteran status, physical or mental disability, medical condition, pregnancy (which includes pregnancy, childbirth, medical conditions related to pregnancy and childbirth, and breastfeeding and expressing breast milk), genetic information, or other protected status in accordance with applicable federal, state and local laws. It is our goal to make employment decisions that further the principle of equal employment opportunity by utilizing objective standards based upon an individual’s qualifications for a specific job opening.