Director of Underwriting & Asset Management

Job Description

Director of Underwriting & Asset Management

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Paragon Capital Group

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Remote (US) or hybrid in New York City

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$175,000 – $200,000 base, plus performance bonus and benefits

About Paragon Capital Group \n

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Paragon Capital Group is an EB-5 regional center and real estate lender. We raise capital via EB-5 offerings and deploy it as construction loans to U.S. real estate developers. We have placed capital on behalf of more than 500 investors and maintain a 100% approval record on investor petitions at the final stage of the immigration process.

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We are a partner-led firm with a team that spans United States, China, Taiwan and Vietnam. The successful candidate for this role will fill a critical seat on our leadership team.

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The role \n

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This is the senior credit and fund operations seat at the firm. The role underwrites every new transaction we consider, determines whether a project can be financed with EB-5 capital, negotiates and closes the loans we commit to, and then owns the credit performance of the portfolio it builds.

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The role reports to the Managing Partner, works alongside both partners and our Head of Finance, and leads a team of two. The successful candidate will formalize existing processes, identify and fill gaps, and grow the team as the portfolio expands.

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Key responsibilities \n

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New transaction underwriting

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•  Credit analysis of every new opportunity: sponsor and developer track record, market and submarket, project budget, collateral, capital stack, and exit

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•  Rebuilding sponsor pro formas into our own model to test the transaction under EB-5 capital constraints — loan sizing against eligible project costs, whether the project supports the intended raise, the relationship between raise size and job creation cushion, and the fit between capital deployment timing and the construction draw schedule

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•  Sensitivity and downside analysis: cost overrun, schedule delay, slower absorption, exit value, and what each does to our recovery

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•  Scoping and reviewing third-party reports — appraisal, feasibility, environmental, property condition — and reconciling them against the sponsor's assumptions

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•  Written credit memos with a stated recommendation, presented to the partners for approval

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•  Coordination with the economist on job creation analysis, and with immigration counsel on project eligibility

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Structuring, negotiation and closing

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•  Loan structuring: sizing, pricing, term, lien position, reserves, retainage, covenants, events of default, and completion and repayment guarantees

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•  Negotiation of term sheets and loan documents alongside the originating partner and counsel

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•  Diligence management through to close, including title, survey, insurance, entity and guarantor review

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•  Closing coordination and closing binder ownership

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Portfolio credit management

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•  Analysis of each draw request against budget, schedule and cost-to-complete, including contingency burn and whether the remaining budget completes the project

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•  Coordination with the independent construction monitor and assessment of inspection reports; written draw recommendations to the Managing Partner, who holds approval authority

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•  Covenant testing, borrower reporting compliance, risk rating and watchlist review, with written escalation to the partners

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•  Annual re-underwriting of completion and repayment guarantees, including refreshed guarantor financial analysis

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•  Analysis supporting forbearance, modification and workout decisions, which are made by the partners with counsel

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•  Underwriting of redeployment opportunities when loans repay ahead of schedule

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Fund operations oversight

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•  Loan servicing, interest billing and collection, payoff and collateral release

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•  Investor operations: subscriptions, onboarding, source-of-funds documentation, escrow, capital accounts, quarterly statements and distributions

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•  Evidence packages supporting investor immigration petitions, including job creation tracking

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•  Compliance program execution — filing calendar, records retention, evidence files and coordination of our outside compliance consultant — under the Managing Partner, who holds compliance authority and certifies all filings

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•  Transaction coordination: project-level regulatory filings required before a new raise, sequencing of immigration counsel, economists and offering document production to a filing deadline, and closing logistics

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Qualifications \n

We are looking for a commercial real estate credit professional who can underwrite independently and close a loan. Prior EB-5 experience is not required and we expect to teach the program specifics — but the modeling and credit judgment are not things we can teach.

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Relevant backgrounds include:

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•   Construction loan underwriting at a bank, debt fund, bridge lender or private credit manager — the closest match to this role

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•   Commercial real estate credit or investments with responsibility for underwriting through closing, not origination alone

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•   Asset management or portfolio management at a real estate debt platform, with underwriting experience alongside post-closing credit responsibility

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•   Special servicing or workout experience in commercial real estate debt, with underwriting background

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Required:

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•  Demonstrated commercial real estate underwriting experience, with the ability to build a development pro forma from the ground up rather than review someone else's

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•  Advanced financial modeling in Excel: construction budgets, sources and uses, draw and deployment schedules, sensitivity and downside cases

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•  Construction lending fluency: draw mechanics, cost-to-complete, change orders, retainage, lien waivers, title and completion guarantees

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•  Experience negotiating loan documents alongside counsel, and closing transactions

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•  A record of writing credit analysis for decision-makers and stating a recommendation in writing

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•  Willingness to hold an independent credit view in a small firm where the partners source the deals

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•  Experience managing and developing a high-performing team

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•  Rigorous attention to deadlines and documentation, in a context where errors carry consequences for investors' immigration outcomes

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Position details \n

•   Location: Remote within the United States, or hybrid for candidates in the New York City area. Relocation is not required.

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•   Travel: Occasional, for project sites, industry conferences and team meetings.

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•   Compensation: $175,000 – $200,000 base salary depending on experience, plus performance bonus. Health insurance, 401(k) and paid time off.

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•   Reports to: Managing Partner

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•   Direct reports: Two, with expected growth

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