Interim Credit Officer and Director of Asset

INTERIM CREDIT OFFICER AND DIRECTOR OF ASSET MANAGEMENT DUTIES

Employee will provide interim senior credit leadership and asset management oversight during a defined transition period. This interim role is structured to fill the Credit Officer and Director of Asset Management function on an interim basis while LIIF recruits and onboards a permanent Credit Officer and Director of Asset Management (DAM).

The Employee brings deep CDFI-sector experience, including prior service as a Chief Credit Officer, credit underwriting leadership, loan portfolio management, and workout/special assets oversight. This engagement is supported by Ardmore Banking Advisory (Ardmore), whose assigned staff will provide substantive portfolio‑level operational support to the asset management team, meaningfully reducing the Employee's time allocation and ensuring continuous coverage across all asset managers.

Engagement Structure & Key Relationships

The Employee will function in a dual interim capacity:

• Interim Credit Officer responsible for credit oversight and guidance in connection with the loan portfolio, and sign‑off on credit actions during the transition. The latter will require credit authority be delegated to the Employee.
• Interim Director of Asset Management providing direct supervision of LIIF's five‑person Asset Management team, including one Special Attention Loan (SAL) Asset Manager. Employee will also lead LIIF‑wide management of newly established Cross‑Functional Delinquent Loan Management Policy and other efforts related to managing and reporting on the credit quality of the portfolio.
• Reporting line: Employee reports directly to Kimberly Latimer‑Nelligan, President.
• Transition coordination: The current CCO will work alongside the Employee through approximately May 30, 2026. An extended overlap period is strongly preferred to facilitate a complete knowledge transfer.
• Ardmore Banking Advisory will be a co‑engaged partner on portfolio‑level operations, assigned to each Asset Manager, and will take a leadership role on defined special projects.
• Reporting: Weekly summary of activities and open items reviewed with Kimberly Latimer‑Nelligan.
• Confidentiality: All borrower and portfolio data treated as strictly confidential.
• Ardmore Coordination: Employee will work closely with Ardmore Banking Advisory staff and will not duplicate effort where Ardmore has primary operational ownership.
• Interim CCO Coordination: As and when needed, Employee will collaborate with Interim CCO whose primary responsibility is to approve new credits.
• Flexibility: Both parties acknowledge this engagement is subject to evolution as the DAM hire process progresses. Scope adjustments will be made by written amendment.

Detailed Scope of Work with Time Estimates

The time estimates reflect a 6‑month engagement and a minimum 30‑hour per week commitment.

Leadership & Executive Reporting

• Weekly reporting/check‑ins with Kimberly
• Internal credit policy direction and guidance
• Cross‑team coordination and escalation review
• Represent credit function in key meetings
• Document key decisions and risk posture updates
• Analysis on portfolio trends as needed (no primary Ardmore role)

Asset Management Team Supervision

• Direct supervision of 5 Asset Managers
• Portfolio review meetings with AMs
• Review and sign off on credit memos; for credit actions above delegated credit authority, manage the process to obtain required credit approval
• Guidance on modifications and extensions
• Collaborate as needed with Ardmore on annual review catch‑up workflow and status
• Performance coaching and workflow accountability
• Assignment of Ardmore staff to work with each AM
• Reviews and co‑signs credit memos
• Guides modifications and extensions
• Leads annual review catch‑up process
• Supports workflow management through AM team

Special Attention Loan (SAL) Portfolio Supervision

• Direct supervisory oversight of SAL Asset Manager
• Review SAL credit actions and risk classification and sign off on related credit actions; manage the process to obtain required credit approval above delegated credit authority
• Monitor loan covenant compliance and triggers
• Manage Monthly Special Attention Loan meeting
• Participate in key borrower/workout discussions
• Supports SAL modifications and extensions
• Leads workout strategy development
• Reviews SAL credit memos alongside Employee
• Provides substantive workout operational support
• Escalate high‑risk situations to leadership

Transition & Knowledge Transfer

• Shadow current CCO through departure (~5/30)
• Provides supplemental briefings on portfolio background
• Helps bridge gaps if transfer of credit policy authorities and procedures required
• Onboard to LIIF systems, tools, and processes
• Capture institutional knowledge during the transition period

Special Projects

• Lead audit findings leadership and primary responsibilities (Credit Audit, Loan Manual updates, etc.)
• Review and advise on Loan Loss Reserves (LLR) methodology
• Coordinate with Ardmore on project management
• Lead Loan Manual deliverables and revision process
• Attend and support special project meetings
• Miscellaneous tasks as needed

Estimated Hours

TOTAL ESTIMATED HOURS PER WEEK: 35 Hours / Week

* CCO transition hours are front‑loaded during the first 6‑8 weeks of the engagement (est. 6–10 hrs/week) and taper to minimal after the CCO's departure on 5/30.

Special Project hours are variable and activity‑dependent. Estimates reflect steady‑state participation; weeks with active Credit Auditor Loan Manual work may run 4‑6 hrs.

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