Financial position with housing developer, preferably affordable housing.
Seeking Affordable Housing Finance Position
P&L / Financial Modeling / Debt Financing & Restructuring / Low Income Housing / Negotiations
Private Equity / Public Bond Market / Private Offerings / Real Estate Acquisitions / Client Relations
Utilized extensive financing experience, stellar educational credentials and the ability to influence others to close millions of dollars in business. Created new finance groups and divisions, built loyalty, and partnered with financing institutions, banks and borrowers, saving them millions of dollars. Possess a solid track record of rapidly responding to frequent changes in regulatory environment, historic market fluctuations and intense competition.
• Developed pro forma cash flows, enabling LFC client to acquire property appraised for 2-3x original price.
• Restructured FNB’s portfolio over two-year period, saving bank $4-5M per year on $200M of loans.
• Launched FISER’s Public Finance Division, generating $3.6M in revenues/managing >$735M debt first year.
Special Skills: Charismatic, high-energy leader… Strategic and tactical planner… Develop loyal, highly productive teams… Easily win confidence of others… Effectively manage crisis and change… A seasoned negotiator… Ability to get things done quickly… Remain calm under pressure… An astute decision-maker… Served on corporate Boards.
MPP (Master of Public Policy), University of California, Berkeley, Graduate School of Public Policy. Ford Foundation Fellowship, and NATO Fellowship for Public Policy and the Environment. BS in Economics and BS in Urban Studies, Massachusetts Institute of Technology. MIT National Scholar and National Merit Scholar. NASD Series 7 license.
Selected Achievements
Developed pro forma cash flows, enabling LFC client to acquire property appraised for 2-3x original price. City of San Diego was slowly recovering from a depressed housing market. Apartment property values were still low in many parts of the city. Demonstrated that acquiring distressed properties and converting them to affordable housing projects was financially feasible, using tax exempt variable rate bonds. City used $1M of federal HOME funds to acquire a foreclosed property for $7M. Financed the balance with these bonds, gaining a property now appraised for $18-20M.
Restructured First Nationwide’s portfolio over two-year period, saving bank $4-5M per year on $200M in loans. Pacific Securities client, FNB, had provided equity/debt financing for portfolio of affordable housing projects, but about $200M of these were in default due to oversupply of competing projects. Assured bank that they could accelerate the loans and that their Letter of Credit was strong enough to allow refinancing of the projects as variable rate debt.
Launched FISER’s Public Finance Division, generating $3.6M in revenues and managing >$735M of debt in first year of operation. New company had underwriting and sales but lacked investment banking capability and had only $250K in net capital. Recruited seven people from Dean Witter and added others, achieving impressive first-year results.
Secured 20 new housing clients for Public Financial Management, closing over $500M in transactions. Recruited specifically to initiate a Housing Finance group. Brought in an impressive number of new clients in addition to those clients secured while President and Owner of LFC. Led team of four that closed over a dozen very lucrative transactions.
Career Overview
President, Litten Financial Consulting (LFC), 1990-1999, 2002-2003, and 2008-present. Provided financial advisory services to public agencies, financial institutions, and real estate developers in connection with tax exempt financings. Personally completed over 190 financings totaling >$3B. After five-year hiatus with Banc of America Securities and Public Financial Management, re-opened LFC’s doors in 2008, closing $140M in transactions to date.
Principal, Banc of America Securities, 2007-2008. Hired to provide a senior presence for the firm’s Local Affordable Housing Finance Group on West Coast. Closed $32M in transactions in five months, and brought in another $100M of prospective business before the firm decided to disband the Group in a major cost-cutting move.
Senior Managing Consultant/National Manager of Housing Finance, Public Financial Management, Inc., 2003-2007. Selected specifically to initiate a Housing Finance Group for nation’s largest state/local government financial advisory firm. Clients included: Chicago Housing Authority; the DC Housing Finance Agency; the NY State Housing Finance Agency and the Pennsylvania Housing Finance Agency. Closed over a dozen transactions totaling more than $500M.
Managing Director, RBC Dain Rauscher, Inc., 2000-2001. Accountable for housing finance in the firm’s San Francisco office. Transferred 100% of LFC clients to Rauscher, assumed the office’s ongoing housing business, and secured two new clients. In nearly two years, completed 29 transactions totaling almost $550M ($380M of total were housing bonds).
Earlier: Held top financial positions with Pacific Securities, FISER Financial & Investment Services and Dean Witter.
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