Underwriter - Fixed-Term Contract

Infrastructure Ontario (IO), an Ontario crown corporation, provides a wide range of services to support the Ontario government's initiative to modernize and maximize the value of public infrastructure and realty. IO has been recognized domestically and internationally for the way it does business and the success it has had with its major projects, real estate services, infrastructure lending, commercial projects, and development mandate. IO delivers some of the most complex, ambitious commercial and land development solutions for the Province and continues to evolve and expand its capabilities to maximize its public impact and deliver on its vision of creating a connected, modern and competitive Ontario.

Position Purpose:

The Underwriter is responsible for providing financial and credit risk subject matter proficiency in municipal, commercial and project loan underwriting. This includes loan structuring, analysis of borrower's financial profile, credit risk, and business/industry trends.

What You Will Do:

• Perform credit assessment of loan applications:
• Perform a complete review of the applicant's business case, financial history, project risks, management and governance, existing debts and legal structures for loans.
• Compile analysis into comprehensive and concise written credit applications to be submitted to Credit department, including the maintenance of due diligence checklists, financials and other documentation.
• Conduct interviews with internal and external clients during the due diligence process.
• Perform financial modelling, including downside scenario analysis.
• Provide credit structuring guidance and portfolio management deliverables, both within the team and with partner teams.
• Develop loan term sheets and review final loan agreements in collaboration with Legal and Customer Relations partners.
• Interact with Customer Relations, Loan Operations and Legal in the execution of new loans or on-going loan portfolio management, including conducting due diligence, reviewing legal documentation and making recommendations on loan structures for presentation.
• Implement and execute the credit risk management framework and policies:
• Implement and execute the credit underwriting framework and policies including adherence to credit limits and controls, efficiency, and customer satisfaction.
• Monitor borrowers' financial standing, credit risk and loan covenant compliance:
• Monitor financial performance of existing borrowers, identify credit risks and make recommendations to mitigate credit risks while maintaining a strong relationship with borrowers.
• Review, check and test financial covenants and ratios to ensure borrower compliance. For construction phase loans, assess Conditions Precedent including financial criteria in connection with the conversion to long-term debentures.
• Perform annual reviews on a portfolio of loans to ensure adherence to Infrastructure Ontario's policies and established risk tolerance limits ,
• Compile research and prepare sector briefing notes on emerging issues, new and existing sectors/credit market topics, as required.
• Perform portfolio monitoring duties such as compiling annual review reporting from borrowers and perform preliminary analysis to identify emerging risks early.
• Other duties as assigned.

What We're Looking For:

• Exposure to credit risk and commercial lending transaction experience, preferably in commercial real estate and/or project finance, non-profit sector, municipal and infrastructure lending.
• Understanding of underwriting principles and loan agreements, with knowledge of credit risk measurements, assessment, and methodologies.
• Knowledge of cash flow lending, credit analysis, control systems and processes.
• Analytical and business risk assessment skills, including the ability to conduct financial statement and ratio analysis.

What We Offer:

• Commitment to creating a diverse, equitable, and inclusive culture that promotes a sense of belonging and represents and reflects the needs of the communities we serve.
• A comprehensive package that covers health, dental, vision, out-of-country care, paramedical services, and more.
• Support for professional development opportunities for all colleagues through a broad range of learning programs that include in-person and online training, leadership development, and support for colleagues' well-being. IO will also cover the costs associated with up to two membership and license fees per year for eligible employees if directly related to the employee's role.
• Access to a suite of virtual healthcare options to support non-urgent medical needs
• A convenient, central location in downtown Toronto at 1 Dundas Street West that is easily accessible by public transit.

We offer a competitive salary range of $71,300 to $107,000 (P3 level), pay will align with skills, knowledge and experience of the candidate.

This posting will close on December 5, 2025 at 3:00 pm.

Interviews will occur on a rolling basis until the role is filled.

After reviewing the qualifications listed above, we want you to know that we understand you may not meet all the qualifications described, but still encourage you to apply, as you may have other relevant expertise and experience that you can bring to the role.

At Infrastructure Ontario, we strive to create a culture that encourages a diverse equitable and inclusive environment that fosters belonging. We believe that experience comes in many forms and through learning from each others' differences and perspectives gives us strength. We are committed to enhancing our culture and encourage applications from all walks of life. Let us know if you require any accommodations for the selection process, by contacting the Talent Acquisition Team.

Candidates who are members of Indigenous, Black, racialized and 2SLGBTQ+ communities, persons with disabilities, and other equity deserving groups are encouraged to apply, and their lived experience will be taken into consideration as applicable to the posted position.

At Infrastructure Ontario, we use AI in our applicant tracking system to improve the efficiency and fairness of recruitment. Your application will be reviewed by both AI and our hiring team for a thorough evaluation. Please note that final hiring decisions are made solely by our experienced hiring team.