Construction Loan Administration
New York, NY
This position is responsible for the detailed analysis of project budgets, documentation review and verifying funds for disbursement. The focus of the construction administration process is to assess compliance with loan documentation and to insure loans are within budget to complete the project. Process all commercial, residential tract and spot lot construction loan draw requests.
- Reviews draw requests for completeness and integrity of AIA, inspection reports, advances and soft cost invoice verifications.
- Analyzes budget and source/ uses of funds to verify that the loan remains in balance.
- Identifies exceptions and obtains appropriate approvals as necessary.
- Initiates and analyzes standard and custom monitoring requirements including title/tax update, insurance, permits, inspections, survey, holdbacks and lease-up/ sale requirements.
- Initiates financial & collateral transactions based on customer requests or loan document provisions. Analyzes and facilitates collateral changes, loan payments and payoff instructions.
- Clearly communicates issues to Management and Account Officer.
- Assists with inquiries, research, problem resolution, payoffs, releases, overdrafts, maintenance, data entry and other tasks as assigned.
- Clearly communicates any changes to the advance requests and the need for any additional information to the Borrower.
- Works with Borrower to establish the procedure for the loan advances.
- Tracks sales contracts and process payoffs.
Duties and Responsibilities include:
- Bachelor degree or commensurate related commercial real estate experience.
- Minimum 3-5 years' work experience in construction loan disbursements and the ability to manage a large and moderately complex portfolio.
- Detailed oriented.
- Knowledge and understanding of, or receive training on, market laws and industry practices, bank operations and department policies.
- Effective written and verbal communication skills.
- Aptitude for analysis, systems and mathematics.
- Accustomed to a fast-paced environment with consideration to timely and accurate delivery.
- Ability to multi task in a high-volume environment. Ability to interact with internal and external customers in a professional manner to provide excellent customer service.Equal opportunity employer of qualified protected veterans and individuals with disabilities, minoriities and females.