Construction Loan Specialist

Valley Bank • Morristown, NJ

5h

About The Position

The Construction Loan Specialist will be responsible for the administration of construction loans, ensuring accuracy, compliance, and financial integrity throughout the project lifecycle. This role involves reviewing loan documents, coordinating site inspections, managing project budgets, and collaborating with internal teams to ensure effective loan management.

Requirements

• Proficiency in Microsoft Office (Word, Excel, Outlook, PowerPoint)
• Ability to review and analyze complex budgets, financial documents, and inspection reports
• Exercise sound judgement, and excellent independent decision-making skills
• Excellent verbal and written communication
• Strong organizational and time-management skills to handle multiple projects
• High level of accuracy in reviewing documents and managing financial transactions
• Ability to identify and resolve discrepancies or issues promptly to maintain the integrity of the loan process
• High School Diploma or equivalent
• A minimum of 3 years experience in construction lending and all aspects of loans and lending.

Nice To Haves

• Bachelor's Degree
• Experience working with builders

Responsibilities

• Review loan approval documents, construction loan agreements, Engineer's Plan & Cost Report and any participation agreements to ensure accurate and proper loan administration.
• Coordinate and oversee all site inspections for loan draws, ensuring timely completion, including scheduling inspections and liaising with engineers to confirm inspection dates.
• Establish individual setup in the loan monitoring system, Built, for new loans, including formulating complex budgets and ensuring financial accuracy and compliance throughout the project lifecycle.
• Review inspection reports from engineers to ensure construction projects adhere to approved plans and budgets. Verify project progress, assess work quality, ensure compliance with building codes, track expenses against the budget, review change orders, and monitor site safety conditions. Address any discrepancies or issues promptly to maintain the integrity of the construction loan process.
• Review draw request documentation with a thorough understanding of AIA construction documents, ensuring the portfolio of construction loans is accurately maintained and monitored to prevent overfunding, with all line items balanced.
• Oversee project budgets for accuracy, including advances and pay downs, ensuring compliance with legal documentation.
• Ensure all taxes, insurance and interest payments are consistently up to date.
• Handle requests for partial paydowns by calculating the paydown amount according to release provisions, processing the payment, and executing the release.
• Collaborate with lenders, Credit, and Loan Servicing to ensure effective administration of construction loans.

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level
• Education Level: High school or GED