Loan Administrator Sr Construction
About The Position
The Construction Loan Administrator is responsible for the end-to-end servicing and administration of complex Commercial Construction loans and projects, including the monitoring of syndicated deals (agent or participant). This role requires strong technical knowledge of construction lending, loan documentation, title review, and budget management. The administrator ensures all construction loans are accurately set up, properly monitored, and serviced in accordance with the loan agreement, bank policy, and established timelines. Construction Loans with activities including but not limited to; monitoring construction throughout the life cycle, set up of the construction loans and budget, the disbursement of construction loan draws within established budget and review of Construction Loan Agreement and its Budget.
Requirements
- Bachelor's Degree or equivalent
- Minimum 8 years experience in Construction Loan Administration/Commercial Real Estate
Nice To Haves
- Previous experience in large financial institutions is preferred
- Recommended Experience: Prior closing experience, paralegal (i.e., understand legal language and docs), credit experience or understanding of experience
- Client facing presence
- Project Management skills, ability to prioritize tasks and adapt to changing priorities
- Organizational and time management skills
- Understanding of bank policies and procedures relating to the satisfaction of loan closing conditions, documents, and services
Responsibilities
- Review the credit memo and loan agreement ensuring proper terms and budget are within the approved credit.
- Enter new construction loans in the system and set up appropriate budget for complex projects
- Ensure the new loan set up line item budgets are in accordance with the credit approval and Construction Loan Agreement.
- Review the disbursement draw request to the specific line item in the budget ensuring funding within the budget.
- Review and approve draws for disbursement
- Obtain approval for budget change request line item
- Reconcile borrower’s construction loan budget to the bank’s records
- Obtain title insurance date down/change orders for draw request.
- Order third party inspection reports, process invoicing and reconciliation
- Track and follow up on receipt and approval of inspection and title date down reports.
- Monitor the use of borrower’s funds and disbursing funds accordingly on borrower’s behalf.
- Monitor interest reserve adequacy on all accounts
- Monitor and reconcile Construction Loan Disbursement Report
- Maintain and monitor current property and general liability insurance for all files
- Interface with relationship managers, title companies, legal counsel, appraisal department, construction services, accounting and etc.
Benefits
- Comprehensive healthcare coverage, including Medical, Dental and Vision plans, available the first of the month following start date
- Generous 401(k) company matching contribution
- Career Development through Tuition Reimbursement and other internal upskilling and training resources
- Valued Time Away benefits including vacation, sick and volunteer time
- Specialized health and family planning benefits including fertility benefits, and cancer, diabetes and musculoskeletal support programs
- Career Mobility support from a dedicated recruitment team
- Colleague Resource Groups to support networking and community engagement
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What This Job Offers
Job Type
Full-time
Career Level
Mid Level
Number of Employees
5,001-10,000 employees
