Our client is a leading national lender providing bridge loans to top tier real estate developers – a fast growing specialty finance niche that is attracting significant global capital flows in light of its historical performance. Headquartered in Southern California, the business has a leading presence in Los Angeles and the greater Southern California market and has expanded into numerous other urban markets, including Arizona, Florida, Northern California, and the New York Metro Area.
The company has been an active lender since 2007, originating over 3,000 loans totaling $2.3 billion. Throughout that period, they have maintained outstanding underwriting standards yielding no credit losses. The business has grown from originating ~$5 million per month to ~$100 million per month. Given the size of the addressable market, the company is well positioned for continued and sustained growth.
In October 2017, it was announced that a major Wall Street company agreed to acquire the business which will further enable the business to grow a focus on achieving additional scale in its current market segments and introducing new products and financing solutions to a broader and national customer base.
The Vice President, Construction - Portfolio Management & Operations will lead the development and ongoing build-out of processes, procedures, reporting and analytics to enable the business to effectively capture, track, analyze and report all key data related to the Construction Loan Portfolio and the borrower profiles.
In addition, he/she will bring operational leadership and support to the team and be a resource to the Senior Construction Managers and to the Executive Vice President in matters such as construction loan underwriting/vetting and fund control and draw administration. Qualified candidates should have expert-level experience in commercial real estate portfolio management/loan asset management and underwriting.
• Lead the development, design and implementation of an institutional quality framework of processes, procedures, reporting and analytics to enable the business to effectively capture, track, analyze and report on all key data related to the department operations.
• Assist the day-to-day management of the team by providing support in matters related to construction loan underwriting/vetting and fund control and draw administration.
• Collaborate closely with the draw and underwriting team and the EVP to design customized profiles for borrowers to enable the construction team to provide a bespoke level of service by capturing and leveraging information obtained during meetings with borrowers
• Design and build flexible and scalable reporting and analytics to address business and department needs – e.g. Phase I and Monthly Extension Reporting, Sponsor Construction Profiling, Equity Construction Reporting, Project Stagnation with follow up reports, Vendor Management reporting and segmented reporting for draws, borrower underwriting, project underwriting,
• Supervise the performance of team members to ensure accuracy and compliance, reviews the tracking of KPI’s to ensure performance company-wide
• Work closely with Construction Borrowers and provide input in the structuring and underwriting of major loans and special-situation loans to assure the business maximizes originations while managing risk and enabling loan leverage or resale.
• Implement industry best practices tailored to our organization designed to properly assess the construction evaluation process before credit approval is granted.
• Lead Construction Loan Portfolio Management to continuously oversee, understand and manage the risk profile of the Construction portfolio.
• Cultivates and fosters team building and cooperation and effectively motivates team members to achieve goals and further their career development.
• Coaches and directs the activities of the work group and ensures that the construction team members have appropriate training and all the needed resources to do their jobs.
• Manages, trains, develops, and motivates team members to achieve and exceed performance goals. Establishes and continually improves business processes and enhances the ability of the company to help attract and retain high quality borrowers.
• Provides performance feedback to provide customized coaching on a regular basis to each team member. Address disciplinary and/or performance problems according to company policy.
To perform this job successfully, an individual must be able to perform each essential duty effectively. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
• Minimum of 10 or more years overall experience in commercial real estate lending with the ability to provide senior team leadership support.
• Experience with a private real estate lender, commercial bank, real estate fund, REIT or a Single Family/Multifamily real estate business combined with commercial loan underwriting, reporting and analytics and/or credit analytics are required.
• Expert knowledge of complex commercial lending and financial deal structuring combined with a desire and ability to design and build a reporting and analytics framework to support the needs of the business.
• Real Estate industry knowledge related to credit and financial analysis including cash flow analysis, balance sheet analysis, profitability, liquidity and solvency analysis as is knowledge of the building and construction process and costing.
• Prior experience underwriting construction loans for mid-large size lender with the ability to understand property valuation and assess the development project-related risks.
• Expert knowledge of credit underwriting policies, procedures, processes, collateral valuation and documentation is required
• Highly proficient/advanced skills in Excel, Word, PowerPoint needed.
• Bachelor’s Degree in Business, Finance or a related field required, Master’s in Business or Finance preferred.
• Advance leadership and independent thinking skills
• Ability to rely on extensive experience and judgment to plan and accomplish goals.
• Ability to read and interpret data both macro and micro utilizing analytical skills
• Ability to incorporate information from many sources to identify underwriting risks, conduct analysis and articulate and communicate information in a concise recommendation
• Ability to lead and manage multiple tasks concurrently and self-prioritize workload to meet deadlines as an individual and a leader
• Excellent interpersonal, negotiation, presentation, oral and written communication skills