The Vice President’s role will be in the Construction Lending and Loan Services Group, which is an expanding business area of the firm. The Vice President will manage the portfolio of construction loans and assist in enhancing the construction loan program and process from closing to asset management. Specific duties include but are not limited to construction and budget monitoring, loan servicing, review and compliance with Low Income Housing Tax Credit (“LIHTC”) program requirements and asset management.
- Oversee the construction monitoring and loan administering and servicing process including reviewing budgets, draw requests and change orders. Periodic travel to inspect construction projects.
- Monitor reserve and escrow accounts to ensure borrower compliance with loan documents or other governing documents.
- Monitor and manage draw disbursements and monthly loan payments.
- Identify and manage critical risks or project related issues through careful analysis of submitted documentation such as budget allocations, disbursement requests, and reports. Communicate and work with various parties (contractors, engineers, attorneys, borrower) to resolve any project related issues.
- Enhance and improve the policies and procedures for the entire life cycle of a construction loan, including underwriting, construction monitoring and the loan conversion process.
- Assemble and maintain construction loan documentation files.
- Portfolio reporting.
- Bachelor’s degree.
- 5+ years of experience in commercial real estate, including multifamily loan underwriting, servicing or asset management.
- Extensive experience in commercial real estate construction monitoring, loan administration and servicing and loan workout.
- Familiarity with federal, state and local government funding sources for capital and operating needs of multi-family housing. Experience with Low Income Housing Tax Credits and tax-exempt multifamily housing revenue bonds preferred but not required.
- Ability to travel.
- Portfolio Management
- Alternative Investments
5+ to 7 years
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