Junior Construction Loan Administrator Job at Howard-Sloan Search, Irvington, NJ

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  • Howard-Sloan Search
  • Irvington, NJ

Job Description

Junior Construction Loan Administrator

Objective: The Construction Loan Administrator will perform a variety of loan servicing functions for an existing and growing USDA and conventional commercial construction loan portfolio. This position reports to the Construction Loan and Servicing Senior Administrator.

Responsibilities will include, but not be limited to:

  • Assist in review of pre-closing loan documents to ensure the inclusion and consistency of funding parameters related to construction
  • Work with the origination and closing teams during pre-closing to set up the construction monitoring workbook and to process any pay applications that will be disbursed on the settlement statement
  • Conduct pre-construction conferences with borrower, GC, contractors, and loan team to discuss disbursement process
  • Review pre-closing construction diligence reports completed by third party construction monitoring agency
  • Set up and maintain reminders within the loan accounting system to track and manage project related milestones and documentation due dates
  • Process and review regular construction draws including contractor pay applications, change orders, , lien waivers, soft cost invoices, etc.
  • Coordinate with title company for date down endorsements as applicable
  • Consult with third party construction monitoring agency as needed
  • Coordinate draw disbursements, including monthly interest-only fundings
  • Ensure all draw documentation required in the Loan Agreement is provided, organized, and saved to the client file
  • Work with clients to remedy document exceptions discovered during analysis of documentation submitted
  • Maintain accurate and up-to-date construction budget monitoring and draw tracking records, identifying and elevating to management any unresolved document exceptions, budget shortfalls, and construction delays
  • Submit routine construction progress monitoring both to agency and internally as required
  • Compile and submit Monthly Construction Updates for the USDA and Participants
  • Initiate the loan conversion process at the end of construction, and work closely with Servicing and Closing to facilitate the loan conversion.
  • Respond to daily requests from clients and/or agency as needed
  • Other duties as assigned
  • Travel as needed

Job Qualifications:

  • Bachelor’s Degree with at least five (5) or more years of experience in banking or commercial finance required
  • Experience in construction oversight/risk assessment/project management required
  • USDA loan servicing experience preferred but not required
  • Knowledge of EPC contract language and ability to review contract for specific lender needs preferred but not required
  • McCracken Strategy software experience a plus
  • Must be proficient in basic software applications included in Microsoft Office Suite
  • Strong organizational, oral, and written communication skills
  • Strong customer communication/service skills
  • Detail oriented with the ability to think proactively and work independently
  • Position is hybrid to the MD or NY office if you are local. Can be remote otherwise

Salary $65,000 – 80,000

Discretionary annual bonus

Medical, dental, 401K and other benefits

Unlimited PTO

Job Tags

Contract work, For contractors, Local area, Remote job,

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