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VP, Construction Due Diligence

Company is confidential
Salary
Competitive
Employment
Full Time
Real Estate Field
Location
New York
 NY
Postal Code
10036
Country
United States

This job is no longer active.

Description


Position Vice President, Construction Due Diligence (NY)
Company Confidential Client
Location New York, New York
Reporting Relationship EVP, Construction & Development
Website

Company Background

The company is the leading national lender providing bridge loans to top tier real estate developers – a fast growing specialty finance niche with attractive risk-adjusted return characteristics. Headquartered in Southern California, the company 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. In these geographies, the company offers construction financing (36%), renovation financing (38%), and bridge loans for initial purchase or refinance of in process/ completed projects (26%). The company has been an active lender since 2007, originating over 3,000 loans totaling over $3 billion.

Position Summary

The Vice President, Construction Due Diligence (New York) will carry out all construction risk and project oversight related responsibilities acting as the key construction due diligence executive operating on the East Coast. This person must be self-motivated and self-directed with a strong overall knowledge of the New York metropolitan area multifamily real estate market with an overall understanding of the market dynamics and trends. Knowledge and experience with single family loan construction management/oversight is desirable but not required.

The individual must have a thorough understanding of the NY metro real estate market with experience in construction loan underwriting for multifamily and single-family assets – related local construction costs and risks to effectively understand and underwrite these risks. The responsibilities of the Vice President, Construction Due Diligence will include onsite field inspections to develop a direct understanding of the borrower ‘s construction capability and track record, as well as vetting each construction project in terms of status/progress, budget adequacy/compliance, risk and potential obstacles or challenges the site may encounter. This level of detailed assessment will allow for better decision making on behalf of the underwriting team in helping to determine whether to approve the borrower and/or loan, the amount of the loan, pricing of the loan/LTC, any pre or post funding conditions to be imposed, and structuring the loan duration. The Vice President may also be involved in contractor and sub-contractor due diligence activities, as appropriate.
Once the loan receives approval, the Vice President will oversee progress of the project per the approved plan prior to underwriting approval/funding including visiting the project on a regular basis to directly inspect and report on construction progress. For any loans that go into non-performing status, the Vice President will collaborate with the EVP, Construction and Portfolio Management department to execute the agreed upon plan including supporting contact with the borrower and project visits/communication. He/she must be organized and efficient and able to balance and track the activity of multiple loans and associated reporting while working closely with and as agreed to by the EVP and Executive Committee.

Essential Functions

The Vice President, Construction Due Diligence (NY) will be the key east coast-based construction underwriting and oversight executive for the company working as a member of a team reporting to the EVP Construction and Development and leading all the Construction Due Diligence for the NY area borrowers focusing on real estate developers and investors.
• Working independently and with direct support of and coordination with the LA-based team, the Vice President of Construction Due Diligence (NY) will perform a key function and provide the company’s management team and underwriting team with key data and insights into the construction-related loan activity in the NY metro area.
• The individual will work closely with the borrowers regarding all construction related matters to develop an on-the-ground understanding of the borrowers and projects and to establish effective ways to manage the relationship as it relates to terms, extensions, oversight/management, construction status reporting, construction risk reporting, and any other portfolio management activities as determined necessary in collaboration with EVP Construction & Development and the Executive Committee

• Help assist with ongoing recruiting and provide input and support to management – including thoughts on staff capacity and process improvement - in matters related to construction borrower and loan underwriting/vetting and fund control and draw administration. Grow the local NY team as appropriate to ensure team performance is top notch and in compliance with all policies, procedures, SLA’s and client requests/needs.

• Collaborate closely with the draw and underwriting teams 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

• In conjunction with the team, help in the development or enhancement of flexible and scalable reporting and policies and procedures to support the business and construction department needs -- reporting for draws, borrower underwriting, project underwriting,

• When needed, provide input on and assist construction team members 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.

• Understand and research industry best practices on construction risk and portfolio management and leverage knowledge and research to improve the company’s policies, practices and infrastructure.

Leadership Responsibilities
• Cultivates strong collaborative relationships with construction, risk and sales leadership and staff located in LA and NY
• Cultivates and fosters team building and cooperation and effectively motivates all team members to achieve goals and further their career development.
• Coaches and directs the activities of the related work group and ensures that the construction team members have all the needed resources to do their jobs.

Professional Experience/Qualifications
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 plus years overall experience working as a commercial real estate construction underwriter – with specific knowledge of multifamily asset development and redevelopment in the New York metropolitan region.
• 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.
• 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.

 

Job Sector


Not specified

 

Experience


10+ to 15 years


This job is no longer active.

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