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- Paramus, NJ 07652
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Construction Administrator I
M&T Bank • Paramus, NJ
Posted 2 days ago
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Responsible for closing, servicing, and asset management of an assigned portfolio of commercial real estate and/or multifamily residential construction loans originated by Commercial lenders. Serves as primary point of contact for borrowers, lenders, and third party vendors to resolve construction loan-related questions and issues. May assist with department-wide projects and initiatives, as required by
• Review commitment letters and underwriting files, complete escrow analyses, review closing statements, work with closing attorney, borrower, investors and participants, and coordinate post-closing follow-up for construction loans to ensure completeness of requirements before loan fundings/disbursements.
• Regularly review, analyze, and process draw requests, budget reallocations, and lot releases for commercial real estate and/or multifamily construction loans based on project completion. Coordinate funding of loan settlements and regular draw takedowns with the appropriate internal departments and external investors/participants.
• Manage fundings and payments and collect and analyze loan documentation for a portfolio of commercial real estate and/or multifamily residential construction loans.
• Identify critical risks or project setbacks through careful analysis of submitted documentation, such as budget allocations, title documentation, site inspections, etc. Work with contractors, sub-contractors, vendors, engineers/inspectors, attorneys, Relationship Manager, and borrower to acquire necessary documentation and resolve any project issues that arise.
• Monitor loan payments, tax payments, and insurance coverage and premium payments to ensure they are being paid; communicate with borrower on erroneous or late payments to ensure resolution.
• Request, review and analyze operating statements, rent rolls and other documentation related to the financial condition of the property.
• Follow-up with Relationship Manager/borrowers regarding any clarification questions on information provided.
• Communicate with the Relationship Manager/borrower regarding any deficiencies or issues discovered during analysis of all submitted documentation to ensure completeness and accuracy of all documentation supporting the loan.
• Participate in department-wide special projects and initiatives, as needed.
• Complete other related duties as assigned.
• The position is responsible for servicing commercial real estate and/or multifamily residential construction loans and is critical to the day-to-day operations of the business. The position works directly with the lender, borrower, and third party vendors to ensure all construction projects adhere to the conditions outlined in the Loan Agreement, follow regulatory standards, and maintain the approved schedule and budget within Credit Policy. When not adhered to, the position discusses the specific situation with the Relationship Manager to determine the proper handling.
• The position is the primary contact for obtaining documentation from the borrower and third party vendors throughout the construction period of the loan. The position is responsible for hands-on management of the loan, including managing site inspections, draw request analysis/processing, budget analysis/oversight, and monitoring monthly payments and tax and insurance requirements.
• The position is responsible for owning or participating in a customer relationship while providing a positive customer experience and high level of expertise to help ensure all construction projects are managed smoothly.
• The Administrator position may receive support from more experienced personnel within the team.
• Bachelor’s degree or in lieu of a degree a minimum of four years’ work experience
• Minimum two years proven commercial real estate and multifamily loan closing, asset management, loan administration or underwriting experience or equivalent
• Proficiency with personal computers as well as pertinent software packages, loan information systems and internet applications
• Strong analytical, organizational, and verbal and written communications skills
• Ability to interact with all levels of personnel
• Ability to be a team player
• Previous bank experience in commercial real estate and multifamily residential construction monitoring, loan administration, or loan workout.
• Knowledge of Bank policies, procedures and banking regulations
At M&T, we strive to be the best place our employees ever work, the best bank our customers ever do business with and the best investment our shareholders ever make. So when looking to advance your career, look to M&T. As a top 20 US bank holding company and one of the best performing regional banks in the country, we offer a wide range of performance based career development opportunities for talented professionals. And through our longstanding tradition of careful, conservative and consistent management and a strong commitment to the communities we serve, we continue to grow with a focus on the future.
Job Posting: Jun 16, 2017, 9:09:30 AM
Unposting Date: Ongoing