Closing Manager

Company: National Development Council- NDC

Location: Hybrid- New York, NY

Job Function: Lending/Loan Operations


Background

The National Development Council’s Small Business Lending (NDC SBL) division is seeking to fill a position for a Closing Manager. The National Development Council (NDC) is the oldest national non-profit community and economic development organization in the United States. It was founded in 1969 with a mission of increasing the flow of capital for investment, jobs and community development to underserved urban and rural areas across the country. For additional information about NDC, please visit: http://ndconline.org/

Targeting minority and women owned businesses, NDC SBL, in cooperation with our Community Partners, provides financing to growing small businesses throughout the country. NDC SBL operates as a community development lender to support the creation of jobs and the expansion of eligible small businesses in underserved areas, particularly minority and women-owned businesses.

NDC SBL has several wholly owned affiliates. The Community Impact Loan Fund (CILF) is a non-profit, Certified Development Financial Institution (CDFI) operating several lending programs throughout the United States. With loans under $150,000, CILF claims a portfolio of over 1200 loans. Also a non-profit, the Grow America Fund (GAF) is licensed SBA 7a lending company. The financing it provides is partially guaranteed by the U.S. Small Business Administration. Under GAF’s Small Business Lending Company license, and GAF has Preferred Lender status nationwide. GAF is also Certified Development Financial Institution (CDFI). GAF has lent to over 600 borrowers with an average size of $500,000.u

Summary

The Closing Manager is responsible for ensuring loans are closing within the parameters of each CILF program or the SBA guidelines. The Closing Manager works under general supervision of the NDC SBL Director of Portfolio Management, exercising significant latitude in the use of initiative and independent judgment in the performance of his (or her) responsibilities.

Responsibilities

Manage the loan closing process in a timely and efficient manner.
• Document and maintain operating procedures (and/or provide support for these activities) which include relevant controls to meet group and local policy requirements.
• Create and maintain a closing checklist to reflect accurate data.
• Work with customer to collect organizational documents to confirm ownership structure, in addition to any program specific requirements, such as equipment lists, verifying equity injection and any program specific eligibility requirements.
• File UCC-1 Financing Statements on receipt of executed commitment letter.
• Conduct due diligence (ex. UCC, Bankruptcy, Patriot Act searches, or as applicable).
• Manage 3rd Party engagements: Lender’s counsel, environmental consultants, appraisers, title companies, Construction Monitoring Consultants.
• Ability to read and interpret commercial loan legal documents, understand the mechanics and the risks associated with commercial real estate transaction preferred.
• Assist with the preparation of loan documents and to ensure requirements are met and final title can be issued.
• Contact insurance agents, municipalities, treasury offices as required to ensure compliance and clearance checks.
• Ensure that all documents are properly recorded and delivered.
• Maintain and track loan approval and closing pipelines.
• Prepares loan modifications in accordance with program requirements.
• Verify and ensure accurate records are maintained in customer files.
• Disburse loan funds in accordance with credit approval and within program guideline.
• Document all closing costs and uses of funds at settlement and through full funding.
• Ensures all post loan closing conditions are met, such as collecting verification of insurance, receipt of recordings, auto titles, and lien releases.
• Ensures accurate records are maintained in customer files, including lien perfections
• Other duties as assigned.

Requirements

Bachelor’s degree from an accredited college or university with major course work in finance, business administration, economics, or a related field.
• Minimum five years of experience in loan closing related to real estate or equipment financings.

Compensation and Benefits

EQUAL OPPORTUNITY EMPLOYER

How to Apply

Email resume and cover letter to Careers@ndconline.org