Commercial Construction Loan Administrator

Company: Locus

Location: , Remote

Job Function: Lending/Loan Operations


Background

About Locus:

Locus creates equitable access to capital by developing community partnerships and innovative tools that tackle systemic challenges and advance promising opportunities. We envision a world in which people and places have the capital and ecosystem partners needed to realize prosperous futures.

Locus (formerly Virginia Community Capital) is a $335 million nonprofit and parent organization for a family of social enterprises, which includes Locus Bank, Locus Impact Fund, Locus Capital, and the Community Investment Guarantee Pool, or CIGP. The mission of Locus is to create equitable access to capital by developing community partnerships and innovative tools that tackle systemic challenges and advance opportunities. Locus employs solutions to address inequities, including lending, banking, impact-driven programs, place-based investments, and strategic consulting and work with each community to build investment strategies that lift their assets and meet their unique needs.  To learn more, visit locusimpact.org.

Summary

The Commercial Construction Loan Administrator is responsible for the administration of construction loans, line of credit advances, real estate valuation reports, and environmental site assessments reports, with heavy emphasis on construction loans. Communicates and collaborates with credit risk management, loan officers, and loan operations staff on a regular basis, a critical element of this position is serving the internal and external customer.

Locus prefers applicants within one hour drive from Locus’ headquarters in Richmond, VA.  Considerations may be given to qualified candidates from East Coast states where business relationships have already been established, they include:  Virginia, New York, Florida, New Jersey, West Virginia, Georgia, North Carolina, Massachusetts and Pennsylvania.

Responsibilities

Under the supervision of the Credit Risk Officer II, the Commercial Construction Loan Administrator will:

  • Conduct pre-closing file review of budgets, contracts, plans, and building permits.
  • Review AIA Payment Applications.
  • Monitor construction progress compared to budget.
  • Order and review construction site inspections.
  • Order and review title updates.
  • Manage the disbursement of real estate construction loans and lines of credit in a timely manner.
  • Manage the appraisal pipeline, which includes maintaining the approved appraiser list, ordering appraisals, and ensuring appraisals are delivered based on established timelines.
  • Review and approve 1-4 family appraisals as well as approve third-party reviews of commercial appraisals. Full review and approval of commercial appraisals may be required on occasion.
  • Manage the environmental site assessment reports, including ordering environmental reports and ensuring environmental reports are delivered based on established timelines.
  • Review and approve environmental site assessment reports .
  • Participate in ad-hoc projects as required.

Requirements

Qualifications:

  • Relevant work experience of at least 3-5 years in a credit risk administration function (construction management, appraisal management, commercial loan documentation, commercial loan operations, etc.) is required.
  • Knowledge and demonstrated experience in construction loan management is required.
  • Knowledge and demonstrated experience in appraisal review is preferred.
  • Knowledge and experience in federal regulations governing appraisal management is preferred.
  • Knowledge and demonstrated experience in environmental studies review is preferred.
  • Ability to apply previous banking work experience and knowledge to a unique business model.
  • Demonstrated advanced proficiency in use of Microsoft Office Software (Teams, Access, Excel, Word, PowerPoint).
  • Working knowledge of Salesforce is preferred.
  • Effective written communication skills to deliver content and recommendations accurately.
  • Ability to organize and prioritize work activities to meet deadlines and ensure high quality work products.
  • High level of flexibility and attention to detail is required.
  • Ability to travel as required .

Compensation and Benefits

Locus offers a competitive salary based on experience and skills, as well as an excellent benefits package including health, disability, life insurance, 401(k) savings plan with employer match, and paid time off.

The salary range for the Commercial Construction Loan Administrator is $50,000 – $65,000.

How to Apply

Apply here – https://recruiting.paylocity.com/Recruiting/Jobs/Apply/2166591

Review full job description here – https://recruiting.paylocity.com/Recruiting/Jobs/Details/2166591