AVP, Construction Disbursement Administrator

About the Role

Work directly and independently with construction contractors, project managers, third-party inspection firms, fund control companies, title insurers, borrowers, accountants, lenders, and clients from loan approval through final funding to manage the processing of lender-approved commercial real estate construction draws and documentation in accordance with internal and regulatory requirements.

Provide accurate and responsive funding on highly complex construction loans through all stages. Serve as a resource for construction industry-related practices and legal requirements. Thoroughly understand construction-related contracts and budgets. Perform all duties in accordance with the Company’s policies and procedures, and all U.S. state and federal laws and regulations where the Company operates.

Responsibilities

• At loan closing and in conjunction with the REIG lender, establish the final Master Funding Ledger for assigned loans to include all funding sources and uses utilizing construction budget(s) and loan closing statements.
• Verify and allocate project equity for hard and soft costs.
• Audit the Loan Disbursement File and Master Disbursement Funding Ledger at loan closing for assigned loans to ensure a proper start to the transaction.
• Confirm all equity payments and verification thereof on assigned loans.
• Ensure project budgets are accurately set up through approved fund control companies.
• Proactively participate in initial post-closing meetings with REIG lending/disbursement team and Borrowers' project team; conduct follow-up meetings as necessary.
• Verify and balance all budget categories and funding sources, both initially and with each funding request.
• Coordinate fund control requests and project inspections.
• Prepare and monitor funding reports for management.
• Accurately complete funding packages, submit for approval, disburse draws using the appropriate funding source, and notify the recipient of funds.
• Ensure line item transfers and increase transfers are adequately documented, the cost breakdown continues to balance, and all changes are submitted to the Loan Officer for approval.
• Ensure the Master Funding Ledger is updated regularly to reflect accurate and current construction progress and the status of remaining available funds.
• Manage mechanic’s lien detection and responsive resolution via interface with Borrower, Title Officer, and Lender.
• Order and review all applicable endorsements, including foundation and incremental increased coverage endorsements; obtain rewrite title policies as applicable.
• Establish and maintain paper and electronic files for assigned construction projects in accordance with REIG and Bank policies and procedures.
• Periodically review/audit REIG construction files to ensure audit readiness.
• Process partial demands and reconveyances for REIG subdivision projects.
• Work with other REIG Team members to monitor and clear ticklers and exceptions.
• Follow up for receipt and completion of all information in a timely manner.
• Complete special projects as assigned.
• Complete error-free accounting work.
• Ensure proper handling of requests and coordination of lien releases and receipts, and compliance with Bank construction funding procedures on assigned files.
• Confirm all equity payments and verification thereof on assigned files.
• Maintain standards for construction files and documentation requirements for draws and verifications of payment.
• Review all construction contracts and budgets for coherence and compliance with Bank requirements on assigned files.
• Approve final payment and audit construction file for sign-off, then return to regular loan file on assigned files.
• Confirm appropriate title endorsements are ordered, obtained, and managed in file as required on assigned files.
• Review filing and management of Preliminary Notices received on assigned files.
• Audit monthly interest payments due on assigned files.
• Review mechanics liens and/or contractor disputes on assigned files and provide the loan officer and management with recommended action.
• Follow all established policies and procedures.
• Perform other duties and projects as assigned.

Requirements

• 7-10 years of construction disbursement processing experience or equivalent.
• Bachelor’s degree or equivalent work experience.
• Knowledge of IBS (Integrated Banking System).
• Strong familiarity with real estate loan servicing and accounting systems.
• Ability to work at a high level with complex Excel spreadsheets, Word, and Outlook.
• Ability to create reports and audit all disbursements efficiently using the Bank’s accounting and loan systems.
• Basic knowledge of real estate, escrow, title, UCC, and lender due-diligence processes.
• Strong knowledge of the construction process and typical disbursement requirements.
• Ability to manage multiple tasks/projects and deadlines simultaneously.
• Strong analytical skills.
• Self-starter and detail-oriented.
• High School diploma or equivalent required.

Benefits

• Financial Security: Eligible to participate in the company’s 401k plan, which includes a company match and immediate vesting.
• Health & Well-Being: Comprehensive insurance options including medical, dental, vision, AD&D, supplemental life, long-term disability, pre-tax Health Savings Account with employer contributions, and pre-tax Flexible Spending Account (FSA).
• Building & Supporting Your Family: Adoption, surrogacy, and fertility assistance, as well as paid parental leave and family support solutions including care options.
• Paid Time Away: Paid vacation days, holidays, and volunteer time off.
• Career Growth Opportunities: Tuition reimbursement, an annual mentorship program, leadership development resources, and access to LinkedIn Learning.

Pay

The base salary ultimately offered is determined through a review of education, industry experience, training, knowledge, skills, and abilities of the applicant in alignment with market data and other factors.