SVP, Construction

Description

The Senior Vice President, Investment Real Estate Construction is responsible for overseeing and managing the ongoing servicing and asset management of the construction loans in Merchants Bank of Indiana’s Investment Real Estate portfolio. The Senior Vice President, IRE Construction will be responsible for regular reporting to Company leadership on the construction loan portfolio performance, risk management, and adherence to regulatory standards. The IRE Construction Team oversees the construction financing originated on MBI’s balance sheet for the new construction or rehabilitation of affordable, workforce and conventional multifamily housing loans nationwide.

Success in this position will be comprised of leading, managing and developing the team, proactive monitoring and management of ongoing risk in the construction portfolio through quarterly loan grading specific to the projects in construction and lease up, effective communication with internal and external stakeholders, and enhancement of existing policies & procedures to accurately and efficiently administer the loans throughout the construction loan term.

Requirements

• Lead, manage and develop the Construction team through trainings, routine team meetings and periodic one-on-one meetings. 
• Proactively identify and escalate deals with construction issues that warrant additional investigation and internal discussion such as scheduling delays, cost overruns, accelerated contingency usage, interest reserve shortfalls and recommend classification changes to Credit, Risk and Merchants Capital Corporation’s Management Team.
• Oversee ongoing servicing and operations of the construction portfolio to ensure balanced workload across the team and draws are being disbursed accurately and timely. 
• Monitor the processes and key risk controls that are outlined in the Sarbanes-Oxley Narrative that governs Construction Lending and work closely with Enterprise Risk Management to make any revisions, as required.
• Monitor ongoing operations of the construction portfolio through routine reporting and follow up with the team on any issues that need to be addressed.
• Collaborate with other departments across Merchants Capital Corp’s servicing platform to implement any changes that would result in more efficient business processes. 
• Provide input on MBI construction standards and requirements that are incorporated into the construction loan documents for new closings. 
• Oversee the team’s ongoing financial covenant monitoring for deals in construction. 
• Review and approve routine requests requiring lender consent during construction (draws during construction, early release of retainage, funding over encumbrances on title, change orders from hard cost contingency, reallocation between line items in the development budget). 
• Develop strong relationships with key clients.
• Develop job aids and provide additional training on new processes and process enhancements that are rolled out to the team.

Expected Experience, Skills and Education:

• Minimum 10 years of experience in asset management and construction loan servicing experience strongly preferred.
• Previous experience in a management position required.
• Fundamentally developed understanding of loan portfolio management function required.
• Multifamily, affordable or healthcare credit experience strongly preferred.
• Requires problem solving skills as well as the initiative to troubleshoot and find resolutions.
• Must demonstrate the ability to identify, interpret and apply applicable guidelines in managing assigned processes.
• Must possess strong organization and communication skills with a focus on accuracy and attention to detail.
• Must demonstrate the ability to successfully manage the demands of multiple deadlines.
• Requires understanding and the ability to use Excel to maintain spreadsheets, utilize existing macros, and manage data.
• Bachelor’s degree in finance or related field from an accredited institution required. 

Our Benefits:

Merchants offers a comprehensive package of benefits for eligible employees, including, but not limited to: 401(k) employer contributions; employee stock ownership plan (ESOP); medical, dental and vision insurance; various types of leaves of absence, including paid time off, paid holidays, paid leave as provided under state and local paid leave laws, and short-term and long-term disability; health savings accounts (HSAs), flexible spending accounts (FSAs), dependent care and commuter reimbursement accounts, employee and dependent life insurance and supplemental life and AD&D insurance; telehealth, optional ancillary insurance policies, education assistance, and an employee assistance program. Eligibility for benefits is governed by the applicable plan documents and policies.

ABOUT MERCHANTS CAPITAL

With over 30 years of success built on putting people first, Merchants Capital is a proven leader in financing for multifamily housing nationwide. Our licenses with Fannie Mae, Freddie Mac, and HUD/FHA, in addition to our bank’s balance sheet products, allow us to offer custom solutions with agility and ease of execution, expanding access to housing in meaningful and impactful ways. Recognized as a top five affordable lender, Merchants Capital pairs our comprehensive debt offerings with in-house tax credit equity to provide a one-stop-shop for developers and owners. To learn more about Merchants Capital, visit www.merchantscapital.com.