Founded in 1908, CIT (NYSE: CIT) is a leading national bank empowering businesses and personal savers with the financial agility to navigate their goals. We believe in helping customers turn their ideas into outcomes. Whether those customers are building a business or building their savings, CIT has the experience and agility to empower them to achieve their goals. At CIT, how we do business is just as important as what we do. Our social responsibility programs focus on driving financial and personal empowerment, supporting the environment and advancing wellness. CIT contributes to communities where we live, work and do business through charitable donations, community investments and employee volunteerism.
The Associate, Construction Loan Administrator - Community Lending and Investments (Loans and Investments) will report to the Director, CRA and provide Administrative support for all Contruction Lending activities for the CRA Division based in Pasadena, California.
The Associate, Construction Administrator will report to the Director, Community Lending & Investments (CLI) and provide Administrative support for all construction project files for the CLI Division based in Pasadena, California.
The Associate, Construction Administrator is responsible for managing construction project files for loans and investments, maintaining project budgets, and advising on project progress. Offering technical support to borrowers and maintaining relationships with third party vendors. Comply with all approved conditions and project guidelines and communicate regularly with all involved parties and departments.
ESSENTIAL DUTIES AND RESPONSIBILITIES:
Create and Maintain a Construction Management File
• Obtain, review, and approve ongoing field observation reports for projects under construction
• Obtain, review, and approve an itemized budget breakdown for ongoing draw requests.
• Verify and balance project budget, contingencies, and if applicable other funding sources.
• Download all quarterly reports and maintain a complete file on the shared drive and other internal share points.
• Establish a contact list per project, including borrower, contractor, additional source contacts and any consultants.
• Maintain internal databases of projects in the lending and equity portfolios
• Assist VP of Asset Management in the preparation of quarterly reports for all construction loans and investments and the quarterly tables for ongoing asset management.
Monitor and Process Disbursement Requests
• Work with Funding Coordinator to process wires and obtain and approve all third-party services – fund control, inspections, title endorsements.
• Verify all Waiver & Release on Progress Payments from the Contractor, Subcontractor and Suppliers are received.
• Review and approve all third-party reports; confirm amounts are within an acceptable variance of percent complete prior to funding the disbursement request.
• In coordination with the VP of Asset Management, attend monthly progress/draw meetings with inspector, contractor – when applicable.
• Coordinate the final payment, and receipt of final unconditional release(s).
• Follow protocol to close project out with Loan Servicing and Accounting departments
• Other duties as required by Director or VP of Asset Management
The requirements listed below are representative of the knowledge, skills, and/or abilities required for this position.
Knowledge, Skills & Abilities:
• Experience with construction draws and knowledge of the trades involved.
• 4+ years’ experience in construction project management and administration.
• Strong analytical skills.
• Ability to work independently, self-starter.
• Strong Microsoft Office skills, specifically Excel and working knowledge of creation of pivot tables.
• Ability to effectively and professionally interact and work with customers, contractors and colleagues.
Education and/or Experience:
A minimum of four years related experience and/or training; or equivalent combination of education and experience. Prior knowledge of construction management required. Working knowledge of Excel is required.