The Loan Closer oversees the loan closing and funding process for a wide range of commercial real estate loan types, including predevelopment, property acquisition, construction, permanent, and enterprise loans. Working closely and collaboratively with Borrowers, attorneys, title companies, public agencies, vendors, and NeighborWorks Capital staff, the Loan Closer ensures that loan documents are correctly prepared; reviews and approves due diligence documentation; leads regular update meetings; maintains an authoritative checklist of materials and activities; and marshals all parties through the process to a successful closing.
Reports to: Director of Loan Closings
Status: Full-Time (FLSA Non- Exempt)
Location: Remote work permitted up to 100%
About NeighborWorks Capital
Our WHY statement: We believe the NeighborWorks network is a powerful catalyst for locally-driven community advancement. We support their equitable and inclusive work by connecting human, financial, and intellectual capital.
NeighborWorks Capital is a national community development financial institution (CDFI) that serves the organizational and affordable housing finance needs of the nearly 250 members of the NeighborWorks network located across the United States. NeighborWorks Capital is based in Silver Spring, MD but is open to remote work options.
NeighborWorks Capital’s lending includes short-term loans for predevelopment costs, acquisition of sites and properties, construction or rehabilitation, mini-perm and permanent financing for operating properties, lines of credit, and organizational/enterprise-level financing. NeighborWorks Capital is implementing the final year of its five-year strategic plan and will begin the development of a new strategic plan that will include an expansion of its engagement with members of NeighborWorks America. This is an exciting time to become part of the NeighborWorks Capital leadership team.
Job Duties and Requirements
- Actively lead the closing of commercial real estate and other commercial loans by coordinating closing activities for internal and external parties, including Borrowers, title and escrow companies, attorneys, and the Loan Officer
- Draft commitment letters for approved loan transactions and engage Lender’s counsel
- Prepare and update closing checklists, coordinate and manage follow-up for document requests, collection, review, and approval, including scheduling and leading check-in meetings (videoconference and/or telephone) to ensure positive customer engagements
- Analyze and evaluate due diligence materials: property, title insurance, and survey information; Borrower and Guarantor entity documents and authorizations; and other Lender’s loan documents to identify potential problems and recommend solutions to Loan Officer, Director of Loan Closings and NeighborWorks Capital counsel
- Review and approve Borrower and Project insurance documents
- Draft loan documents for unsecured commercial loans
- Create, collect and organize electronic and paper files of all loan documents
- Update Salesforce customer relationship management database throughout closing process
- Prepare funding instructions to ensure loans are funded properly and fees are collected
- Adjust working schedule to business needs, including accommodation for Borrowers located throughout the US (multiple time zones)
- May perform additional duties as assigned.
- Minimum of seven (7) years of demonstrated professional experience in commercial real estate loan closing, servicing and/or administration
- Strong interpersonal, verbal, and written communication skills with the ability to effectively interact with internal and external parties (good at managing up)
- Knowledge of real estate finance and market fundamentals; experience with affordable housing financing programs and structures a major plus, but a willingness to learn is more important.
- Willingness to be part of a team in a mission-based organization, dedicated to improving neighborhoods and strengthening organizations through affordable housing and community development
- Proven history as a self-starter who can add value by driving process-related decisions while working independently with a minimum amount of direct supervision
- Experience working in a remote environment (home or office) requiring frequent online collaboration with teammates.
- Demonstrated experience in reviewing and interpreting of all types of real estate and non-real estate loan documentation and lien perfection
- Demonstrated experience evaluating insurance documents, including corporate general liability, property/hazard, and construction (builder’s risk, completion, e.g.)
- Analytical and problem-solving skills with the ability to effectively resolve moderately complex situations and issues.
- Detail-oriented with strong organizational skills and the ability to manage multiple simultaneous projects efficiently and effectively.
- Knowledge of Microsoft Office Suite, especially Excel and Word. Experience with Salesforce and Dropbox a plus.
- Fluent in English
Annual salary range of $80,000 to $90,000, plus excellent employer-paid benefits package that includes medical, dental, vision, paid holidays, unlimited PTO, life insurance, disability, 6% contribution of eligible salary to 401(k), transportation subsidy, matching contribution plan to eligible nonprofits, and bonus potential up to 10% of salary.
How to Apply:
Please submit letter of interest, resume, and salary requirements to email@example.com. Salary requirements must be provided in order to be considered. No phone calls, please.
Due to the nature of this position, background checks (including verification of education and employment, as well as criminal record) and credit checks will be conducted as a condition of employment.
NeighborWorks Capital is an Equal Opportunity Employer. It is NeighborWorks Capital’s commitment to treat all its employees and candidates for employment with dignity and respect and to provide a workplace that is free from discrimination, whether that discrimination is based on race, color, religion, sex, national origin, disability, political affiliation, marital status, membership in an employee organization, age, sexual orientation, gender identity, pregnancy, or other non-merit factors. NeighborWorks Capital is committed to diversity and inclusion; and our goal is to have a workforce that is representative of the communities we serve.