Director / Senior Director, Real Estate Lending – Construction Lending (United-States)
Toronto - Permanent
A CDPQ subsidiary, Otéra Capital is a leader in commercial real estate debt, recognized for its expertise, professionalism and reliability.
Otéra's success is largely based on the talent, expertise and complementarity of its employees. We offer an environment that is both stimulating and dynamic, where we pursue excellence, we care, we innovate, we take ownership and we collaborate. Otéra employees benefit from a competitive global compensation package, as well as professional development and wellness programs.
Reporting to the Vice-President, Real Estate Lending – Construction Loans Ontario, Western Canada and United States, the Director / Senior Director, Real Estate Lending – Construction Lending is responsible for contributing to Otera Capital’s US lending strategy by growing the construction loan portfolio in line with the annual team production objective.
- Managing/Developing assigned relationships by originating, structuring, negotiating and underwriting construction lending investment opportunities (minimum loan sizes of US$75 million) and completing all due diligence,
- Assisting the Analyst/Senior Analyst with loan assessment, structuring and due diligence for closing for large and complex transactions.
Transactions completed must optimize risk-adjusted returns for Otéra as well as be in accordance with Otéra’s underwriting, credit and investment policies and procedures.
The incumbent will have asset management responsibilities for the US construction loan portfolio, which include handling all client queries and requests, draw requests, review and reconcile cost and budget reports, completion of regular loan reviews, annual inspections of properties, on-going financial reviews and reporting, loan extensions, and assessing and recommending any changes to security especially as it relate to potential defaults and monitoring watch-listed loans.
Loan Production and Financial
- Achieve an individual volume production objective of approximately US$400 Million;
- Manage/Develop assigned relationships by originating, negotiating and structuring large and complex construction loan proposals (including loan syndications) which satisfy Otéra’s risk and return requirements including the review, analysis, inspection of properties and preparing loan submissions for approval;
- Prepare, issue and negotiate term sheets with clients, loan agreements (including co-lender/inter-creditor agreements), and complete all required due diligence for loan closings;
- Ensure that all investment activities conform to Otéra’s underwriting, credit and investment policies and procedures;
- Develop construction financing investment opportunities in targeted markets by establishing and leveraging relationships with existing and prospective clients, mortgage brokers and other industry contacts;
- Pro-actively apply market knowledge and experience to influence adjustments to the lending parameters to adapt to changes in the competitive and/or economic landscape;
- Review and recommend loan submission and any credit amendments;
- Make presentations to internal investment committee, Otéra’s independent Credit Committee and Otéra’s Board.
- Asset management for an assigned loan portfolio and assigned client relationships;
- Handle all client queries and requests including assessing, structuring and negotiating and making recommendations to Credit with respect to changes in loan structure or security;
- Complete all loan reviews and regular inspections of all properties;
- Responsible for project monitoring, reviewing and reconciling cost reports and budgets, ongoing financial reviews and reporting and assessing and recommending any changes to security especially as it may relate to potential defaults and monitoring watch-listed loans;
- Structure, negotiate and document loan extensions including preparing, issuing and negotiating extension agreements and completing all due diligence.
- Bachelor’s degree in Business Administration, Finance or Real Estate.
- 10 - 15 years’ experience in a similar job position. [senior director]
- 7 - 12 years’ experience in a similar job position. [director]
- Thorough knowledge of construction real estate finance;
- US lending experience would be an asset;
- Good working knowledge of Microsoft Office – Outlook, Word, Excel, PowerPoint.
- Superior verbal and written communication skills;
- Strong analytical and risk assessment skills;
- Able to work both independently and as part of a team;
- Ability to work on several concurrent projects with strict deadlines;
- Detail oriented;
- Focused on client satisfaction (internally and externally).
We subscribe to the principle of employment equity and encourage diversity and inclusion. All candidates are welcome to apply; however, only candidates selected for an interview will be contacted.