Description
Hanover Street Capital, LLC ("Hanover Street"), a wholly-owned subsidiary of SitusAMC - the leading independent provider of advisory, strategic outsourcing, talent and technology solutions to the commercial and residential real estate finance industry, is a unique end-to-end commercial real estate ("CRE") financial services platform that provides a comprehensive suite of world class real estate finance advisory, asset management and servicing solutions. Hanover Street offers a broad range of capabilities across all commercial property and credit types, with customized product-integrated solutions throughout the life-cycle of a real estate transaction. With practice teams dedicated to CRE Acquisitions and Advisory services, Asset and Portfolio Management, Loan Servicing and Administration, and Loan Sourcing and Transaction Management, we offer our clients innovative business solutions that support their strategic objectives and operational requirements.
We are currently seeking a highly motivated, detail-oriented qualified Analyst- or Associate- level candidate to join our Loan Administration team in New York, NY. In this role, you will support Senior Loan Administrators in the day to day administration of a diverse portfolio of CRE loan and debt financings including construction/renovation loans, syndications, CMBS, secured and unsecured debt transactions, multi-currency and project financings. As a member of Loan Administration, you will work alongside colleagues in Asset Management, Portfolio Management and Servicing, and see the full breadth of activities required to manage a diverse, complex commercial real estate loan portfolio. The role is focused on supporting Senior Loan Administrators to process and administer CRE loan documentation and funding requirements, including monthly waterfall calculations, cash management processing, payoffs, manage escrows and reserve balances, as well as respond to client, loan participant and Asset Management team inquiries. In addition, you will have an opportunity to develop and grow professionally and hone your skills in support of streamlining workflow processes, addressing borrower inquiries, and the application of industry best practices - designed to allow you to progress and take on the full breadth of Loan Administrator duties and be assigned full responsibility for a portfolio of assets as you gain more and more experience.
At Hanover, we believe that an environment of constant learning, collaboration and personal connections are essential and our success is driven by the relationships we form with our colleagues and clients. You’ll always feel valued here.
Sample Responsibilities:
· Support Senior Loan Administrators in the day to day administration of assigned loans, including communication with Borrowers and Lenders/Investors and Client
· Assist in analyzing and interpreting loan documents and providing advice and direction to the Asset Management Team and Loan Operations teams
· Monitoring reserve and escrow accounts to ensure borrower compliance with governing documents including provisions related to budget, taxes, insurance, collateral and future funding
· Reviewing disbursement requests, monitoring draw procedures, managing flow of funds mechanics and internal loan administration
· Monitoring of construction loans including review of budgets, back-up documentation, title updates, and inspection reports. Periodic travel to inspect construction projects.
· Performing monthly loan-level waterfall calculations and cash management processing including the monitoring of income, operating budgets and leasing status
· Coordinate new portfolio and new loan servicing including collection of all necessary loan documents, obtaining contact information for all relevant parties and ensuring accurate boarding in the loan servicing system.
· Reconcile and review various reports including billing statements, release statements, payoff statements and remittance reports as required to ensure Hanover’s high standards are achieved in terms of quality, accuracy and completeness.
· Update and monitor loan specific information in the loan servicing system
· Flexibility in schedule with respect to meeting time sensitive client needs
· Handle the collection and remittance of payments
· Verification and payment of taxes and insurance
· Calculating property/unit release prices and monitoring releases
· Portfolio reporting
· Coordination with asset managers, borrowers, co-lenders and third-party vendors
Core Competencies for this role:
* Strong analytical, problem solving and computer skills with a thorough knowledge of Excel
· Thorough understanding of loan documents, particularly budget, taxes, insurance, collateral and future funding provisions; as well as payment structures and covenants
* Excellent written, verbal and electronic communication skills with attention to detail
* Work in a team environment yet think independently and generate quality work product with little supervision
* Manage multiple priorities and meet multiple deadlines
* Ability to approach work from more of a "transaction" basis versus "task" basis
* Understanding of real estate finance including debt and equity structures
Skills:
* Excellent reading and comprehension skills
* Ability to communicate effectively both written and verbal
* Analytical skills to understand complex commercial loan documents
* Strong organizational and time management skills
* Ability to work independently on projects and also collaborate ‘face to face’ as a team player
* Ability to work in fast-paced environment running multiple tasks under tight deadlines
Advanced knowledge of the following is required:
* MS Office Suite including Outlook, Excel, and Word.
* MS Excel - Intermediate to Advanced
Required Work experience requirements
· Minimum 1+ years of experience in Commercial Real Estate, Loan Servicing/Administration, Corporate Trust or Community Development or related field
· Construction loan experience desirable
· Knowledge of cash management and waterfalls preferred
About SitusAMC
SitusAMC is the leading provider of consulting, outsourcing, talent and technology solutions, supporting institutional lenders and investors, across the life cycle of commercial and residential real estate debt and equity. We bring together the industry’s top talent, an unparalleled platform and innovative technologies to help clients optimize returns, identify risk, transform processes and infrastructure, and ultimately, realize opportunities in their businesses. We currently employ more than 3,300 employees with offices in 27 markets across the U.S., Europe and APAC.
We are an equal opportunity employer (m/f/d/v).
We are currently seeking a highly motivated, detail-oriented qualified Analyst- or Associate- level candidate to join our Loan Administration team in New York, NY. In this role, you will support Senior Loan Administrators in the day to day administration of a diverse portfolio of CRE loan and debt financings including construction/renovation loans, syndications, CMBS, secured and unsecured debt transactions, multi-currency and project financings. As a member of Loan Administration, you will work alongside colleagues in Asset Management, Portfolio Management and Servicing, and see the full breadth of activities required to manage a diverse, complex commercial real estate loan portfolio. The role is focused on supporting Senior Loan Administrators to process and administer CRE loan documentation and funding requirements, including monthly waterfall calculations, cash management processing, payoffs, manage escrows and reserve balances, as well as respond to client, loan participant and Asset Management team inquiries. In addition, you will have an opportunity to develop and grow professionally and hone your skills in support of streamlining workflow processes, addressing borrower inquiries, and the application of industry best practices - designed to allow you to progress and take on the full breadth of Loan Administrator duties and be assigned full responsibility for a portfolio of assets as you gain more and more experience.
At Hanover, we believe that an environment of constant learning, collaboration and personal connections are essential and our success is driven by the relationships we form with our colleagues and clients. You’ll always feel valued here.
Sample Responsibilities:
· Support Senior Loan Administrators in the day to day administration of assigned loans, including communication with Borrowers and Lenders/Investors and Client
· Assist in analyzing and interpreting loan documents and providing advice and direction to the Asset Management Team and Loan Operations teams
· Monitoring reserve and escrow accounts to ensure borrower compliance with governing documents including provisions related to budget, taxes, insurance, collateral and future funding
· Reviewing disbursement requests, monitoring draw procedures, managing flow of funds mechanics and internal loan administration
· Monitoring of construction loans including review of budgets, back-up documentation, title updates, and inspection reports. Periodic travel to inspect construction projects.
· Performing monthly loan-level waterfall calculations and cash management processing including the monitoring of income, operating budgets and leasing status
· Coordinate new portfolio and new loan servicing including collection of all necessary loan documents, obtaining contact information for all relevant parties and ensuring accurate boarding in the loan servicing system.
· Reconcile and review various reports including billing statements, release statements, payoff statements and remittance reports as required to ensure Hanover’s high standards are achieved in terms of quality, accuracy and completeness.
· Update and monitor loan specific information in the loan servicing system
· Flexibility in schedule with respect to meeting time sensitive client needs
· Handle the collection and remittance of payments
· Verification and payment of taxes and insurance
· Calculating property/unit release prices and monitoring releases
· Portfolio reporting
· Coordination with asset managers, borrowers, co-lenders and third-party vendors
Core Competencies for this role:
* Strong analytical, problem solving and computer skills with a thorough knowledge of Excel
· Thorough understanding of loan documents, particularly budget, taxes, insurance, collateral and future funding provisions; as well as payment structures and covenants
* Excellent written, verbal and electronic communication skills with attention to detail
* Work in a team environment yet think independently and generate quality work product with little supervision
* Manage multiple priorities and meet multiple deadlines
* Ability to approach work from more of a "transaction" basis versus "task" basis
* Understanding of real estate finance including debt and equity structures
Skills:
* Excellent reading and comprehension skills
* Ability to communicate effectively both written and verbal
* Analytical skills to understand complex commercial loan documents
* Strong organizational and time management skills
* Ability to work independently on projects and also collaborate ‘face to face’ as a team player
* Ability to work in fast-paced environment running multiple tasks under tight deadlines
Advanced knowledge of the following is required:
* MS Office Suite including Outlook, Excel, and Word.
* MS Excel - Intermediate to Advanced
Required Work experience requirements
· Minimum 1+ years of experience in Commercial Real Estate, Loan Servicing/Administration, Corporate Trust or Community Development or related field
· Construction loan experience desirable
· Knowledge of cash management and waterfalls preferred
About SitusAMC
SitusAMC is the leading provider of consulting, outsourcing, talent and technology solutions, supporting institutional lenders and investors, across the life cycle of commercial and residential real estate debt and equity. We bring together the industry’s top talent, an unparalleled platform and innovative technologies to help clients optimize returns, identify risk, transform processes and infrastructure, and ultimately, realize opportunities in their businesses. We currently employ more than 3,300 employees with offices in 27 markets across the U.S., Europe and APAC.
We are an equal opportunity employer (m/f/d/v).
Experience
2+ to 5 years
This job is no longer active.