Manager, Construction Portfolio
Equitable Bank is Canada's ninth largest independent Schedule I bank, serving Canadians coast to coast. It offers a diverse suite of residential lending, commercial lending and savings solutions, including high-interest savings products and GICs. Through its proven branchless approach and customer service focus, Equitable Bank has grown to approximately $25 billion in assets under management. Most recently, Equitable Bank launched a digital banking operation, EQ Bank, and introduced the EQ Bank Savings Plus Account. Equitable Bank currently employs over 600 employees across the country.
Within Equitable Bank's Core Lending business, Single Family Lending Services funds mortgages for owner-occupied and investment properties across Canada, while Commercial Lending Services provides mortgages on a variety of commercial properties on a national basis.Equitable's Securitization Financing business originates and securitizes insured residential mortgages under the Canada Mortgage and Housing ("CMHC") administered National Housing Act.Equitable Bank also offers a range of deposit products including short-term, long-term and Cashable GICs, available in non-registered or Tax Free Savings Account ("TFSA") across Canada. And it offers a High Interest Savings Account, available from authorized investment advisors through the FundServ network.
Equitable Bank is a growing Canadian financial services business and a wholly owned subsidiary of Equitable Group. It was founded in 1970 as The Equitable Trust Company.
Job Title: Manager, Construction Portfolio
Department: Credit & Risk Management
Reports To: Senior Manager, Portfolio Management
Purpose of Job
The Manager - Construction will be a key member of the Commercial Portfolio Management team. Reporting to the Senior Manager, Portfolio Management, the incumbent will assume responsibility for the management and prudent oversight of a portfolio of approximately $2.0B of construction mortgages secured by a variety of asset classes including multi-family, office, industrial, retail, vacant land, among others.
Key responsibilities include ensuring that credit risk is thoroughly assessed and within the Bank’s risk appetite and that the construction portfolio is comprehensively controlled and within approved guidelines. This is to be achieved via ongoing loan monitoring, annual reviews, site inspections, amendments/modifications, and renewals.
- Ensure compliance with the company’s established policies and procedures with recommendations submitted for approval to management based on approved delegations of authority
- Develop and maintain strong working relationships with CFG colleagues as well as our broker partners in order to provide optimal service to our clients
- Develop, implement, and maintain production and service metrics to measure and support best-in-class turnaround times on completion of construction underwriting/renewals and sub-advances with the goal of exceeding customer service, accountability, and transparency targets
- Ongoing, timely completion of construction portfolio reporting in an effort to identify risks associated with ongoing projects and proactively develop strategies to mitigate said risk. Reporting and monitoring may include, but not be limited to: status of each construction loan, identification of cost overruns, if any, along with recommendations on how to deal with same, monitoring of associated Letters of Credit, maturity profile, etc.
- Review and approval of regular, ongoing sub-advance requests as delegated by the Prudent Person Policy
- Ensure that projects remain on schedule and on budget. In the event of cost overruns, work closely with lending partners to ascertain cause of overruns while ensuring appropriate tools are in place to address same
- Ensure appropriate strategies are in place to deal with problem loans in order to minimize the risk of loss for the Bank
- Working with lending partners and internal stakeholders, process post-closing amendments that may be required to address cost overruns, scope changes, Letter of Credit requirements, etc.
- Creation and implementation of a tool that will assist with ongoing construction portfolio monitoring to ensure all covenants are onside
- Provide overflow support to CFG Portfolio Management by way of taking on underwriting assignments i.e. conventional renewals, annual reviews, etc.
- Post-secondary education (diploma/degree) in business or finance
- Have a minimum of 5 years of progressively senior experience in commercial real estate lending, with a specific focus on construction lending
- Strong knowledge of the process of a construction project, from Zoning and Site Plan Approval requirements to Substantial Completion and Stabilization.
- Ability to identify risks that may arise at various stages of a construction project while leveraging experience to develop mitigating factors.
- Highly developed verbal and written communication skills with the ability to communicate to Senior Management and Partners in a clear, concise and professional manner
- Sound technical knowledge of construction lending, financial statement analysis and factors affecting the Canadian commercial lending environment
- Detail-oriented individual who possesses a high level of integrity
- Demonstrated service excellence with their field
- Proven ability to thrive in a constantly changing environment and to perform well in a high volume, high intensity environment
- Effective analytical and problem solving skills
- Strong organizational and time management skills
- Ability to handle multiple competing priorities
- Proficient in MS Office
Equitable Bank is an equal opportunity employer and encourages applications from all qualified candidates. Accommodations are available on request for candidates taking part in all aspects of the selection process. All candidates considered for hire must successfully pass a criminal background check and credit check to qualify for hire. While we appreciate your interest in applying, an Equitable recruiter will only contact leading candidates whose skills and qualifications closely match the requirements of the position.
- Pay Type Salary
- Equitable Bank, Toronto, Ontario, Canada