Loan Coordinator - Commercial

ABOUT REINVESTMENT FUND

At Reinvestment Fund, we are dedicated to making a tangible difference in the lives of underserved individuals and communities. Our mission is to create opportunity for underserved people and places through partnerships. We marshal the capital, analytics, and expertise necessary to build strong, healthy, and more equitable communities.

As a federally certified community development financial institution (CDFI), our job is to make finance an agent of positive change and equitable growth. We provide loans, grants and technical assistance to businesses and nonprofits. Our borrowers and grantees educate students, support local economies, and create jobs. They build affordable housing and provide community goods and services that include access to nutritious food, hunger relief, physical and mental health care, and other social services.

ABOUT THE POSITION:

Reinvestment Fund seeks an enthusiastic learner to join our team as a Loan Coordinator to support the Closing and Disbursements team. The coordinator will be an essential part of the Closing and Disbursements team that controls risk for construction, predevelopment, and other early-stage projects. You’ll review draw packages, manage commercial loan files, collect trailing documents and support the team by assisting them in their day-to-day operations. We’re looking to add a team member who is detail-oriented and thrives on providing excellent customer service.

RESPONSIBILITIES:

• Review borrower’s monthly requisition for accuracy and compliance with approved loan and funding budgets.

• Coordinate and fund construction loan advances and monthly interest payments.

• Manage and report on construction budgets and timelines.

• Identify, resolve, or escalate budget problems.

• Monitor interest allowances and reserves for sufficiency over the project.

• Review inspection reports and draw documents for accuracy, and for conformance with the budget, loan approval, and Loan Agreement.

• Work with Inspection company to request inspections for processing construction advances.

• Work with title company to request title bringdowns/endorsements for processing construction advances.

• Host construction disbursement process calls for new projects.

• Input loan servicing details in workplace management dashboard (Asana) for new loans.

• Manage archival and record retention of original loan files when loans get repaid.

OTHER DUTIES:

• Provide support for construction management and post-closing activities.

• Ensure that all required post-closing construction trailing documents are collected and uploaded to document management system (Synergy).

• Communicate funding needs to the Finance department.

• Generate a monthly construction disbursement report.

• Submit construction related invoices to be paid.

• Collection, verification, and upload of project insurance in portfolio.

• Sort through departmental mail.

EDUCATION, EXPERIENCE AND SKILLS:

To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

REQUIRED QUALIFICATIONS:

• Associates degree or equivalent experience.

• 1-2 years’ experience in commercial real estate and lending.

• Ability to read a budget and familiarity with budgeting concepts.

• Ability to read and understand commercial loan documents.

• Proven organization and time-management skills.

• Proven ability to manage multiple projects to their conclusion with satisfactory results.

• Personal presentation, conduct, speech, and email correspondence consistent with a professional business environment.

• Ability to define problems, collect data, establish facts, and draw valid conclusions.

• Proficient in MS Office – Word, Excel, Outlook.

• Proficient in electronic file storage and collaborative document management (SharePoint/OneDrive/Synergy).

• Previous experience with construction lending coordination is preferred.

COMPETENCIES:

To perform the job successfully, an individual should demonstrate the following competencies:

• Teamwork – ability to interact within department and across the organization.

• Quick thinking and learning acumen – Quickly adaptable to new project structures.

• Analytical and critical thinking – Deduces potential problem and solutions by combining all available data.

• Ownership/Accountability – Actively manages work and issues through to completion.

• Customer Service – Understands and manages customer expectations.

• Initiative – Anticipates and communicates challenges and opportunities.

• Commitment – Demonstrates sense of passion and urgency for work, mission, and organization.

• Adaptability – Sees opportunity and risk for continuous improvement.

• Efficiency and Productivity – Determines priorities and allocates time and focus accordingly.

• Professional/Technical Expertise – Understands and applies technical/procedural knowledge of job.

WORK LOCATION:

This position will be in the Philadelphia region and tied to our Philadelphia headquarters as a partially remote position. There will be an expectation to be able to travel to the Philadelphia office at least two times per month, as well as attendance at Reinvestment Fund’s in person staff meetings twice per year in Philadelphia.

COMPENSATION AND BENEFITS:

Reinvestment Fund offers a competitive salary based on experience and skills, as well as an excellent benefits package including employer-paid health, disability, and life insurance, 401(k) savings plan with employer match, flexible spending accounts (medical, dependent care and transportation), tuition reimbursement, paid time off, and EAP program.

The salary range for this position at commencement of employment is expected to be between $50,000 and $62,100/year, however, base pay offered may vary depending on multiple individualized factors, including market location, job-related knowledge, skills, and experience.

If hired, employee will be in an “at-will position” and the Company reserves the right to modify base salary (as well as any other discretionary payment or compensation program) at any time, including for reasons related to individual performance, Company or individual department/team performance, and market factors. Reinvestment Fund uses E-Verify to validate all new hires' ability to legally work in the United States and all new hires may be subject to a background check.

Reinvestment Fund is an Equal Opportunity Employer. We do not discriminate in hiring or employment practices based on race, color, religion, gender, age, sexual orientation, marital or familial status, national origin, non-job-related disability, or status as a veteran. Reinvestment Fund is committed to diversity, equity, and inclusion throughout our organization and in our external investment practices.

Reinvestment Fund, Inc. has an affiliate, RF Impact Advisers, Inc. (“RFIA”) that is a state-registered investment adviser. In order to advance compliance with and prevent violations of federal and state securities laws and to avoid even the appearance of a conflict of interest, RFIA has adopted a Code of Ethics to govern certain conduct of its staff, including certain staff of Reinvestment Fund because Reinvestment Fund is an advisory affiliate of RFIA. As part of this Code of Ethics, there are specific personal reporting and other requirements and disclosures of personal financial and/or securities transactions information for certain individuals, and this reporting may extend to your household members.