How to Become a Construction Loan Manager
Step 1: Understand the job description and responsibilities of a Construction Loan Manager
What does a Construction Loan Manager do?
A Construction Loan Manager oversees construction loan activity at a bank. Responsible for achieving loan gain and profit objectives as well as reducing numbers of delinquent loans. Being a Construction Loan Manager manages a team of construction loan officers. Directs all facets of construction loan processing from origination to closing. Additionally, Construction Loan Manager requires a bachelor's degree in area of specialty. Typically reports to a top management. The Construction Loan Manager typically manages through subordinate managers and professionals in larger groups of moderate complexity. Provides input to strategic decisions that affect the functional area of responsibility. May give input into developing the budget. To be a Construction Loan Manager typically requires 3+ years of managerial experience. Capable of resolving escalated issues arising from operations and requiring coordination with other departments.
Within a bank, even a small bank, some loan officers will have specific areas of focus, depending on their specialties and what relationships have been cultivated in the community.
Construction loans are one of those areas where there may be a single individual, or several individuals who process only these kinds of loans.
The role of the construction loan manager is to oversee construction loan officers, be the final word on loan applications, and ensure that policies and regulations are being strictly followed when it comes to the granting of loans.
Constructions loan managers must set monthly or quarterly goals for their officers, and then implement plans to achieve those goals.
These plans may include marketing and community outreach programs, as well as networking with local businesses and community leaders to coordinate construction efforts.
Step 2: Learn best tips to become a Construction Loan Manager
Best tips for those who want to become a Construction Loan Manager
Here are some tips to become a Construction Loan Manager.
Pitfalls of Buying Houses at Auction.
Owner-builder construction loans.
Making Sure Your Construction Project is Economically Sound.
Making Sure You Have The Money.
Making Sure You Have The Right Professionals on Your Team.
Step 3: View best colleges and universities for Construction Loan Manager
Best colleges and universities for Construction Loan Manager
- Florida Southern College
- Colby College
- Dartmouth College
- University of Notre Dame
- Western Washington University
- Canisius College
Step 4: Think about whether is it worth to be a Construction Loan Manager
Is being a Construction Loan Manager Worth it?
Minimum 5 years’ accounting management experience, construction experience a plus.
View all Devlin McNally Construction jobs in San Francisco, CA - San Francisco jobs.
Keep reading to learn what these loans are, how they work, as well as some of the pros and cons of using one to finance your home.
Construction loans are higher-interest, shorter-term loans that are used to cover the cost of building or rehabilitating your home.
Unlike a traditional home loan, which is based on the fair market value of the home and determined by the home's condition in comparison to other recent sales, construction loans are based on what the projected value of the home will be once the work is complete.
Step 5: Prepare relevant skills for being a Construction Loan Manager
What skills do you need to be a Construction Loan Manager?
Due to the management level associted with this job, many skills are required to being successful and ensuring the success of your team. It is necessary to be able to excel with: Loan Origination, Specialty Lending, Lending Operations. For management positions, some skills may come as a no brainer, for this role those would be: Loan Software. As you can tell, it is no easy feat to be a manager, and the skills required reflect that.
This means that you should understand loan policies, traditional contracts, and even new precedents in the industry.
However, there is more emphasis put on construction knowledge and experience because of the specialization.
Since you are not actually a construction worker, but a loan manager, you cannot skimp on social skills.
The successful candidate will be responsible for analyzing new commercial construction loan requests including, but not limited to, cost estimating and providing construction expertise to minimize project risks while achieving maximum value of Bank’s Development and Construction loan portfolio, as well as any income-producing properties.
Knowledge of building construction, materials and methods.
Step 6: View average salary for Construction Loan Manager
How much does a Construction Loan Manager make?
The average salary range for a Construction Loan Manager is from $115,757 to $194,098. The salary will change depending on your location, job level, experience, education, and skills.
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Average salary for Construction Loan Manager jobs
- Construction Loan Officer
- Construction Lending Manager
- Construction Lending Officer
- Construction Foreman
- Construction Manager I
- Corporate Construction Manager