Construction Draws Manager

1 week ago

Cherry Hill, United States Asset Based Lending LLC Full time

Who We Are:

Based in New Jersey and established in 2010, Asset Based Lending, LLC (ABL) is one of the nations leading Hard Money Lenders. We provide fast bridge financing to real estate investors for the purchase, renovation, or new construction of single family, multi-family and mixed-use properties as well as DSCR rental loans for long term investors. We have closed thousands of loans since we began lending fourteen years ago, producing more than $2B in originations. ABL was acquired by a private equity firm in 2021, and with a renewed focus on growth, weve set our sights on consistent evolution and cementing our place as the premier private lender in the country.

Our Mission is Simple:

  • Make Good Loans
  • Provide Exceptional Service, Every Time
  • Protect The Firm
  • Build The Future

Position Summary:

The Construction Draws Manager plays a critical role in overseeing and managing the draw process for construction projects. This position involves coordinating with project managers, contractors, financial institutions, and other stakeholders to ensure that funds are disbursed according to project milestones and contractual agreements. The manager ensures that all draw requests are accurate, compliant, and processed in a timely manner, facilitating smooth financial operations throughout the construction lifecycle.

Key Responsibilities:

Draw Process Management:

  • Oversee the entire construction draw process, ensuring that draw requests are prepared accurately, submitted on time, and in accordance with the contract terms.
  • Coordinate with project managers to verify that work has been completed satisfactorily before approving draw requests.

Documentation and Compliance:

  • Ensure all necessary documentation is complete and accurate for each draw request, including lien waivers, invoices, and inspection reports.
  • Maintain compliance with all relevant laws, regulations, and lender requirements throughout the draw process.

Financial Oversight:

  • Monitor project budgets and track expenditures to ensure projects remain within budget and funds are allocated efficiently.
  • Work closely with the accounting department to reconcile draw disbursements with project budgets and accounting records.

Stakeholder Communication:

  • Serve as the primary point of contact for all parties involved in the construction draw process, including contractors, project managers, lenders, and inspectors.
  • Communicate effectively to resolve any discrepancies or issues that arise during the draw process.

Risk Management:

  • Identify and mitigate financial risks related to the draw process, including potential overpayments, funding shortfalls, and unauthorized work.
  • Conduct regular reviews of construction progress and financial reports to anticipate and address potential issues.

Process Improvement:

  • Continually assess and improve the draw process for efficiency, accuracy, and compliance.
  • Implement best practices and technologies to streamline draw operations and enhance transparency.

Qualifications:

  • Bachelors degree in Construction Management, Finance, Accounting, or a related field.
  • Minimum of 5 years of experience in construction finance, project management, or a similar role, with a strong understanding of the construction draw process.
  • Proficiency in construction management software and financial systems.
  • Strong analytical, organizational, and project management skills.
  • Excellent communication and interpersonal skills, with the ability to work effectively with diverse stakeholders.
  • Detailed knowledge of construction contracts, documentation, and compliance requirements.

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