Construction Loan and Closing Specialist

BlueHub Loan Fund (BHLF), an affiliate of BlueHub Capital (BlueHub), seeks a Construction Loan & Closing Specialist (CLCS) to support our community development lending program to a diverse set of borrowers. These include real estate developers, charter school and community health center operators, and non-profit and social enterprises serving low-income families and communities. BHLF currently has a loan portfolio of approximately 165 borrowers with aggregate outstanding balances of over $220 million. This person will join the Portfolio Management team, which plays an integral role in loan closings, loan administration, loan disbursements and loan operations and report to the Director of Construction Loan Management. The CLCS will manage and maintain procedures and internal controls related to a complex set of commercial transactions in accordance with BHLF’s Loan Policies and Procedures.

This newly created position requires a highly motivated person with a commitment to community development finance and, ideally, a background in construction management and monitoring, loan closing, or portfolio management. This person will be responsible for closing and funding loans in coordination with Loan Officers, the Portfolio Management Team, the Finance Department, outside consultants and legal counsel. They will also be responsible for reviewing construction requisitions, closing, disbursing and monitoring construction loans. This person will support portfolio reporting responsibilities on a monthly and quarterly basis. The candidate must be a self-starter, have the demonstrated ability to work independently and effectively on several tasks in a fast-paced environment, and have strong quantitative skills as well as strong written and verbal communication skills. The candidate must be able to work collaboratively across departments within BlueHub and externally with borrowers and consultants.

Work Arrangements: This position is Boston-based. BlueHub staff are working a hybrid schedule of three days of work in the office (Tu-Th) and two days of remote work (M & F).

Background: BlueHub Capital is a mission-driven, nonprofit community development financing organization focused on building healthy communities where low-income people live and work. We use innovative financial tools and deploy capital to support projects that make communities more vibrant places to live. BlueHub has four distinct programs: BlueHub Loan Fund (community development financing), BlueHub SUN (foreclosure relief), BlueHub Energy (clean energy access) and One Percent for America (citizenship financing). Since our founding in 1985, BlueHub has invested over $3.1 billion (and leveraged over $16.1 billion) to finance:

• Affordable housing, school facilities, child and youth development programs, community-based health centers, grocery stores, and community gathering places
• Reducing financial barriers to US citizenship
• Clean energy enhancements that expand access to solar and other renewable sources for people with low incomes
• Mortgage lending for families facing foreclosure

Increasing economic opportunity is at the heart of why BlueHub exists and why we do the work we do. Our investments focus on communities that have been systematically denied access to capital. Our offices are located in the Roxbury neighborhood of Boston, MA. To learn more about BlueHub Capital, please visit, www.bluehubcapital.org.

Essential Duties and Responsibilities:

Construction Loan Management (50%)

• Build and maintain construction cash flow spreadsheet for each construction loan, tracking closing budget, change orders and disbursements throughout the construction loan.
• Manage capitalization of construction loan interest.
• Identify construction loan problems and recommend solutions to the lending and portfolio management team.
• Maintain and ensure electronic and database files are kept organized, maintaining an audit trail of all disbursements.
• Review and approve construction requisitions.
• Coordinate lender inspector site visits and review site observation reports.
• Coordinate funding with loan officers and the finance team.
• Manage ongoing construction disbursements: request and review title insurance updates, track and ensure receipt of lien waivers, monitor hard and soft cost budget items, contingencies and invoices.
• Manage funding of requisitions internally and with other project lenders.

Loan Closing (30%)

• Work closely with loan officers to prepare, collect and process due diligence items and documentation related to loan closings. Identify and help resolve potential barriers to closing.
• In conjunction with loan officer and outside legal counsel, oversee preparation and manage completion of loan closing checklists to ensure that all loan closing conditions have been met and approved by authorized parties.
• Maintain working knowledge of BHLF’s Loan Policies and Procedures to ensure compliance with internal approval and closing requirements, including Know Your Customer and Office of Foreign Assets Control policies. Recommend updates to policies as needed.
• Set up new loans in BHLF’s loan administration systems, including Salesforce and TEA.
• Support the closing and funding process in conjunction with other transaction parties and internally with loan officers, the Finance team and our legal counsel.
• Manage loan closing and closing disbursement funding process for construction loans.
• Assemble and construct closing requisitions. Review and approve closing requisitions when BHLF is participant lender.
• Review and approve settlement statement for closing in coordination with the title agent.
• Participate in pre-construction calls with BHLF Borrowers, peer funders and development consultants.
• Support the opening of controlled bank accounts required by certain loan transactions.
• Coordinate with BlueHub’s Communications Team, borrowers and other transaction parties to ensure BHLF is acknowledged in press materials and on construction site signage for the projects we support, and that we are invited to participate in ground breakings, ribbon cuttings and similar in-person and virtual events.

Portfolio Reporting (20%)

• Manage development of monthly, quarterly, and annual reports for internal and external stakeholders.
• Upload data from our accounting software (TEA) into Salesforce (SF) on a monthly and quarterly basis.
• Generate and format TEA and SF reports on a monthly and quarterly basis.
• Reconcile SF reports to TEA to ensure material loan terms match across platforms.
• Manage TEA and SF ad hoc reporting for BHLF.

Other duties as assigned.

Essential Job Requirements:

• 4-5 years of loan closing, construction loan management or related experience in community development, real estate transactions or commercial lending.
• Proficiency with MS Office Suite is required.
• Experience with databases and CRM platforms; experience with Salesforce and/or TEA preferred.
• Excellent quantitative, written and verbal communication, and organizational skills. Must demonstrate a high level of attention to detail and commitment to accuracy.
• Excellent judgment and prudent decision-making abilities.
• Able to build relationships internally and work in a cooperative and diverse team environment.
• Able to build relationships externally and elicit confidence through a commitment to accuracy, timeliness and professionalism.

Additional Desired Qualifications:

• Experience with or understanding of the New Markets Tax Credit (NMTC) program, Low-Income Housing Tax Credit (LIHTC) and Historic Tax Credit (HTC) programs, and/or charter school facility operations or financing.
• Experience with community development real estate developers and nonprofit community-based organizations.
• Candidates who reflect the diversity of the communities we serve or have a keen interest in advancing economic development for those communities are strongly encouraged to apply for this position.