Construction Draw Manager
Apply NowCompany: Ellington Management Group
Location: New York, NY 10025
Description:
CONSTRUCTION DRAW MANAGER
Ellington is an SEC-registered investment adviser founded in December 1994 with approximately $14 billion of assets currently under management in hedge funds, institutional accounts, and public vehicles. Ellington manages portfolios of agency and non-agency residential mortgage-backed securities and opportunistically invests in other target assets including corporate loans, commercial mortgage-backed securities, mortgage-related derivatives and other asset-backed securities. The firm employs approximately 160 people at its offices in New York City, Old Greenwich, Connecticut and London. More information regarding Ellington can be found at www.ellington.com.
Position Summary
Ellington, through its correspondent loan purchase platform, acquires business purpose residential, and multifamily loans throughout the US from a network of private lenders. The loans are short term bridge and Fix-flip loans. Ellington is seeking a Construction Draw Manager for our growing team. The ideal candidate will have 3 years of experience in review of rehab projects and new construction projects, hands on experience in the fix-flip or building industry or in underwriting and/or the oversight of residential loan loans and in mortgage due diligence. Previous experience working for a rehab or construction lender is a plus.
Responsibilities:
Qualifications:
Additional:
Ellington Management Group is an Equal Opportunity Employer. Ellington's policy is to extend opportunities to qualified applicants and employees on an equal basis regardless of an individual's sex, gender identity, sexual orientation, race, color, religion, national origin, disability, protected Veteran status, age or any other characteristic protected by applicable law.
Ellington is an SEC-registered investment adviser founded in December 1994 with approximately $14 billion of assets currently under management in hedge funds, institutional accounts, and public vehicles. Ellington manages portfolios of agency and non-agency residential mortgage-backed securities and opportunistically invests in other target assets including corporate loans, commercial mortgage-backed securities, mortgage-related derivatives and other asset-backed securities. The firm employs approximately 160 people at its offices in New York City, Old Greenwich, Connecticut and London. More information regarding Ellington can be found at www.ellington.com.
Position Summary
Ellington, through its correspondent loan purchase platform, acquires business purpose residential, and multifamily loans throughout the US from a network of private lenders. The loans are short term bridge and Fix-flip loans. Ellington is seeking a Construction Draw Manager for our growing team. The ideal candidate will have 3 years of experience in review of rehab projects and new construction projects, hands on experience in the fix-flip or building industry or in underwriting and/or the oversight of residential loan loans and in mortgage due diligence. Previous experience working for a rehab or construction lender is a plus.
Responsibilities:
- Review and approve rehab loan draw requests from 8 different asset managers on a daily flow basis. This involves analysis of property inspection reports, permits, lien waivers and title work to ensure compliance with guidelines.
- Review and approve changes to the project scope of work.
- Review and approve new construction loan cases on a national scope in advance of loan purchase. This is analysis to determine project feasibility vs. the scope of work, review of the builder/GC, and compliance of the property and loan to guidelines.
- Monitor the status of rehab and ground up projects to ensure timely exits on loans.
- Develop and maintain protocol for vetting construction budgets and monitoring progress of projects.
- Manage day to day point of contact with our lender partners to provide superior customer service.
- Interact with third party vendors to obtain property valuations, title work, etc. as needed.
Qualifications:
- 3 years in rehab/construction business as an operator or with a lending operation as an underwriter, property specialist or asset manager. Experience as a property valuer (appraiser or realtor) highly considered.
- Ability to manage multiple projects at a time and prioritize accordingly
- Ability to effectively communicate, both written and verbally, with Senior Management regarding the progress and results of volume and timelines
- Ability to work effectively under time constraints
- 4-year degree from accredited university preferred
Additional:
- Remote work environment is possible for the right candidate.
- Full time or 1099 options may be available.
Ellington Management Group is an Equal Opportunity Employer. Ellington's policy is to extend opportunities to qualified applicants and employees on an equal basis regardless of an individual's sex, gender identity, sexual orientation, race, color, religion, national origin, disability, protected Veteran status, age or any other characteristic protected by applicable law.