Director, Construction Lending - Real Estate Debt - Europe in London

At Barings, we are as invested in our associates as we are in our clients. We recognise those who work diligently for us and reward them for personal and professional integrity, communication skills, distinct competencies and expertise in specific strategies, ability to collaborate as a team member and true dedication to the interests of our clients.

Overall Purpose of Role

Reports to the Head of Construction Lending, Real Estate Debt. The Construction Lending team has primary responsibility for the origination, underwriting, execution and monitoring of construction loans. The team is structured as a vertical within the broader organization, so it works closely with the other functional areas of the platform, including the broader originations team, the asset management team, and the portfolio management team. This role will primarily support the underwriting and closing of new Construction and heavy Value-Add loans for the European funds and separately managed accounts. The role will involve regular collaboration with the US Construction, European Real Estate Debt Origination, Portfolio Management and Asset Management teams and the European Real Estate Equity, ESG and Research teams.

Key Accountabilities

• Conduct regular site visits, develop relationships with borrowers, project monitors, and other stakeholders to better understand and monitor project progress.
• Monitor, identify and manage construction risks including cost overruns, delays and regulatory compliance.
• Analyse project monitor reports and work with internal and external inspecting engineers to evaluate borrower draw requests, ensuring compliance and alignment with loan agreements, budget and project milestones.
• Negotiate with borrowers and other stakeholders as necessary. Formulate, present for approval, and close loan modifications if necessary.
• Track construction lending book and provide monitoring and reporting for clients. Ensure data is accurately input and tracked on the relevant systems. Work closely with the portfolio management team to provide market intelligence, and portfolio status reports to clients.
• Underwrite new construction loans, with support from broader underwriting team and the US construction lending team.
• Review and interrogate development appraisals, construction documentation, budgets and third party reports and apply justifiable underwriting assumptions and preparing questions for Sponsors.
• Review sponsor contributed equity, including relevant back-up, as well as title policy, prior to loan closing.
• Establish with borrower a satisfactory protocol for the monthly draw process reporting and submission of required back-up information.
• Review ESG credentials and due diligence of potential transactions and reflect in underwriting.
• Presentation of construction loans at pipeline and co-ordination and presentation investment committee memos.
• Review loan documents, underwriting documents and construction documents prior to loan closing for consistency with established construction lending best practices.
• Develop origination network to source new construction loans. Work with the originations team to negotiate and win new construction lending assignments.
• Support underwriting team in the analysis of value-add transactions with significant capital expenditure.

Qualifications

• Educated to degree level and professional certification such as MRICS;
• Minimum 10 years’ experience in construction oversight or project management across commercial property asset classes;
• Strong understanding of construction contracts, cost estimation, scheduling and regulatory frameworks including ESG requirements;
• Strong attention to detail and ability to identify risk in new and existing transactions and effectively develop mitigation strategies;
• Experience of construction projects in Continental Europe as well as UK is desirable;
• Experience reviewing and negotiating construction facility agreements is desirable;
• Collaborative team player, self-starter with ability to work independently and manage multiple projects simultaneously;
• Excellent Excel and Power Point presentation skills;

Competencies

• Strong written, oral, interpersonal, and presentation skills and the ability to effectively interface with clients, prospective clients, senior management and staff.
• Creative, solutions focused mindset; with strong interpersonal, organizational, and collaboration skills;
• Ability to influence and engage peers;
• Demonstrated attention to detail;
• Promote a positive attitude and working environment among fellow employees;
• Ability to operate autonomously with transparency and integrity;
• Ability to prioritise and multi-task;
• Meet tight timelines and make key recommendations and decisions.