Construction loan officers work directly with individuals and organization requesting construction loans. They not only help individuals fill out applications, but also process those applications, and make recommendations to construction loan managers about the feasibility of applications. Individual officers may be asked to create marketing materials to help solicit businesses and individuals, as well as educational material, to help those applying for loans provide the most correct and holistic view of their finances and the project.
It is the job of construction loan officers to listen to proposals, and determine which will best serve the institution and represent feasible risks, and which are requests are not risks worth taking. All loan officers must have a clear understanding of the bank’s loan policies. Some requests can immediately be approved or rejected based on those policies alone. Others must be taken into committees or directly to the manager for approval or rejection. Construction loan officers must quickly analyze information and be able to provide reports to managers and other bank officials.
Most loan managers set goals for their division. Loan officers are often called upon to offer ideas as to how the division can meet those goals. Some loan officers are asked to cultivate relationships with local companies who are likely to apply for construction loans. Others focus on keeping the community comprised of local events and planning for public outreach. If the bank has had a hand in building a new school or beneficial business, construction loan officers will often work to increase visibility of this situation.
A firm grasp on analyzing finance and the status of applications is a must for construction loan officers. Excellent written and verbal communications skills are necessary, as well. A familiarity with the construction industry, either from past experience or from business relationships with local construction companies, is a huge plus. Most institutions ask that their candidates have a bachelor’s degree in finance, and experience with officiating over loans. Some training is available on the job, but as loan applications are a complicated and delicate aspect of the bank’s business, prior training and knowledge is preferred.