Associate Director, Funding

Role Summary

Reporting to the Vice President, Investment Management, the Associate Director, Funding is responsible for the oversight and execution of the Funding function within the Real Estate Debt division. This includes reviewing and approving conditions precedent, reviewing initial loan fundings and construction progress advances, and coordinating the loan funding process with internal and external stakeholders. The Associate Director, Funding has primary responsibility for credit and transactional oversight of the advances that KV Capital funds towards approved investments. The Associate Director, Funding ensures all funding activity is accurately reflected in KV Capital’s systems and investor reporting, and leads continuous improvement in funding controls, processes, and technology.

Responsibilities

Loan Funding & Coordination

• Oversee and perform the final review of conditions precedent prior to initial advances for new mortgage loan investments. This includes title, security documents, insurance, appraisals, environmental and geotechnical reports, cost consultant reports, and equity verification.
• Review and approve construction progress advance requests within delegated authority. This includes quantity surveyor and cost consultant reports, cost-to-complete recalculations, holdback review, lien searches, and title sub-searches. Loan program "exception" requests and higher-risk advance requests are escalated to the Vice President, Investment Management, where necessary.
• Oversee team members responsible for instructing external solicitors, reviewing solicitor reports, and coordinating funding with borrowers, brokers, legal counsel, consultants, and syndicate and institutional partners.
• Ensure fundings are executed in accordance with participation, syndication, servicing, and interlender agreements, including timely partner approvals, funding notices, and pro rata advances.
• Review funding packages issued to investors, including KV Mortgage Fund, for accuracy and completeness.
• Ensure all loan advances are accurately recorded in the system, enabling proper calculation of LTV, LTC, interest reserves, and remaining commitments.
• Work with the Capital Markets and Corporate teams to forecast funding requirements and committed undrawn balances for liquidity planning.
• Monitor commitment letter conditions and ongoing covenants throughout the funding period, and flag defaults, budget overruns, or adverse changes in project status.

Builder Lines of Credit (BLOC)

• Oversee the credit and transactional administration of the BLOC portfolio from approval through renewal and repayment.
• Review underwrites prepared by Origination and Investment Management for new BLOC facilities and renewals. Reviews cover:
• • Builder track record, experience, and capacity;
  • Corporate financial statements, tax filings, and work-in-progress schedules;
  • Guarantor net worth, liquidity, and contingent liabilities;
  • Inventory levels, absorption, and sales history; and
  • Market conditions in the builder's target geographies and product types.
• Review and approve requests to add projects, lots, or units to existing facilities. Each request is assessed against facility terms, including eligible product types and geographies, per-unit and aggregate sub-limits, spec-to-presale ratios, LTV/LTC, budget reasonability, permits, and title.
• Review BLOC draw requests against unit-level budgets, cost-to-complete, and margin or borrowing base requirements.
• Monitor ongoing facility compliance, including aggregate limits, speculative unit limits, unit aging and maximum hold periods, concentration limits, and reporting covenants. Recommend curtailments, paydowns, or suspension of availability where warranted.
• Oversee unit sale repayments, partial discharges, release prices, and re-advances under revolving availability, ensuring net sale proceeds are applied in accordance with facility terms.
• Review amendments, extensions, renewals, and annual reviews of BLOC facilities in coordination with Origination and legal counsel.
• Conduct or coordinate periodic site visits and inventory inspections for BLOC facilities.
• Recommend enhancements to BLOC program guidelines, documentation, and reporting templates based on portfolio performance and market conditions.

Credit Review & Analysis

• Review credit applications on an ongoing basis, separately or in conjunction with Funding responsibilities, to evaluate:
• • Market value reasonability;
  • Borrower credibility and repayment ability;
  • Project feasibility and exit strategy viability; and
  • Market outlook, economic fundamentals, and risk factors.
• Review Letters of Interest, Commitment Letters, and amendments to confirm that funding mechanics are clear and administrable, including advance conditions, holdbacks, reserves, and release provisions.
• Identify key risks and mitigants in transactions, ensuring appropriate security and documentation structures.
• Support the management of high-risk and distressed files by providing funding history, cost-to-complete analysis, and recommendations on protective advances.

Process Improvement & Compliance

• Develop, implement, and maintain funding controls, checklists, and approval matrices to enhance accuracy in funding calculations and approvals.
• Ensure compliance with company policies, investor guidelines, KV Mortgage Fund Board resolutions, syndicate agreements, and regulatory, legal, and ethical standards related to funding.
• Monitor key operational metrics related to funding processes and recommend strategic improvements.

Special Projects & Strategic Initiatives

• Lead or participate in initiatives focused on optimizing funding operations, BLOC administration, and credit analysis methodologies.
• Support technology and automation enhancements to streamline funding workflows.
• Provide insight and recommendations for special projects, including market research and process improvements.
• Support the day-to-day operations of the Funding team by providing mentorship, technical guidance, and assistance to Funding Analysts, including support with work prioritization and ongoing training and development.
• Drive team engagement and ensure KVC's culture and values are embedded within the Funding team.

Requirements

• A bachelor's degree in finance, real estate, economics, business, or a related field is required. Advanced certifications such as CPA, CFA, or MBA are considered an asset.
• 5+ years of directly related experience in mortgage underwriting, credit analysis, construction lending, or loan administration.
• Demonstrated experience with construction draw processes, builder or revolving credit facilities, and funding procedures.
• Demonstrated ability to mentor and support the development of team members is considered an asset.
• Hold or is working towards being registered as a licensed brokerage associate in the relevant geographical regions for KV's business.
• Familiarity with mortgage loan documentation, legal security processes, syndication and interlender arrangements, and applicable regulations.
• Advanced proficiency in Microsoft Office, with demonstrated expertise in Excel.
• Comfort and ability to use, learn, and adapt to new technology and tools supporting business processes and analysis.