POSITION OVERVIEW

Toorak Capital Partners is a leading private credit firm specializing in residential and commercial bridge, fix-and-flip, and ground-up construction lending. We partner with experienced loan originators to finance complex real estate projects across the United States, with a significant concentration in the New York City metro market.

The Construction Budget Associate is an individual contributor role responsible for serving as Toorak's subject matter expert in construction cost analysis and budget underwriting across the company's active loan portfolio. This is a high-impact position requiring deep, hands-on expertise in construction cost estimating and a thorough command of NYC regulatory and market requirements. The ideal candidate brings 10–15 years of direct experience and operates with a high degree of autonomy, credibility, and analytical rigor.

CORE RESPONSIBILITIES

Budget Underwriting & Review

Review and analyze construction budgets for ground-up development and renovation loan projects to ensure accuracy, completeness, and alignment with current market norms prior to loan closing
Validate line-item budgets against prevailing labor and material costs, regional pricing benchmarks, and industry standards
Identify budget gaps, cost discrepancies, scope omissions, and credit risk red flags across all project types
Assess hard costs, soft costs, contingencies, and contractor markups for reasonableness and internal consistency
Evaluate contractor qualifications, financial capacity, and project track record as part of the pre-closing underwriting process

Construction Monitoring

Monitor construction progress across an active portfolio of loans, coordinating with borrowers, general contractors, and third-party inspectors
Review AIA G702/G703 forms, lien waivers, and third-party inspection reports in connection with construction progress milestones
Monitor budget-to-actual cost performance throughout the construction period and flag material variances for asset management review
Assess construction sequencing and confirm project milestones align with approved budget and schedule
Resolve discrepancies with borrowers and contractors in a timely and professional manner

Portfolio Monitoring & Risk Management

Maintain ongoing oversight of construction progress across all active files, providing early identification of project delays, cost overruns, or contractor issues
Produce periodic reporting on portfolio construction health for senior management and asset management teams
Collaborate with underwriting, originations, and legal on construction-related loan modifications or workouts

REQUIRED QUALIFICATIONS

Experience

10–15 years of hands-on experience in construction cost estimating, project management, or construction lending — field experience strongly preferred over purely office-based backgrounds
Demonstrated track record managing construction budgets and monitoring construction progress within a lending, private credit, or real estate finance environment
Subject matter expert-level command of hard costs, soft costs, contingency structuring, and contractor markup analysis
Deep familiarity with construction sequencing and the relationship between project phase and budget milestones
Prior experience as an independent contributor managing a portfolio of active construction files

Education & Credentials

Bachelor’s degree in Construction Management, Civil Engineering, Architecture, Real Estate, or a related field — or equivalent hands-on experience
OSHA 30 certification a plus
AIA, LEED, or similar professional credentials a plus
Familiarity with CSI MasterFormat or similar cost coding frameworks

Lending & Finance Knowledge

Experience working within a construction lending, hard money, or private credit environment
Strong understanding of LTC and LTV structures as they relate to construction loan risk
Proficiency with lien waivers, AIA G702/G703 forms, and third-party inspection reports as they relate to construction progress
Ability to read and interpret architectural drawings, structural plans, and construction specifications

NEW YORK CITY EXPERTISE (CRITICAL REQUIREMENT)

Toorak’s construction portfolio has significant NYC concentration. Candidates without direct NYC market experience will not be considered for this role.

NYC Department of Buildings (DOB)

Hands-on experience navigating the NYC DOB BIS and DOB NOW portals
Ability to pull and interpret active permits, job filings, stop work orders, violations, and CO/TCO status
Strong understanding of NYC’s building permit process, plan examination workflows, and typical approval timelines by borough and project type
Familiarity with NYC special inspection requirements, progress inspections, and sign-off procedures

NYC Regulatory & Agency Knowledge

Working knowledge of the NYC Zoning Resolution, FAR calculations, and as-of-right vs. discretionary approval pathways
Familiarity with DOB, DOF, HPD, LPC, and DEP as they relate to active construction projects
Understanding of NYC-specific cost escalators, including union labor requirements, prevailing wage, material delivery logistics, and site access constraints
Experience with NYC tax records, property data, and the ACRIS document recording system
Awareness of how HPD programs, 421-a/485-x, and other affordability designations affect budget structure and project timelines

NYC Market Knowledge

Strong command of NYC construction cost benchmarks by project type (gut renovation, new construction, mixed-use, condo conversion) and by borough
Ability to identify when a budget is materially under- or over-stated relative to current NYC market conditions
Familiarity with NYC-based general contractors, subcontractor trades, and typical labor cost structures

TECHNICAL SKILLS

Advanced proficiency in Microsoft Excel for budget modeling, cost variance analysis, and portfolio reporting
Experience with construction loan management software (e.g., Procore, Rabbet, Built, HeavyJob) preferred
Comfort with GIS tools, zoning maps, and NYC property data platforms (ZoLa, PropertyShark, ACRIS)

COMPETENCIES & WORK STYLE

Independent, self-directed operator who works with minimal supervision and takes full ownership of assigned files
Strong analytical and critical thinking skills — able to identify what is missing, not just what is present
Clear written and verbal communication, with the ability to explain budget concerns to both technical and non-technical stakeholders
Highly detail-oriented with the ability to manage a high volume of active files simultaneously
Comfortable working directly with borrowers, developers, and contractors to identify and resolve discrepancies
Collaborative team member who partners effectively with underwriting, originations, and asset management functions

ABOUT TOORAK CAPITAL PARTNERS

Toorak Capital Partners is a KKR-backed private credit firm and one of the leading purchasers of residential and small balance commercial bridge loans in the United States. With a national originator network and a rigorous approach to credit, Toorak provides certainty of execution for experienced real estate operators and developers. Our team combines deep market expertise with institutional-grade processes to deliver best-in-class outcomes for borrowers and investors alike.

Toorak Capital Partners is an Equal Opportunity Employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, national origin, disability, veteran status, or any other characteristic protected by law.

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