SomerCor Job Opportunity: SBA 504 Loan Closer
Posted February 18, 2021

Background:
SomerCor 504 Inc., founded in 1992, is a Chicago headquartered, non-profit Certified Development Company (CDC) with the U.S. Small Business Administration (SBA). SomerCor’s mission is to help grow small businesses, increase jobs, and promote local economic development throughout Illinois – it originates and services SBA 504 and Community Advantage 7A loans. SomerCor, through the 504 Program, specializes in owner-occupied real estate and equipment financing for small business owners, offering up to 90% financing at competitive, fixed 25-year interest rates. SomerCor consistently ranks in the Top 25 CDCs nationwide in 504 loan volume.

Opportunity:
SomerCor is seeking a full-time, Illinois based SBA 504 Loan Closer to join its Closing team. A full range of benefits including health, dental and vision insurance, 401(k) with company match and vacation/sick time are included. Office work flex-schedule is available to provide for remote work opportunities. SomerCor seeks candidates who want to join a team-oriented, mission-based organization that values diversity and inclusion with a purpose to support small businesses and local investment. Please see below for job requirements and duties.

Requirements:

  • College degree preferred or years of experience equivalent
  • Commercial real estate loan closing experience with a bank or other financial institution – SBA closing experience preferred
  • Knowledge and understanding of practices, procedures and terminology used in banking and/or lending (i.e. processing, underwriting, documentation, compliance, UCC, title, escrow, appraisal, environmental reviews, funding, loan service, audit, etc.)
  • Ability to coordinate and execute diverse tasks simultaneously with attention to detail while maintaining tight project-management deadlines
  • Excellent communication, writing, problem solving, and decision-making skills
  • Strong computer skills with special emphasis in Word and Excel
  • Ability to thrive in a dynamic work environment focused on outstanding customer service, interoffice collaboration, operational efficiency, and SBA regulatory compliance

Job Duties:

  • Review and process SBA 504 loan files
  • Coordinate and manage the collection of required loan documentation and information from borrower, third-party lender, and/or other pertinent parties
  • Verify the accuracy of documents received (i.e. title report, insurance, legal entity documents, etc.) in accordance with the SBA 504 SOP
  • Prepare closing documents using the Ventures software platform and coordinate signing with borrowers and third-party lenders
  • Ensure all loan conditions have been met and prepare loan file along with closing documents for SBA funding
  • Ensure all pre- and post-closing document issues are resolved and completed
  • Stay current with SBA 504 closing SOP guidelines, processes and procedures
  • Assist with SBA and/or internal audits of SomerCor closing files, processes and procedures
  • Perform other related duties and special projects as assigned by management

Submit your resume directly to Mickey Maslic or via SomerCor’s LinkedIn job posting.

SomerCor is an equal opportunity employer.