18 October 2019, Comments: 0

Reference: VAC-17332M
Company: Management Services Company.
Location: Nicosia, Cyprus
Salary: Salary based on skills and experience
Job Type:  Permanent

Job Detail
This company is providing management services to international real estate developers focusing on the UK market and they have their financial headquarters in Nicosia old town. They provide all back-office services for bookkeeping, accounting, financial control, banking activities, HR, payroll, finance and funding consulting, overheads management and company secretarial to a wide range of clients based in Cyprus, BVI and UK. As a funding manager you will be responsible for a smooth working relationship with banks. You are required to report to the banks on covenant compliance, due diligence and ensuring that scheduled capital and interest payments are not missed. You are responsible for measuring compliance to covenants agreed to in loan facilities.
The job description below is very details but ultimately, he/she will prepare funding packs to the banks to provide information about the assets, to negotiate finance costs and legal fees in preparation of the funding applications, coordinate meetings before drawdown to ensure all the funder’s requirements are satisfied, and subsequently ensure that the loans are serviced on time.
Your day to day tasks are centered around the following key objectives:
” Confirm that projects have proper funding
o Prepare a cashflow for the project to show how costs will be funded (i.e. shareholder funding, current reserves, commercial lending, etc.)
o Update cashflow for the project to show how costs will be funded (i.e. shareholder funding, current reserves, commercial lending, etc.)
” Ensure that all funding related payments are recorded in system
o Respond to all new form requests to ensure that all finance costs charged by the banks are recorded and properly cost coded in the ATIL (i.e. acceptance fees, site visit fees, interest, exit fees, etc.)
” Review report for accuracy and compliance
o Confirm the certificate’s parameters match the facility letter
o Submit the report to the director for approval
o Submit the report to the bank
” Set up PMAs for new loans to ensure periodic covenant testing
o When a new loan is drawn down set up a PMA for reporting accountant to produce reports to the bank – save the financial covenant schedule on the PMA folder
o At the same time prepare a PMA for management reporting – the reporting accountant is required to submit reports to the directors to confirm historical and forecasted compliance to the covenant terms
” Review management reports prior to submission to ensure completeness and accuracy for loan tables
o Confirm all existing loans are included in the report
o Confirm the details of the loans agree to current balances and terms
” Ensure all outstanding funding notices are accounted for in the cashflow
o Review the most recent client letter submitted by the project managers for each live project and verify that the funding notices are added to the cashflow tables
” Review cashflow to ensure that all current applications are correctly estimated in the cashflow
o Maintain a log of loan applications, when they are receivable and the net expected amount to be received
o Review the cashflow to check
” Prepare funding notices on request
o Maintain current loan balances/ and information on required funds
o Capture the funding notice in a log of funding notices
o Prepare the current funding notices
” Correspondence with the stakeholders for ensuring receipt of fund
o Provide Cash flow information to stakeholders
o Request receipt of the funds as per notices
o Inform Project Manager/ Commercial team once funds received, or if not, when it becomes overdue
” Manage loan redemptions before they become a problem
o Six months before a loan is due to expire, contact the director and take instruction on redemption, extension or refinancing
o Keep track of all loan repayments through the TRF module
” Report after 7 days on outstanding funding notices
o Issue reminder to partners fourteen days before the due date of a funding notice
o Inform the project managers and partners when funds are received
o If funds have not been received by the due date inform the project managers and finance director
” Update the log of decisions that need to be recorded with details of new loan agreements and new property acquisitions
o When heads of terms for a loan is received, log it in the decisions log for consideration
o When a decision is made to accept any HoT’s log it in the decision table
o When a decision is made to withdraw from a funding application log it in the decision table
o When a new property is considered for purchase, log it in the decisions table
o When a refinance of existing properties are considered, log it in the decisions table
” Provide a detailed analysis of different funding options to the FD for review
o Obtain relevant information for the different funding options
o Prepare a detailed analysis of costs with comparisons
o Submit the report to Finance Director for review
” Submit completed and signed bank account applications/ mandates
o Obtain information for completing applications
o Send for signatures
o Submit complete and singed applications/ mandates to the banks
” Provide KYC information to Banks as requested
o Provide information as requested
o Maintain records of requests and documentation provided
o Inform stakeholders and finance team of current account opening
” Prepare the funding pack to circulate to the lenders
o Collect information regarding the building, the area, the properties, the tenants and the funding requirements
o Calculate the cashflow forecast for the funding pack
o Complete the draft for submission for review
” Get at least three quotes for each funding pack
o Contact providers to invite fee quotes
o Ensure that a single lender isn’t approached more than once
” Deliver a funding model to compare the fee quotes received
o Chase the quotes when they are not received
o Compare the fees on a like for like basis
o Keep the relevant stakeholders up to date every time a new, or updated, quote is received
” Arrange quotes for professional services
o Prepare the brief to include details of the proposed transactions, the stakeholders, the required services
o Collect and circulate the fee quotes
o Include in the circulation a financial model comparing the tenders with expected rates or fees and other tenders already received
o When agreed ensure that a contract is entered into and that an ATIL is set up for the transactions
” Deliver a funding model to compare the fee quotes received
o Chase the quotes when they are not received
o Compare the fees on a like for like basis
o Keep the relevant stakeholders up to date every time a new, or updated, quote is received
” Deliver all CP items that are to be provided for KYC or financial information
o Attend weekly CP meetings and if no meetings are scheduled then set up the meetings and attend the weekly CP meetings
o Address and deliver all items allocated for KYC or financial deliverables
o Highlight any risks of delays to stakeholders with suggestions to iron out before it happens
” Ensure administrator knows which documents are required
o After each CP meeting (or email update) advise the administrator which tasks need to be done

Experience with commercial funding with UK banks
Experience as relationship manager who had clients in the property sector would be a plus
Property development experience would be an advantage
Ideally the candidate will have relevant experience in the UK

Ideally the candidate will only work in the afternoons from 2pm to 6pm Monday- Friday



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