Job Overview

Square Lending Inc. is a mortgage lender and administrator offering personalized short-term mortgage loans to borrowers who cannot meet conventional banking requirements. We are seeking an experienced and detail-oriented Commercial and Construction Mortgage Underwriter to join our dynamic team. In this role, you will be responsible for evaluating commercial, construction, multi-family residential, and semi-commercial mortgage applications, assessing project and borrower risk, structuring draw schedules, and ensuring compliance with lending guidelines.

The ideal candidate will possess strong analytical skills, a solid understanding of commercial real estate and construction lending, and the ability to manage complex, multi-stage loan files from underwriting through to draw administration.

Duties

- Review and analyze commercial, construction, multi-family residential, and semi-commercial mortgage loan applications, including borrower financials, project budgets, cost estimates, and supporting documentation for accuracy and completeness.
- Underwrite income-producing, construction/development, multi-family residential (including MLI Select-eligible properties), and mixed-use/semi-commercial properties, including assessment of net operating income, debt service coverage, loan-to-cost and loan-to-value ratios, and exit strategy.
- Review construction budgets, cost-to-complete reports, appraisals, quantity surveyor/cost consultant reports, and building permits to assess project feasibility and risk.
- Structure and administer draw schedules,



including reviewing draw requests, progress inspection reports, and lien holdback compliance prior to fund release.
- Conduct risk analysis on borrower/guarantor covenant, developer experience and track record, and project-specific risks, while adhering to company policies and regulatory requirements.
- Liaise with appraisers, quantity surveyors, cost consultants, and legal counsel throughout the underwriting and construction monitoring process.
- Collaborate with senior underwriters and credit committee to discuss findings and make informed recommendations on loan approvals, denials, or conditions.
- Maintain detailed records of underwriting decisions, draw approvals, and construction monitoring, and communicate outcomes to relevant stakeholders.
- Assist in negotiating loan terms, conditions, and holdback structures with applicants and their advisors.
- Stay updated on industry trends, construction lending regulations, and best practices to enhance underwriting processes.

Requirements

- Bachelor's degree in finance, business administration, real estate, or a related field is preferred.




- 2+ years of experience underwriting commercial and/or construction mortgages is required; experience with private/alternative lending is an asset.
- Working knowledge of construction lending mechanics, including draw schedules, holdbacks under the Construction Act, cost-to-complete analysis, and progress inspections.
- Familiarity with multi-family residential underwriting, including CMHC MLI Select program requirements, and semi-commercial/mixed-use property structures, is an asset.
- Strong mathematical and financial modeling skills, with the ability to assess NOI, DSCR, loan-to-cost, and loan-to-value calculations accurately.
- Familiarity with commercial real estate valuation, zoning, and development approval processes.
- Excellent analytical skills with solid attention to detail for reviewing budgets, appraisals, and cost reports.
- Ability to work collaboratively in a team environment while independently managing a portfolio of complex files.
- Strong communication and negotiation skills for working with borrowers, developers, and their professional advisors.
- Proficiency in using underwriting software and Microsoft Office Suite (advanced Excel skills required).

This position offers an excellent opportunity for growth within commercial and construction lending for candidates looking to develop specialized underwriting expertise in a fast-paced alternative lending environment. Pay: $60,000.00-$80,000.00 per year

Benefits

- Casual dress
- Dental care
- Extended health care
- On-site parking
- Vision care

Work Location: In person

📌 Commercial and Construction Mortgage Underwriter (Toronto)
🏢 Square Lending
📍 Toronto