Default & Workout Manager
Title: Default & Workout Manager Location: Remote Job Summary: Builder Circle is seeking a Default & Workout Manager to own the high-risk, classified, or distressed credits and loans within the business portfolio. This person will be responsible for evaluating financial damage, negotiating restructuring options with borrowers, and recovering principal or collateral while complying with industry regulations. More specifically, this person will focus on the workout process up to and including deed-in-lieu and other default remedies for loans that do not cure. This is the process owner for this function company-wide, and should bring the communication and cross-functional skills to run the department effectively. Ideal candidates have run default workouts in the residential transition loan (RTL) or hard-money construction lending space. Key Responsibilities: Portfolio & Risk Analysis: Review troubled loan portfolios, analyze financial statements, assess collateral values, and track non-performing assets (NPAs) Own accounts that progress into default, including structuring and negotiating workouts, forbearance, and deed-in-lieu agreements. Loan Restructuring & Workouts: Design, propose, and implement customized repayment or modification plans (e.g., adjusting rates, extending terms, or re-amortizing debt) to help borrowers avoid default. High-Stakes Negotiations: Lead direct negotiations with borrowers, guarantors, private equity sponsors, and legal counsel Coordinate the handoff of properties that move to REO, including required documentation and status reporting to leadership. Legal & Regulatory Compliance: Coordinate with legal teams to ensure all actions, foreclosures, liquidations, or settlements comply with federal, state, and investor guidelines. Collateral & Asset Recovery: Supervise the seizure, valuation, and liquidation of repossessed assets or real estate properties when recovery through restructuring fails. Manage lien releases and physical loan file handling associated with default and payoff scenarios in the RTL / construction-loan context. Reporting & Reserves: Prepare portfolio performance reports, delinquency metrics, and charge-off or reserve recommendations for senior management and credit committees. Qualifications: Education: Bachelor’s degree in finance, accounting, economics, or a related business field. Experience: 8+ years of hands-on experience in commercial or consumer lending, credit analysis, collections, or loan workouts. Legal & Credit Knowledge: Strong familiarity with federal/state banking regulations, bankruptcy laws, commercial real estate foreclosure procedures, and credit risk grading. Core Skills: Advanced financial analysis, high-level negotiation, problem-solving, attention to detail in legal documentation, and cross-functional communication. About Builder Circle Builder Circle is a lending company that provides independent home builders, rehabbers, developers, and real estate investors with a better, more practical, and more efficient approach to the loan underwriting and construction draw processes. As experienced real estate lenders with deep roots in the home building industry, we have an intimate understanding of the challenges that our borrowers often face and how we can become a tremendous value-add to their growing businesses by eliminating common inefficiencies and providing fast, reliable capital. At Builder Circle we believe in establishing lasting relationships with our borrowers, and we have the capital, experience, and resources necessary to help them thrive. Equal Employment Opportunity Builder Circle is an Equal Opportunity/Affirmative Action Employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, age, protected veteran or disabled status, or genetic information.