Miranda Schwab is a Credit Officer here at Builders Capital. She’s been with the team for about two years, working in a couple of roles since joining. Read on to learn more about Miranda!
Tell us more about you, Miranda…
I grew up in the Spanaway area and graduated high school in three years. During that time, I was able to take running start classes. I also worked at a couple of local casinos as an Admin Assistant and as a Bingo caller. Eventually, I moved into a Loan Processing job at a local bank, working seven years in that role. My time as an Admin Assistant set me up well for transitioning into banking.
What made you decide to join Builders Capital?
A friend sent me a job posting from Indeed, and after a bit of research, I decided to submit my resume. After meeting with the team a few times, and some more research, I decided to take the leap. The appeal to be a part of Builders Capital’s expansion and growth was another factor. It’s a growing company that is making a significant impact on the construction lending industry. I wanted to be a part of the adventure to the top.
What role did you start in when you joined the team?
I started as a Transaction Coordinator and then moved into a Portfolio Manager role.
What role are you in today?
I’ve been in the role of Credit Officer for just a little over three months.
What are your main responsibilities in your role?
Review income, asset, and collateral documentation provided for red flags and request supporting documentation required to submit the request to the loan committee for review/approval. I’m looking to clear closing conditions so that our lending remains timely. I also ensure that loans are complete according to investor requirements.
Since you have joined Builders Capital, what are some of the key differences you have noticed between working in traditional versus private lending?
After almost seven years of working for a regional bank specializing in portfolio construction loans, the most noticeable difference that stood out to me was that loan approval does not use income as a qualifying factor. There is no Debt to Income (DTI) ratios used or DTI requirements. Other key differences that I’ve observed so far are the loan turn times from application to funding. In my previous experience, a refinance loan typically took a minimum of 30-45 days from start to finish. It was even longer for construction loans. Loans here contain more than one construction property – previous experience, each foundation had to have its own loan. We would occasionally have additional collateral but not more than one single-family residence (SF) or duplex being built at a time. Lastly, there are no owner builder loans; all loans are to business entities.
What is something you enjoy most about being at Builders Capital?
By far, it is the team atmosphere. Everyone is so very supportive; you can ask for help from anyone in any department, and they will happily assist to the best of their ability. Leadership appreciates and solicits your ideas, opinion, and suggestions. They want to know anything that may make the company better, faster, stronger. We all check in on each other to make sure everyone is pushing through. And of course, the SNACKS!!!
What advice would you give to someone looking to work in private construction lending?
Do your research on the company to know what you are getting into when you meet the team. It’ll help make sure that it will be a good fit. You can never be too prepared. Moving into private construction lending could seem intimidating, but you won’t succeed if you don’t try.
Fun fact about you?
My life tends to be a lot like a live-action Chris Farley movie where I do my own stunts. I have an overly abundant combination of natural grace and dumb luck, which often makes for a hilarious story. Also, I think Bob Ross is fantastic. 😊
Anything else you’d like to share?
Leadership encourages advancement within the company; you are only limited by yourself and what you want to do/where you want to go at Builders Capital.