OakNorth
Director Monitoring Surveyor – Workout & Restructuring
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The Role
OakNorth is looking for a commercially sharp Monitoring Surveyor to join our Workout & Restructuring team. This is a hands-on, risk-focused role with direct accountability for protecting the Bank’s capital across distressed real estate exposures.
The role requires deep quantity surveying experience combined with strong commercial judgement. The successful candidate will take ownership of cost risk, delivery risk, and funding integrity across a portfolio of challenged real estate loans, providing clear, decision-ready analysis to senior stakeholders.
This is not passive monitoring. You’ll be actively interrogating cost risk, challenging borrower assumptions, and shaping recovery outcomes on complex, high-value situations.
You’ll report to a Senior Director within Workout & Restructuring, working closely with Credit, Legal, and Portfolio teams.
What You’ll Do
Cost & Quantity Surveying
- Lead detailed review of development budgets, appraisals, and cash-flows
- Form independent, evidence-based views on cost-to-complete – including downside scenarios
- Identify overruns, under-provisioning, and contingency gaps
- Challenge borrower and contractor assumptions with evidence-based analysis
- Assess value engineering opportunities without compromising asset value or exit value
- Review procurement strategies, contract structures (JCT/NEC), and drawdown requests
- Review and validate drawdown requests, interim valuations, and payment certifications
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Project & Delivery Risk
- Monitor progress against programme, milestones, and funding triggers
- Identify delivery risks, including contractor performance, delays, and technical issues
- Assess contractor performance, buildability, and practical completion risk
- Provide clear, decision-ready reporting on project status and required interventions
Workout & Restructuring
- Support enforcement scenarios, including step-in, contractor replacement, and project stabilisation
- Advise on options to complete, restructure, refinance, or dispose of assets
- Input into asset-level business plans and recovery strategies
- Work on partially completed, stalled, or non-performing developments
- Provide surveying input on other types of real estate assets requiring specialist review
Credit Support
- Provide technical input into credit papers, amendments, and restructuring proposals
- Connect construction cost analysis directly to loan exposure, LTV, and recovery outcomes
- Support sensitivity analysis on cost inflation, delays, and exit values
Stakeholder Management
- Act as a credible counterparty to sponsors, developers, and professional teams
- Manage and challenge external monitoring surveyors and consultants
- Work closely with Workout & Restructuring, Credit, and Legal teams
- Escalate issues early with clear recommendations
- Present strategies and updates to Credit Committee and senior management
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What We’re Looking For
- Strong track record in quantity surveying and/or monitoring surveying
- Experience in real estate finance, restructuring, or complex project environments
- Exposure to distressed or underperforming assets is a real advantage
- Deep knowledge of construction costs, procurement, and contract management (JCT/NEC)
- Ability to assess incomplete or poor-quality information and form robust conclusions
- MRICS qualified (preferred) or degree in Quantity Surveying or related discipline
Why OakNorth
At OakNorth, we’re on a mission to empower ambitious businesses and the communities they serve. Since 2015, we’ve:
- Lent over $21 billion across the UK and US
- Helped create more than 58,000 new homes and 36,000 new jobs
- Supported hundreds of thousands of personal savers
- Driven economic growth in the markets we serve
Benefits & Perks
- Equity: We want people to have a stake in the business so that all our interests are aligned
- 25 days holiday
- Personalised benefits – opt-in to what matters to you
- Subsidised Private Medical Insurance with Bupa
- Enhanced maternity and paternity leave
- Wellbeing and social events
- In-house Barista Bar in London office
- Support causes that matter to you – Volunteering time off
- Salary sacrifice schemes (Cycle to work, nursery, gym, electric car scheme)
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