About this role
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 cashflows
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.
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
Other types of real estate assets that require a surveyor’s input
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
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), 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, and supported hundreds of thousands of personal savers — all while driving 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
Personalized 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)