Come and take your commercial lending career to new heights by joining an innovative digital bank providing specialty finance lending. As a Commercial Underwriter, you will have the benefit of being a part of a top-tier team structuring and underwriting asset-based loans, factoring facilities, and equipment loans for businesses nationwide in a host of different industries. You will also be exposed to C-level executives on a regular basis and will regularly present new credit requests to credit committees that are comprised of various bank leaders and members of the Board of Directors. This position is best suited for a self-motivated and multi-skilled individual who is looking for experience analyzing and structuring moderate to complex transactions for various commercial lending products, which include asset-based lines of credit, factoring facilities, and commercial term loans. As an underwriter, you can expect to work with many of the different departments of the bank, including business development staff, portfolio and relationship managers, legal documentation specialists, and treasury management specialists. You will gain a broader understanding of the various aspects of lending through these interactions. You will also gain experience working with third-party professionals like brokers, field examiners, appraisers, and legal counsel. A Commercial Underwriter is viewed as a project leader and will be given opportunities to lead and mentor the credit analysts in the Commercial Underwriting Department.
Daily responsibilities consist of: interfacing with prospective borrowers, obtaining and analyzing all required documentation from prospective borrowers, organizing and managing third parties contributing to the underwriting due diligence process, preparing full underwriting reports for presentation to credit committees, managing the legal due diligence and negotiation process, and managing the closing and funding process with the borrower and internal portfolio management and treasury teams. The Commercial Underwriter will also have credit authority to approve transactions up to $500,000.
· Effectively use credit skill sets, experience, and knowledge to underwrite transactions and to make credit decisions.
· Provide leadership and mentoring to financial analysts when assigned.
· Analyze financial statements and ratios, business/product cycles, industry risk, management strengths and weaknesses, historical and projected operating performance, and cash flow coverage to develop an assessment of the credit risk and determine creditworthiness.
· Manage and liaise with third-party service providers as part of the underwriting due diligence process.
· Analyze and interpret field examination reports and appraisal reports.
· Prepare financial statement spreads upon review of accountant-prepared and/or company-prepared financial statements to assist in evaluating the financial condition, operating trends, and repayment/cash flow capacity of prospective borrowers.
· Analyze personal financial statements and income tax returns of prospective individual guarantors.
· Perform detailed collateral analysis on accounts receivable, inventory, equipment, and other collateral supporting the transactions.
· Prepare in-depth written credit summaries and underwriting reports for presentation to credit committees.
· Correspond verbally and in writing with prospective borrowers to gain an understanding of business practices and processes.
· Communicate loan decisions to prospective borrowers and explain the reasoning behind those decisions.
· Manage the transition from approval to funding for each approved loan request.
· Obtain Experian and PayNet Credit Reports, as well as conduct company background and industry research.
· Ensure compliance with bank credit policies.
Education and Experience Requirements:
· Bachelor’s degree in finance, accounting, economics and/or related field of study.
· Three to five years of experience underwriting commercial loans, managing a portfolio of commercial loans, or performing field examinations.
· Experience underwriting factoring and/or asset-based loan transactions is a plus.
Knowledge, Skills, and Abilities Requirements:
· Understanding of accounts receivable, inventory, and machinery & equipment loan collateral.
· Proficient in Microsoft Word and Microsoft Excel.
· Experience in using financial statement spreading software.
· Experience in using Experian, Paynet, and/or other similar credit reporting tools.
· Strong written, communication, and presentation skills.
· Strong financial statement analysis skills.
· General knowledge of the Uniform Commercial Code lending laws and have the ability to negotiate loan documents.
· Ability to exercise good judgment in forming an opinion on prospective credits.
· Onsite Gym
· Tuition Reimbursement
· Paid Holidays
· Gym Reimbursement
· College Scholarships for Employees and Families
· Paid Time Off (PTO)
· Employee Assistance Program (EAP)
· I Made the Grade
· Holiday Club Program
· Medical, Dental, Vision, Life and AD&D, Voluntary Disability, Flex Spending & Dependent Care