ABL Underwriter

at Live Oak Bank • Wilmington

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POSITION SUMMARY:

Lead the underwriting of new “niche” asset based loans, whether Factoring or AR and Inventory Finance Lines, to Borrowers seeking increased availability/liquidity and willing to pay a higher yield (12% target).  Borrowers will typically be companies with $2M-$50M Sales, with increased liquidy needs due to growth, longer production or collection cycles, or turnaournd needs.  Initial focus will be in the trucking and staffing sectors.

ESSENTIAL FUNCTIONS:

  • After a proposal letter and summary term sheet are executed, produce a Credit Memo analyzing the collateral (loss given default) and company (on-going sustainability to generate AR) for both Factoring and Line of Credit transactions.
  • Determine appropriate structure (eligibility, advance rates/cash collateral reserve, notification/verification etc) and support the Loan Officer to manage with prospective Borrowers.
  • Apply Live Oak Risk Rating methodology; analyze the credit attributes of the Borrower with an emphasis on on-going liquidity; and fully assess the collateral/Account Debtors.
  • Oversee transaction execution during the underwriting phase and work collaboratively with the Loan Officer through Credit approval. Facilitate necessary discussions to ensure that the loan approval process is timely.
  • After Credit approval is obtained, handle a seamless transition to Closing and support the closer where necessary through the closing process.
  • Collaborate with and support the Loan Officer in conversations with the Borrower to ensure that credit approved transactions are accepted and closed.

ADDITIONAL RESPONSIBILITIES:

  • Work collaboratively with the Head of Underwriting and ABL Business Unit (specifically Program Risk Manager) to train new ABL Underwriters, improve analysis, and modify Credit & Operational Guidelines where necessary.
  • Assist the Program Risk Manager and Collateral Analysts in assessing findings from ongoing Borrower Site Visits/Field Exams.
  • Support the Loan Officer and designated “Pool” underwriters for annual renewals.

SKILLS:

  • Team player, effective communicator – able to work collaboratively with ABL and Credit teams as well as outside customers;
  • Multi-dimensional skill set - Financial/analytical/problem-solving.
  • Capacity to work within policy/guidelines while possessing the maturity to make appropriate judgment calls and flourish within an entrepreneurial environment.
  • Product experience (niche ABL,  Factoring and Higher Yield Lines of Credit relying on specific invoice monitoring).
  • Vertical experience in trucking and/or staffing.

REQUIRED EXPERIENCE:

  • Must have experience as a ABL Underwriter

EDUCATION:

  • Minimum of a Bachelor’s degree or equivalent