MassDevelopment
Vice President of Commercial Lending
MassDevelopment, Boston, Massachusetts, us, 02298
About MassDevelopment:
MassDevelopment, the state's development finance agency and land bank, works with businesses, nonprofits, banks, and communities to stimulate economic growth across the Commonwealth.
MassDevelopment is committed to achieving three goals: stimulating business, driving economic growth, and helping communities across Massachusetts, all seen through the lens of access, diversity, equity, and inclusion. We strive to provide a work environment that celebrates difference and is free of implicit and explicit bias; an environment that recognizes the thoughts and contributions of every colleague as crucial to our collective success.
Job Location:
Location is flexible and can be in our Boston headquarters or any one of the regional offices in Fall River, Lawrence, Worcester, Springfield, Devens.
Reports To:
Interim Senior Vice President, Lending
Job Overview:
Under the leadership of the Interim Senior Vice President of Lending, the Vice President of Commercial Lending plays a pivotal role in managing the entire loan process. This includes originating, evaluating, underwriting, negotiating, and preparing requests for loans and mortgage insurance guarantees. The Vice President ensures these are ready for approval within the agency's framework. After approval, their responsibilities extend through the commitment, documentation, and closing stages. Additionally, they oversee loan servicing and cultivate strong relationships with assigned borrowers. This role also involves actively marketing the agency's loan products and promoting cross-selling opportunities for other agency offerings. We are committed to an inclusive environment and encourage applicants from all backgrounds to apply, bringing their unique skills and experiences to our dynamic team.
Responsibilities:
Collaborate in the preparation and review of monthly and quarterly reports, as well as agency and departmental budgets and forecasts. Monitor budget variances and prepare comprehensive financial reports and presentations. Develop and maintain financial reports using agency tools such as Solver, Microsoft Office applications, including creating graphs, charts, and PowerPoint presentations. Evaluate and analyze creditworthiness of loan and guarantee applications. Negotiate and structure loan and guarantee proposals with potential borrowers. Underwrite loan and guarantee presentations for approval by the credit committee and Board of Directors. Examine borrower requests for loan and construction advances, verifying accuracy and consistency with loan documentation. Oversee the entire loan process from commitment to closing, ensuring compliance with all terms and conditions and alignment with agency policies. Address and resolve issues in the approval, commitment, documentation, and closing phases. Partner with other agencies and banks to promote lending through participations, guarantees, and co-lending arrangements. Establish and maintain relationships with various banks, agencies, and referral sources. Represent the agency at events, speaking engagements, and tradeshows to promote services. Manage a regional portfolio, Maintain and update the loan system, conduct annual reviews, and ensure timely financial information and covenant compliance. Monitors for covenant compliance and ensures accurate risk tracking and assessment. Monitor and address changes in borrowers' financial conditions as needed. Ensure accurate and up-to-date information within the database. Additional Responsibilities:
Attend various functions and meetings with borrowers, requiring occasional travel. Perform additional duties as assigned. Competencies:
Possession of a Bachelor's Degree in a pertinent field. A minimum of five years' experience in commercial lending or an equivalent combination of education and experience. Demonstrated strong analytical and problem-solving skills. Exceptional verbal and written communication abilities. Comprehensive knowledge of loan operations with proficiency in documentation. Proficiency in Microsoft Word and Excel. Effective team player with proven skills in business development. Capability to travel independently throughout the Commonwealth. Preferred Competencies:
Bachelor's degree in finance, accounting, or business administration. Five years of experience in business lending, commercial lending, commercial real estate, or construction lending. Formal credit training. Excellent time-management skills. Bilingual abilities a plus. Benefits
MassDevelopment offers a robust and generous benefits package. In addition to standard benefits, highlights include:
Student Loan Reimbursement Tuition Reimbursement Premium Medical and Dental Coverage Employer Contributions to Retirement Savings Plans
7.5% of gross annual wages into employer contribution into a 401(a) Defined Contribution Plan 457(b) with employer match of up to 5% of gross annual wage
Fitness/Wellness Reimbursement Transportation Reimbursement
MassDevelopment, the state's development finance agency and land bank, works with businesses, nonprofits, banks, and communities to stimulate economic growth across the Commonwealth.
MassDevelopment is committed to achieving three goals: stimulating business, driving economic growth, and helping communities across Massachusetts, all seen through the lens of access, diversity, equity, and inclusion. We strive to provide a work environment that celebrates difference and is free of implicit and explicit bias; an environment that recognizes the thoughts and contributions of every colleague as crucial to our collective success.
Job Location:
Location is flexible and can be in our Boston headquarters or any one of the regional offices in Fall River, Lawrence, Worcester, Springfield, Devens.
Reports To:
Interim Senior Vice President, Lending
Job Overview:
Under the leadership of the Interim Senior Vice President of Lending, the Vice President of Commercial Lending plays a pivotal role in managing the entire loan process. This includes originating, evaluating, underwriting, negotiating, and preparing requests for loans and mortgage insurance guarantees. The Vice President ensures these are ready for approval within the agency's framework. After approval, their responsibilities extend through the commitment, documentation, and closing stages. Additionally, they oversee loan servicing and cultivate strong relationships with assigned borrowers. This role also involves actively marketing the agency's loan products and promoting cross-selling opportunities for other agency offerings. We are committed to an inclusive environment and encourage applicants from all backgrounds to apply, bringing their unique skills and experiences to our dynamic team.
Responsibilities:
Collaborate in the preparation and review of monthly and quarterly reports, as well as agency and departmental budgets and forecasts. Monitor budget variances and prepare comprehensive financial reports and presentations. Develop and maintain financial reports using agency tools such as Solver, Microsoft Office applications, including creating graphs, charts, and PowerPoint presentations. Evaluate and analyze creditworthiness of loan and guarantee applications. Negotiate and structure loan and guarantee proposals with potential borrowers. Underwrite loan and guarantee presentations for approval by the credit committee and Board of Directors. Examine borrower requests for loan and construction advances, verifying accuracy and consistency with loan documentation. Oversee the entire loan process from commitment to closing, ensuring compliance with all terms and conditions and alignment with agency policies. Address and resolve issues in the approval, commitment, documentation, and closing phases. Partner with other agencies and banks to promote lending through participations, guarantees, and co-lending arrangements. Establish and maintain relationships with various banks, agencies, and referral sources. Represent the agency at events, speaking engagements, and tradeshows to promote services. Manage a regional portfolio, Maintain and update the loan system, conduct annual reviews, and ensure timely financial information and covenant compliance. Monitors for covenant compliance and ensures accurate risk tracking and assessment. Monitor and address changes in borrowers' financial conditions as needed. Ensure accurate and up-to-date information within the database. Additional Responsibilities:
Attend various functions and meetings with borrowers, requiring occasional travel. Perform additional duties as assigned. Competencies:
Possession of a Bachelor's Degree in a pertinent field. A minimum of five years' experience in commercial lending or an equivalent combination of education and experience. Demonstrated strong analytical and problem-solving skills. Exceptional verbal and written communication abilities. Comprehensive knowledge of loan operations with proficiency in documentation. Proficiency in Microsoft Word and Excel. Effective team player with proven skills in business development. Capability to travel independently throughout the Commonwealth. Preferred Competencies:
Bachelor's degree in finance, accounting, or business administration. Five years of experience in business lending, commercial lending, commercial real estate, or construction lending. Formal credit training. Excellent time-management skills. Bilingual abilities a plus. Benefits
MassDevelopment offers a robust and generous benefits package. In addition to standard benefits, highlights include:
Student Loan Reimbursement Tuition Reimbursement Premium Medical and Dental Coverage Employer Contributions to Retirement Savings Plans
7.5% of gross annual wages into employer contribution into a 401(a) Defined Contribution Plan 457(b) with employer match of up to 5% of gross annual wage
Fitness/Wellness Reimbursement Transportation Reimbursement