CIT Group, Inc. VP, Underwriting in New York, New York
Founded in 1908, CIT (NYSE: CIT) is a financial holding company with approximately $50 billion in assets as of Dec. 31, 2017. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has approximately $30 billion of deposits and more than $40 billion of assets. CIT provides financing, leasing, and advisory services principally to middle-market companies and small businesses across a wide variety of industries. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A. For more information, visit cit.com.
Reporting to the Underwriting Manager, individual will be responsible for underwriting middle market and large corporate Capital Equipment Finance transactions, leading deal teams, mentoring junior resources, portfolio management, and assisting with the preparation of presentations and reports for regulatory and internal informational purposes.
* New business - lead deal team to evaluate new transactions, pre-screen transactions, conduct due diligence, prepare credit approval memos on transactions that are green-lighted in the pre-screen process, pitch transactions to credit committee in order to obtain credit approval, negotiate and review legal documentation as needed, and participate in deal closing.
* Analyze financial statements and capital structures, conduct business/industry/competitor analysis to identify transaction risks and mitigants; recommend transaction structures appropriate to the opportunity; provide a yes/no recommendation on the transaction based on due diligence.
* Mentor and train junior resources (Analysts, Associates, AVPs) for the business.
* Manage assigned portfolio accounts - monitor performance and covenant compliance, prepare trend cards and periodic/annual reviews, process amendments and waiver requests in a timely manner to meet customer expectations, provide performance updates to managers, identify and act on warning signals, participate in portfolio reviews as needed.
* Maintain familiarity with CIT policies, procedures, and underwriting standards.
* Interface with other parts of the EF business, such as Asset Management, Legal, Operations, Insurance, Environmental, as well as other departments such as Capital Markets, Corporate Risk Management, Compliance, Problem Loan Management, Loan & Risk Review, and Internal Audit.
* Develop industry knowledge across a diverse set of industries that are the focus of CIT's Corporate Finance business (e.g.: Auto, Energy, Trucking, and Construction). Research and track market/industry trends.
* Interface with customers (including brokers and intermediaries), as needed, to complete diligence process, as well as to assist the relationship management efforts of the Originators.
* Interface with and independently manage information requests received from auditors and loan examiners (internal as well as external, including regulators), prepare reports for regulatory and internal informational purposes, as well as work on any special projects as per business needs.
* Bachelor's degree with a concentration in finance or accounting preferred. MBA/CFA a plus.
* 5-7 years of experience as a senior underwriter in the commercial lending industry (with at least 3 years spent in a regulated bank environment); credit trained with direct experience of leading the underwriting and execution effort on senior debt transactions.
* Must have a solid understanding of financial statements and capital structures, strong analytical skills with an ability to question assumptions, experience with structuring transactions, leading deal teams, and negotiating documentation.
* Strong communication and interpersonal skills; team player.
* Self-motivated with high energy levels; ability to prioritize and multi-task effectively.
* Experience with Agenting deals is preferred; experience of Equipment Financing deals, equipment collateral and its valuation, lease products and leasing structures, is required.