A commercial lender works at a banking institution and creates sales and growth for the company by granting loans to large commercial entities. The lender will offer products and services to various companies. The lender may work with current clients, follow leads, and carry out research in order to obtain new clients. The lender will meet with clients, present products, explain the loan process, and obtain the documentation necessary. The lender will also make determinations in order to decide whether a client should be granted a loan. It is important to obtain clients that are not likely to default on loans, so adequate research needs to be carried out before granting loans. The commercial lender may also have collections duties in order to minimize loss and maximize profits for the banking institution.
Generally, a bachelor’s degree in a field such as business administration is necessary. There may be commission involved in this job, and minimum sales goals to be met. A few years of experience in a similar position dealing with business-to-business sales, small business banking, or individual clients may be necessary, as this position generally deals with larger clients. Excellent communication skills are needed in order to keep customers satisfied and loyal to the banking institution. Familiarity with financial terms, financial statements, and cash flow analyses may be needed. It may also be necessary to prove past success with clients and the ability to meet sales goals. This position is usually carried out during regular business hours in a banking or office environment.
Commercial Lender Tasks
Negotiate credit terms, and prepare credit analysis and repayment plan for approvals.
Interview, consult, accept, analyze credit of, and perform credit reviews of potential borrowers.
Oversee handling of advances, payments, and wire transfers.
Develop, maintain, and grow the commercial loan portfolio of private loan companies, government agencies, and non-profit organizations.
Solicit new business by developing marketing strategies.