Commercial Lender Salary
Job Description for Commercial Lender
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.Read More...
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
- 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.
- Oversee handling of advances, payments, and wire transfers.
- 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.
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Popular Skills for Commercial Lender
Commercial Lenders generally report applying a varied skill set to their work. Most notably, skills in Commercial Loans, Sales, Business Development, and Loan Underwriting are correlated to pay that is above average, with boosts in pay of 7 percent. Most people who know Financial Analysis also know Business Development and Sales.
Pay by Experience Level for Commercial Lender
Median of all compensation (including tips, bonus, and overtime) by years of experience.
For many Commercial Lenders, experience and pay levels seem to be correlated; more years in the business generally lead to more money. Salaries of relatively inexperienced workers fall in the neighborhood of $59K, but folks who have racked up five to 10 years see a notably higher median of $81K. On average, Commercial Lenders make $90K following one to two decades on the job. Professionals boasting more than two decades of experience also boast a six-figure median salary of $110K.
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Key Stats for Commercial Lender
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