Vice President (VP), Commercial Lending in Chicago, Illinois Salary
How much does a Vice President (VP), Commercial Lending make in Chicago, IL? A Vice President (VP), Commercial Lending in Chicago enjoys a hefty income, with the average salary surpassing six figures ($103,501) annually. This is 5% higher than the national average for a Vice President (VP), Commercial Lending which is $97,913 per year. Salaries for a Vice President (VP), Commercial Lending in Chicago range from $76,980 per year to $137,874 per year. Total Annual Pay, which includes salary, bonus, and profit sharing for a Vice President (VP), Commercial Lending in Chicago ranges from $81,450 to $164,488 annually. Among those reporting, there is an average job satisfaction rating of 0 out of 5 stars. In Chicago, men make up the majority of the workforce (88 percent). Many report receiving medical, dental, and vision benefits from their employer.
|Salary||$76,980 - $137,874|
|Bonus||$8,170 - $39,149|
|Total Pay (|
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).)
|$81,450 - $164,488|
Job Description for Vice President (VP), Commercial Lending
Vice president (VP) of commercial lending positions are available at banks and similar institutions. They work within the institution's market to find key loan-providing opportunities that fit the goals and requirements of the bank. Daily tasks include analyzing a wide variety of financial statements, structuring loan terms and fees, approving or recommending loans, counseling potential borrowers financially, and conducting presentations with senior management staff. All of these tasks help establish a high standard of credit quality and strong commercial portfolio on behalf of the bank, which may also require working with collection staff for delinquent accounts.Read More...
Work for this position occurs in an indoor office environment, but some travel or teleconferencing may also be necessary depending on the company’s structure. Work hours are typically limited to standard business hours, but variations may apply to some openings.
This position requires extensive communication skills, both written and verbal, as relationships with potential clients and other members of the team are vital for success. Knowledge of credit management, credit underwriting, analytical skills, and negotiation abilities are also important; many positions require a demonstrated work history involving these types of tasks. Although specific requirements vary, 10 years of experience is a common standard qualification. Academic requirements usually include a bachelor’s degree in business or a similar field, but some organizations may accept specialized training or experience in lieu of education. (Copyright 2017 PayScale.com)
Vice President (VP), Commercial Lending Tasks
- Manage a team of loan officers structuring and writing loans, reviewing their work and maintaining quality standards.
- Provide customers with financial counseling, and recommend bank products which fit their needs.
- Monitor the status of problem loans and work with customers to make sure the loan is repaid.
- Negotiate, underwrite, and structure high level loans, and submit proposals for approval.
- Develop customer and referral networks, identifying and pursuing opportunities for loan sales.
Vice President (VP), Commercial Lending Job Listings
Key Stats for Vice President (VP), Commercial Lending