Persuade businesses to apply for a loan from your company.
What does a Commercial Loan Officer do?
A Commercial Loan Officer finds businesses seeking loans for equipment purchases, business expansion, or start-up costs. Then the Commercial Loan Officer convinces said businesses to request funds from the bank or credit union that he or she works for, and supervises the progress of the loan from start to finish.
Sometimes, if you’re a Commercial Loan Officer, the customers knock on your office door, but a huge part of your job is drawing customers in to the financial institution you work for. This means networking with Real Estate Agents and attending trade shows in order to market your services. By interviewing businesses, you evaluate their needs and match them with the right kind of loan.
Next, the business fills out an application, outlining the reason for the loan, assets and debt, and profitability information. You evaluate that information, verify any facts, and gather additional paperwork as needed. With a complete picture of the business’s assets and liabilities, you assess their ability to repay the loan-also known as credit worthiness or credit risk.
You maintain the customer file while the data is sent to the Commercial Loan Underwriter, who further evaluates the risk of loaning money to the business. While the application is in underwriting, you field calls from any Title Officers, Inspectors, Appraisers, Real Estate Agents, or Lawyers who may be involved in the process. If underwriting approves the loan, you contact the customer, organize the signing of paperwork, and present a repayment schedule.