About MassDevelopment
MassDevelopment, the state’s development finance agency and land bank, works with businesses, nonprofits, banks, and communities to stimulate economic growth across the Commonwealth.
MassDevelopment is committed to achieving three goals: stimulating business, driving economic growth, and helping communities across Massachusetts, all seen through the lens of access, diversity, equity, and inclusion. We strive to provide a work environment that celebrates difference and is free of implicit and explicit bias; an environment that recognizes the thoughts and contributions of every colleague as crucial to our collective success.
Job Location
Lawrence
Hybrid Schedule
Three days in the office/on-site; option to work remotely two days per week
Reports To
Senior Vice President of Lending
Hours
Exempt Full Time Salaried Position
Job Overview
The Vice President of Commercial Lending originates, evaluates, underwrites, negotiates, and prepares loan and mortgage insurance guarantee requests for approval within the agency. Upon approval, the Vice President of Commercial Lending follows loans and mortgage guarantees through commitment, documentation, and closing. The position is responsible for loan servicing and relationship management of assigned borrowers, as well as for marketing the loan products of the agency and cross-selling other agency products.
Responsibilities
- Analyze credit worthiness of loan and guarantee
- Evaluate the quality and capacity of development teams and developers, architects, and contractors for construction loans
- Negotiate and structure loan and guarantee requests with potential borrowers
- Underwrite and prepare loan and guarantee presentations for approval to the Credit Committee and the full Board of Directors for approval
- Follow approved loans through commitment, documentation, and closing, ensuring all terms and conditions of approval have been met, including loan documentation that is consistent with agency policies, procedures, and terms and conditions of approval
- Review borrowers’ requests for loan and construction advances, ensuring terms are accurate and consistent with loan Address and resolve problems that may arise in the approval, commitment, documentation, and closing phases
- Collaborate with other agencies and banks to promote lending through participations, guarantees, and co-lending arrangements
- Establish and maintain a calling program with various banks, bankers, agencies, and other referral sources
- Represent the agency at events, including speaking engagements and tradeshows
- Maintain loan system, updating pipeline for new and existing relationships and ensuring accurate portfolio information
- Manage regional portfolio of existing borrowers and perform annual reviews of all assigned accounts
- Monitor loan portfolio and maintain satisfactory credit information and files, ensuring timely financial information as required
- Monitor for covenant compliance and accurate risk rating assessment
- Identify and respond as appropriate to changes in borrowers’ financial condition, including working with borrowers to develop and achieve resolution
- Cross-sell other agency products
Competencies
- Understanding of workplace concepts and issues related to diversity, equity, inclusion, and anti-oppression
- Bachelor’s degree plus minimum of 5 years of experience in commercial lending, commercial real estate lending, and/or construction lending
- Working knowledge of loan operations and strong documentation skills
- Analytical thinker with strong problem solving skills
- Strong contributor within a team enviornment
- Demonstrated success with relationship management and business development
- Exceptional time-management and communication skills
- Travel within Massachusetts
- Bilingual a plus though not required
Benefits
MassDevelopment offers a robust and generous benefits package. In addition to standard benefits, highlights include:
- Student Loan Reimbursement
- Tuition reimbursement
- Premium Medical and Dental Coverage
- Employer Contributions to Retirement Savings Plans
- 7.5% employer contribution into a 401(a) Defined Contribution Plan
- 457(b) with employer match of up to 5%
- Fitness/Wellness Reimbursement
- Transportation Reimbursement