About Us
Live Oak Bank is a digital bank that serves small business owners across the country. Our groundbreaking spin on service and technology has fueled our mission to be America’s Small Business Bank. Our products help customers buy, build, and expand their business, and our high-yield savings and CD products help them grow their hard-earned money. At Live Oak, we never lose sight of the well-being of our people. We believe our employees are the heart of our company. Our commitment to our customers and culture is intertwined, and we seek those who embody and embrace what it takes to empower the American dream.
How This Role Impacts Live Oak And Its People
In accordance with established lending policies and procedures, lead efforts to evaluate, underwrite, and close commercial real estate loans. Lead due diligence efforts, prepare credit approval requests, participate in discussions with credit committee members, coordinate checklist calls and correspondence with customers, manage closing timelines, negotiate loan documents and collaborate with legal counsel, closers, loan operations, and construction servicers as necessary through the loan closing. Exhibit a thorough understanding of commercial lending within assigned asset classes, and develop expertise with the loan products being delivered. Must be highly responsive to clients, a team player, strong communicator and collaborator, and knowledgeable of various loan structures and how to extend commercial real estate credit with the utmost safety and soundness.
What You’ll Do At Live Oak
- Lead underwriter focused on several commercial real estate asset classes, especially Healthcare Real Estate (MOB, surgery center, IRF) and all Net Leased assets, included but not limited to opportunities with anchor tenant/credit leases.
- Credit trained underwriter, providing an upfront financial analysis of the opportunity, structuring guidance, sponsor and tenant analysis, as well as the ability to evaluate the collateral value and strategic fit of the opportunity within the overall CRE loan portfolio.
- Spread historical financials, run cash flow and valuation models, perform tenant/obligor credit analysis, review/create lease abstracts, drafting and presenting credit/deal memos for approval, including a summary of the opportunity strengths and weaknesses.
- Bid, order, and review 3rd party due diligence reports including appraisals, market feasibility studies, property condition assessments, and environmental reports. Analyze results to develop additional questions and deeper understanding of credit risk
- Research and assess real estate specific aspects of proposed transactions including physical condition, location, competition and market positioning, pricing, branding, market supply and demand, and construction/replacement costs
- Participate with Loan Officer in some early-stage customer discussions about Borrower qualifications, organizational structure, business plan, transaction capital structure, deal structure and loan terms
- Investigate and further LOB’s understanding of entire transaction capital stack, including subordinate lenders and equity investment structure, to ensure security of LOB’s loan, total transaction leverage, and alignment of Borrowers, Guarantors, and investors to project success
- Prepare deal summaries and support due diligence requests related to loan syndication or other capital markets efforts
- Manage secure document management systems (Salesforce, ShareFile, Syndtrak, DropBox, etc) to retrieve and share information with internal and external parties; Borrower, LOB deal team, legal, capital markets team, participant/syndicate banks
- Request and compile construction related information for internal General Contractor approvals and 3rd party plan and contract reviews, working closely with LOB Construction Administration team
- Challenge assumptions and discuss critical questions directly with borrowers
- Prepare credit presentations for transactions in accordance with LOB policies.
- Present deals to Credit Committee; participate in preflight discussion if necessary
- Assist Loan Officer and counsel with legal documentation process and negotiation by reviewing loan documents, issues lists, open questions or points of negotiation. Provide underwriting perspective on open deal points that present credit risk
- Assist with handoff to Project Finance servicing team to ensure smooth transfer of knowledge. Maintain involvement with servicing as relates to future advances (earnouts, guidance line draws, reserve releases) and decision points requiring underwriting expertise (tenant lease approvals, material changes, etc.)
- Travels for site visits and trade shows as needed.
- Participate in training and mentorship of junior team members.
- Contribute to the build-out and growth of LOB’s commercial real estate platform, by contributing ideas and best practices, and developing tools, models, guidelines and procedures.
- Keep abreast of economic conditions, changes and trends in customers and tenants businesses, real estate valuation and finance trends, construction/development trends, the banking industry, and specific real estate asset classes targeted by the Bank.
How You’ll Do It
- Manage the credit transaction process from due diligence, underwriting, approval, closing, and post-closing
- Collect and review initial materials for deal screening
- Assist Project Finance Lending team with prescreening deals, presentations to credit, and term sheet drafting
- Present deals to loan committee, executive loan committee, and Board of Directors
- Perform financial analysis and modeling for new lending opportunities
- Work with lending, closing, and construction departments to coordinate pre-closing activities, loan documentation review and negotiation, as well as other responsibilities throughout the closing process
- Maintain current and in-depth knowledge on banking and lending products, policies, procedures and regulatory requirements, as well as market and industry activities and trends
Required And Preferred Experience
- Bachelor’s degree in Business or Finance and 5+ years of relevant experience required, underwriting background preferred
- Advanced knowledge of various types of real estate loans, credit analysis, spreading and analyzing financial statements, risk analysis, credit scoring, loan documentation, etc.
- Strong working knowledge of banking products, services, policies, procedures and regulations
- Prior experience in commercial real estate credit, underwriting, or servicing is preferred
- Prior experience working on Healthcare Real Estate or Net Leased real estate assets is valued.
- Strong client product and relationship management skills
- Excellent organizational skills with ability to prioritize and manage workload
- Strong credit and underwriting knowledge
- Excellent internal and external customer service and relationship management skills
- Excellent written and verbal communication skills
- Ability to maintain effective working relationships with all levels of bank personnel
- Proven experienced on a team managing multiple workstreams and shifting priorities
- Ability to take on special assignments on an as-needed, ad-hoc basis
For a detailed overview of our employee benefits please visit: http://www.liveoakbank.com/careers/
Live Oak Bank is an Affirmative Action and Equal Opportunity Employer, Minorities/Women/Veterans/Disabled. We consider applicants for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, age, genetic information, veteran status or disability. Equal access to programs, service and employment is available to all persons. Those applicants requiring reasonable accommodation to the application and/or interview process should notify human resources at careers@liveoak.bank
EEO is the Law
Commitment to Diversity
Live Oak Bank is committed to creating and maintaining a workplace in which all employees have an opportunity to participate and contribute to the success of the business and are valued for their skills, experience, and unique perspectives. This commitment is embodied in company policy and the way we do business at Live Oak Bank and is an important principle of sound business management.
The base pay range for this position is $110,000.00 - $150,000.00 per year. Compensation may also include annual bonuses and long-term incentives, subject to various metrics and company policy. A candidate’s salary is determined by several factors including travel, relevant work experience or skills and expertise.
Please note that we provide at least the minimum requirement of paid sick leave to our employees who reside in states that require employer-paid sick leave, including but not limited to Arizona, California, Colorado, District of Columbia, Maine, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New Mexico, New York, Oregon, Rhode Island, Vermont, and Washington.