The Business Development Officer (“BDO”) will be responsible for prospecting, developing and funding SBA 7a loans. Qualified candidates will have a solid track record of developing commercial real estate and cash flow loan structures. Qualified BDO’s will have a successful track record of CONSISTENTLY developing and funding $10 million to $15 Million plus annually.
Summary of essential job functions
- Build relationships with local and national SBA loan referral sources which include but are not limited to Commercial Mortgage Brokers, Business Brokers, Realtors, Attorneys, Franchises, CPAs, other commercial bankers, and other business contacts.
- Develop strong relationships with local SBA District offices.
- Work with referral sources and borrowers to solicit SBA 7a loan requests
- Prepare loan applications and present them to Centralized SBA Loan Processing Center.
- Consistently generate and maintain a high volume loan pipeline of transactions that meet risk and return, pricing, structure, and loan size objectives of the bank.
- Compile complete, high quality, loan application packages to underwriting.
- Present commitment letters to borrowers for execution.
- Work closely with the SBA loan origination team (underwriting, processing, and closing) and the borrower to deliver an 80% credit approval rate and successful closing of at least 80% of accepted commitments.
- Build strong “Bank Brand Awareness” in the market place.
- Represent the bank with honesty and integrity while delivering high levels of customer service in all interactions.
- Build strong relationships that promote a positive reputation within the local business community
- Bachelor’s Degree or higher preferred.
- Minimum of 4years SBA 7a lending experience preferred.
- History of consistent SBA production of no less than $15 million annually
- Demonstrate a strong network of SBA loan referral sources.
- Strong local or national market presence and Sphere of Influence.
Required Skills and Attributes: Effective communication skills and the ability to develop productive relationships with a wide range of business professionals.
- Ability to gain trust and effectively work with referral sources and their customers.
- Proven track record of funding $15mm+ in SBA 7a loans annually.
- Exceptional oral and written communication skills, including the ability to conduct presentations, lead meetings and effectively communicate Ready Capital Lending programs.
- Knowledge of the Small Business Administration 7a Loan Programs, and the SBA SOP.
- An energetic self-starter and strong collaborator with a proven ability to work in an entrepreneurial environment.
- Ability to thrive in a cooperative work environment and embrace the “Team Concept”.
- Ability to think strategically and identify potential SBA and USDA loan opportunities.
- Ability to work independently and successfully develop, manage and fund high volume SBA loans
- SBA 7a loan pipeline development
- Referral network development
- Structure bankable 7a, B &I loan applications
- Ability to read, analyze, and interpret, financial reports, and legal documents.
Our client is a $10 Billion Regional Bank, a Top 3 National SBA Lender that is fully committed to the SBA 7a program. The bank has a streamlined loan underwriting and approval process with the goal of providing borrowers commitment letters within 2 weeks of application and funding none CRE deals within 3-4 weeks.
The following loan structures and borrowing industries are attractive to our client:
- Large high-quality loans ($2 Million and above) Variable Rate SBA 7a loans
- Business Acquisitions
- Cash Flow financing
- Ground Up Commercial Construction
- New Commercial Construction
- Tier 1 and Tier 2 Hotels
- Strip Centers
- Day Dare
The following loan structures and borrowing industries are NOT attractive to our client:
- Small loans less than $250K
- C – Stores
- Gas Stations
- Liquor Stores
- Car Washes
- Golf Courses
- Massage Parlors
- Independent Restaurants
- Trucking Companies
- Fed Ex Route Drivers
- Residential Construction
- Aged Tier 2/Tier 3 Hotel Remodel
- Service companies or manufacturing companies related to “Residential Construction”
Compensation and Benefits
- Base Salary: $300,000 plus (As Applicable)
- Defined Bonus $50,000 plus paid annually depending on annual loan production
- All Loan Broker Fees Paid by the bank up to 2%
- Marketing budget and support
- A full Expense Reimbursement program
- Initial Support Team provided during the first 6 months
- High-speed electronic loan processing in the “Cloud”
- Competitive 3, 5, 7, 10 year Fixed Rate Loan terms when applicable
- USDA, B & I and 504 Conventional Companion loans
- National Foot Print
- 2 Centralized Underwriting Centers
- Discount Rate Pricing when applicable
- Large loan appetite (prefer loans $1 Million and Above)
- Currently, all markets are underserved with 1 or less BDOs in each market
- Preferred Lender
- Full Medical/Dental/Vision, 401K and Profit Sharing
Interview and Hiring Process
- Current or previous Closed Loan Production Report
- Current Pipeline Report
- 2 -3 meetings with Market Director
- Verify last 2 years income (W-2)
- Face to Face meeting with Market Director – locally
- Phone conference with Bank CEO
- Phone Conference with Chief Risk Officer
- Phone Conference with Bank President
- Meeting with Head Underwriter
- Meeting with Loan Closing Manager
- Meeting with Marketing Manager and Initial Support Team
- Phone Conference with National Sales Manager
- Phone Conference with tenured BDO
- Background Check
- Verbal Offer
- Offer Letter
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