Sr. Commercial Lending Underwriter - NextGear Capital

Cox Automotive - Mississauga, ON (30+ days ago)

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About NextGear Capital Canada

NextGear Capital is a subsidiary of Cox Automotive and one of the world's largest automotive inventory financing institutions. NextGear Capital, together with its affiliates, provides flexible lines of credit and capital solutions to over 22,000 dealer clients worldwide. The company offers state-of-the-art online and mobile account management tools, market-specific industry analytics, dealer performance data and collateral protection to its clients globally. NextGear Capital Corporation is a Canadian company owned and operated by Cox Automotive Canada. For more information about NextGear Capital Canada, visit coxautoinc.ca/brand/nextgear-capital/.

JOB SUMMARY

Lending’s role is to protect corporate assets through a quality, detailed and thorough analysis of a submitted loan package. Lending provides business customers with a streamlined, expedient, and custom-tailored loan proposal. Lending is a member of a diverse organization, working closely sales professionals, C-Suite executives, legal professionals, and risk professionals. The Sr. Commercial Lending Underwriter underwrites complex commercial loan packages for new and existing dealers through extensive analysis of financial and performance data. This independent analysis function is designed to provide an in-depth evaluation of the strengths and weaknesses in commercial loan requests that will assist in determining if the overall risk is acceptable.

ESSENTIAL DUTIES AND RESPONSIBILITIES:
Issue definitive credit decisions on commercial loans typically ranging between $1,000,000 - $30,000,000 while ensuring alignment with organizational goals and established credit policies.

Spread and complete an analysis of financial statements including balance sheet, income statement, and statement of cash flow.

Identify and evaluate financial trends.

Generate key financial ratios and interpret metrics including margin, liquidity, leverage, profitability, efficiency, and debt coverage ratio.

Write a detailed summation of borrowers’ financial performance, health, and profile.

Identify and infer varying line items of balance sheet and income statement.

Detect and identify varying sources of business revenues.

Analyze pro forma and cash budgets.

Calculate lender yield and recommend appropriate pricing based on risk profile.

Identify and analyze borrower’s debt structure.

Understand debit and credit journal entries derived from borrowers’ transactions and their impact on financial analysis.

Identify and evaluate borrower’s financial strengths and weaknesses as it relates to the loan request.

Analyze implications of effective loan rate on borrowers’ cash flow and balance statement.

Decision for key risks and opportunities while weighing risk versus return.

Assess and determine additional or current collateral requirements.

Evaluate and analyze borrower performance based on internal measurements and reports to include inventory management, payment history, audit reconciliation, and covenants.

Conduct a due diligence audit and highlight findings on defaulted accounts.

Evaluate and interpret principals’ personal liquidity, leverage, debt-to-income ratio, and asset verification including relationship to borrowers’ financials.

Illustrate the key characteristics of a personal tax return as it relates to the loan request.

Distinguish information from personal and commercial credit bureau and describe material factors.

Perform industry analysis and understand borrowers’ financial ratios relative to peers.

Analyze operating business cycles and markets within the automotive industry.

Identify industry, market, and management risks that can affect a borrower.

Analyze complex organizational structures.

Review legal documentation to ensure transactions are accurately structured and adequately secured.

Research and analyze PPSA / Hypothec filings in Canada to determine priority and nature of each filing and effect on loan package.

Ensure accuracy and compliance regarding Canadian loan documentation.

Ensure completion of all credit requests within required corporate time target.

Identify and communicate potential implications from credit decisions to affected internal parties.

Accurately communicate in writing directly to borrower and borrowers’ representatives including, but not limited to, corporate and personal CPAs and attorneys.

Communicate directly to internal Sales Executives, Risk Managers, and Senior Level Executives to resolve lending inquiries.

Ability to lead commercial loan package presentation to senior executives in rendering a credit decision.

Drive business improvements to identify new initiatives and enhance process efficiencies.

Mentor field staff as to “Why” and the process to improve all around knowledge and efficiency

SPECIFIC DUTIES AND RESPONSIBILITIES:
Process all new applications and existing NextGear Capital floor plan account reviews up to ($999K) as a standard

Process Contract Modifications Review request or Annual Reviews of existing NextGear Capital accounts including but not limited to Line of Credit Increases and Signer Changes

Pull, review, and interpret credit reports on both the business and the individual applicants. Examine length of credit history, nature of accounts, payment history, size of trade lines, credit utilization, in determining credit worthiness of applicant and business

Research any relevant bankruptcy records, tax liens, and / or judgments in weighing applicants’ business or personal ability and willingness to repay NGC obligations

Pull and review PPSA/RPMRR searches and file position found under the business applicant legal name

Validation of the business applying and who the accurate “legal” owners are through documentation provided and/or public record search

Review field summary comments provided with business background and sales volume status

Review NGC system for existing account performance overall in relation to account modification reviews

Process all decisions and documents by completing a Lending Summary document

Verify all NextGear Capital required supporting documentation per account to secure NextGear Capital interest

Phone/Email contact to the NextGear Capital Customer (dealer) or NextGear Capital Account/Sales Executive for information/documentation required to decision a request

Update company system/tracking on the status of all duties listed above

Report the status for all duties listed above to the Lending Team Lead

Qualifications:
Capacity to autonomously issue comprehensive credit decisions while ensuring alignment with organizational goals and established credit policies.

Working knowledge of GAAP accounting and financial concepts used in automotive and financial services industries.

Provide detailed analysis of Audited, Compiled, Reviewed, and Dealer Prepared business financial statements and explain key effects on the loan package.

Analyze and interpret personal and business tax returns including all schedules and ability to explain implications on the loan package.

Analyze borrower’s cash flow cycle and effects on debt requirements and repayment sources.

Ability to review bank statements as it relates to borrower and principal.

Analyze third party statements to deduce impact on loan package and borrowers’ capital.

Analyze and incorporate multiple data points from numerous sources and the effect of each on the loan package.

Comprehend and relate market industry data and effect on borrowers’ business model.

Critically evaluate and apprise borrowers’ business operations relative to peers and industry standards.

Forecast based on trend analysis.

Ascertain principal stakeholders’ personal value based on financial statements and external data points.

Understanding of varying personal and commercial credit tiers including prime and subprime.

Working knowledge of commercial lending industry’s legal framework and implications thereof.

Familiarity with varying business structures including Sole Proprietorships, Partnerships, and Corporations.

Interpret complex business structures and the related financial implications on the loan package.

Ability to analyze buy here pay here, lease here pay here/in-house lease, and car rental business models.

Clear, concise, and effective communication across all levels of the organization and with external stakeholders.

Demonstrate initiative, challenge existing processes, and offer value enhancing improvements.

Ability to work independently and prioritize effectively.

Other characteristics aiding in daily job function include adaptability, resourcefulness, and decisiveness.

Proficiency with Microsoft Office Suite including Word, Excel, PowerPoint, and Outlook.

Education and Experience
Post-secondary degree in Accounting preferred; Finance, Business, or Commerce degree considered
3-5 years relevant lending experience in a financial services Industry
Working knowledge in various inventory finance software programs
Knowledge of reading/speaking French is strongly preferred
Prior work experience in Auto or Financial service industry is preferred but not required
Bilingual (French and English – Strongly preferred)

What we offer:
Full time employment with one of the global leaders in automotive remarketing realm
5 weeks paid vacation per year
Generous Insurance plan paid by Cox Automotive Canada (medical, dental, life, disability).
RRSP contribution plan
Venngo Discount programs
Fast paced, multicultural work environment
Career pathing – opportunity for development and advancement within Cox Automotive family of companies
Opportunity for involvement with local communities though company sponsored volunteering program
Cox Automotive Canada was named one of Greater Toronto's Top Employers

About Cox Automotive

Cox Automotive Inc. makes buying, selling and owning cars easier for everyone, while also enabling mobility services. The global company’s 34,000-plus team members and family of brands, including Autotrader®, Clutch Technologies, Dealer.com®, Dealertrack®, Kelley Blue Book®, Manheim®, NextGear Capital®, VinSolutions®, vAuto® and Xtime®, are passionate about helping millions of car shoppers, tens of thousands of auto dealer clients across five continents and many others throughout the automotive industry thrive for generations to come. Cox Automotive is a subsidiary of Cox Enterprises Inc., a privately-owned, Atlanta-based company with revenues exceeding $20 billion. www.coxautoinc.com

Cox is an Equal Employment Opportunity employer - All qualified applicants/employees will receive consideration for employment without regard to that individual’s age, race, color, religion or creed, national origin or ancestry, sex (including pregnancy), sexual orientation, gender, gender identity, physical or mental disability, veteran status, genetic information, ethnicity, citizenship, or any other characteristic protected by law.

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