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How to Become a Commercial Loan Workout Manager

Career News January 2, 2014

Commercial loans are often utilized by businesses to make large or unexpected expenses easier to fit their budget. These loans are financed by Commercial Loan Officers who work alongside these companies to calculate the interest rate and repayment plan. A Bank and Commercial Loan Workout Manager oversees the Commercial Loan Officers and deals directly with customers when loan repayment needs to be reassessed.

In order to be considered a candidate for this position, many banks require a Bank and Commercial Loan Workout Manager to have a Bachelors or Master’s degree in a field related to Banking Management such as Finance, Project Management, Accounting, etc. Additionally, 3-5 years of experience in a banking position is often required in order to assure that managers will be confident in their ability to manage several other employees.

It is important for Commercial Loan Workout Manager to understand how to finance a company’s loan properly, as failure to repay a loan due to poor finance planning can cause the bank to lose money. Excellent communication skills are required by the Manager and Loan Officers in order to explain the details of the loan to the client efficiently. Negotiation of loan repayment, or even rehabilitation for defaulted loans can cause clients to become emotionally charged or stressed. Practical communication skills make this process simple, which ultimately improves client satisfaction.

Knowledge and experience in commercial banking is imperative in order for a Banking and Commercial Loan Workout Manager to be successful. In addition to overseeing subordinate employees, the manager often directly helps clients with their routine banking needs. When employees have questions about their position or are unable to help a client, the Loan Workout Manager is consulted in order to establish an effective solution to the problem.

With an understanding of proper finance planning and routine banking procedures, a Banking and Commercial Loan Workout Manager must provide clients with multiple options for solving their own financial puzzles. This allows businesses to continue functioning, while generating revenue for the bank.

A client with good credit, ample resources, and a lucrative business plan can be financed at a lower rate with a shorter repayment period in order to meet their needs quickly. Clients who experience financial obstacles, such as poor credit or debt, may need to choose a financing plan that has a higher interest rate, with a longer repayment period.

With the proper education, experience, communication skills, and organization, an exciting and active career in Banking and Commercial Loan Management can be achieved. Whether it’s helping small businesses continue to stimulate their local economies, or allowing large businesses to manufacture the goods and products we all enjoy, becoming a Bank and Commercial Loan Workout Manager can provide a gratifying avenue for personal success and accomplishment.

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