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- New York, NY 10036
- Denise Smith
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SVP - Franchise Underwriting
CIT GROUP INC. • New York, NY
Posted 22 days ago
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Founded in 1908, CIT (NYSE: CIT) is a financial holding company with more than $65 billion in assets. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has more than $30 billion of deposits and more than $40 billion of assets. It provides financing, leasing and advisory services principally to middle market companies across a wide variety of industries primarily in North America, and equipment financing and leasing solutions to the transportation sector. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A.
Reporting to the EFUS Managing Director, the Senior Vice President of Underwriting will lead a team of underwriters and portfolio managers that work collaboratively with Sales,Originations/Operations, Legal and Corporate Credit to further develop and grow the Franchise Finance business segment for EFUS.
* Leadership - As a member of the Franchise Finance leadership team, participate in the on-going growth and development of the business into an industry-leading participant. Lead the underwriting and portfolio management activities to ensure an appropriate Risk/Credit new business and portfolio composition. Be the main liaison between legal, operations and sales ensuring the business is processed timely, accurately and risk is protected
* Franchise Framework - building and maintaining Franchise segment target market framework, policy, procedures and credit standards
* Transaction underwriting - leading a team of underwriters that underwrite all franchise transactions for new and existing customers to ensure appropriate terms/conditions and transaction structure. Present recommendations to Corporate Credit for final approval.
* Processing - Efficient processing end to end (through the door to docs) of all franchise transactions
* Concept underwriting - Initial underwriting of and ongoing monitoring of Franchise concepts, market multiples and enterprise value validation. Present recommendations to Corporate Credit for final approval.
* Customer monitoring - monitoring of customers per policy and loan documentation, measuring covenant compliance.
* Documentation - working with Legal and Origination's, the accurate execution of loan documentation and processes ensuring risk mitigation and first security positions
* Portfolio management - ensure balanced profitable growth of the portfolio by region, concept and franchise type, creating databases to record portfolio performance to include new build growth, enterprise valuations, and cap rates. Present recommendations to Corporate Credit for final approval.
* Reporting - accurate and timely reporting of key portfolio metrics, including compliance with leverage lending criteria, enterprise valuation and real estate requirements
* Audits - ensure the portfolio is documented to a high standard and be the lead on any segment audits that are required
* Market/competition. Keep abreast of market developments to ensure CIT is properly and competitively positioned in the Franchise marketplace
- 10+ years Credit underwriting experience of Enterprise Value / Cash Flow/Real Estate in the restaurant franchise sector
- Bachelor's degree in Accounting, Finance, Business, or related field required; MBA desired
- Although current business focus is in the Restaurant vertical, experience underwriting other franchise transactions such as C&G (preferred)
- Knowledge of the restaurant industry, strengths and weaknesses of Franchisers as well as the structuring and execution of a senior secured lending finance offering into the segment
- Experience of loan documentation for both business value transactions and Real Estate transactions
- Experience of managing and monitoring a leverage loan portfolio
- Decision maker, able to make informed decisions regarding the transaction within the context of the agreed framework
- Strong leadership skills, with the ability to provide guidance, review and understand complex transactions
- Attention to transaction detail including financial as well as legal documentation
- Strong proactive approach to relationship building, internally and externally
- Able to build processes and procedures and develop a balanced portfolio
- Accountable and responsible
- Confident and effective communicator (both verbal and written)
- Excellent time management