Our esteemed client in Bergen County, New Jersey is looking for a Special Asset Manager to join there organization. The Special Asset Manager will collaborate closely with borrowers, lenders, and internal stakeholders to restructure and secure collateral, equity, or other borrower assets while minimizing risk. The role involves negotiating asset sales, managing non-performing loans, and implementing strategies to recover principal. The ideal candidate has 7+ years of experience in commercial banking, loan review, and credit analysis, with proven expertise in restructuring and asset management.
Key Responsibilities:
Credit Review and Restructuring
- Partner with borrowers to evaluate and restructure credit and repayment terms.
- Secure collateral or equity positions and establish recourse to other borrower assets to mitigate charge-off risks.
- Conduct comprehensive assessments of borrowers' financial abilities for debt restructuring, forbearance agreements, or loan modifications.
Portfolio Management and Credit File Review
- Maintain regular customer contact, ensuring compliance with loan agreements and updated financial data.
- Review credit files to assess financial conditions, repayment capacities, and collateral standings.
- Assign appropriate risk ratings, evaluate accrual statuses, and recommend charge-offs if necessary.
Charge-Off Minimization
- Develop and execute practices to return non-performing loans to performing status.
- Implement strategies to minimize loan charge-offs.
Negotiation
- Engage with attorneys, debtor management teams, creditors, and external lending personnel to secure repayment agreements.
Fund Recovery
- Develop recovery strategies for non-performing loans that have been charged off.
- Collaborate with commercial lending, legal, and other departments to maximize fund recovery.
Continuous Improvement
- Provide senior management with recommendations to improve credit structuring and loan policies.
- Identify and address fundamental weaknesses in the bank’s credit practices.
Sale Negotiation
- Negotiate asset sales resulting from legal actions, including commercial and construction property dispositions.
- Collaborate with real estate brokers, consultants, and internal teams to expedite asset liquidation.
Qualifications:
- Bachelor’s degree required; MBA preferred.
- Minimum of 7 years of experience in Loan Review, Credit Analysis, Credit Workout, or a related function within commercial banking.
- Strong negotiation and communication skills.
- Proven ability to mentor and develop team members.
- General knowledge of legal and collections practices.
- Ability to work collaboratively with internal and external stakeholders to resolve issues effectively.
- Coordinate with tax, legal, audit, credit policy, and regulatory officials as needed.
- Perform other related duties as assigned.
- Strategic problem-solving and decision-making capabilities.
- Familiarity with regulatory compliance in the banking sector.
- Experience with asset liquidation and fund recovery strategies.
Ascendo is an equal opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, or protected veteran status and will not be discriminated against on the basis of disability
