Wintrust Commercial Finance (WCF) provides highly sophisticated finance and lease products to commercial enterprises throughout the United States in a wide range of industries. This individual will have active involvement in the build out of a commercial finance business located in Frisco, Texas. Wintrust Financial Corporation (Wintrust) is a financial services holding company based in Rosemont, Illinois, with assets above $30 billion. We engage in the business of providing traditional community banking services, commercial banking, wealth management services, commercial insurance premium financing, life insurance premium financing, mortgage origination, short-term accounts receivable financing, and certain administrative services, such as data processing of payrolls, billing and treasury management services. We provide community-oriented, personal and commercial banking services to customers located in the greater Chicago, Illinois and southern Wisconsin metropolitan areas through its 15 wholly owned banking subsidiaries.
Responsible for establishing accurate equipment values, enforce and negotiate various end-of-lease transactions, dispose of returned equipment and assist with overall equipment portfolio management. Works within objectives, policies and plans, which support the Commercial Finance business model and alignment with Wintrust Financial Corp. parameters.
Essential JOB DUTIES:
Research various equipment types to project present and future equipment values for the purpose of providing residual pricing to the marketing team and/or credit in a timely and thorough manner. Understand components of equipment leasing to ensure prudent equipment covenants are incorporated into lease/loan documentation to protect equipment value.
2.Monitor the various equipment markets for technology changes, market influences and regulatory changes that affect value of leased equipment and residual pricing and values of similar equipment.
3.Perform various portfolio and administration activities as assigned, to include but not limited to, required accounting, internal documentation and reporting necessary to ensure compliance with internal and external requirements. Coordinate and assist with the calculation of FMV lease terminations and buyouts; communicate amounts to lessee.
4.Coordinate and conduct the equipment reviews required by policy working with Director for FASB ASC840 and related ad hoc reporting.
Initiate research for end of lease account responsibilities; use research data to determine market value ranges and renewal rental rates, stick rate, disposition strategy, and execute approved action plan.
6.Remarket and sell returned equipment in a timely and cost effective manner to maximize net proceeds and mitigate loss to the bank.
7.Perform equipment inspections as needed and arrange outside third party inspections and appraisals as requested.
8.Perform other job-related duties as may be required.
Nature and Scope:
The AM will be responsible to work within the commercial leasing team to establish accurate equipment values, negotiate the "End of Lease" and "Early Termination" transactions directly with customers, diligently dispose of returned equipment, as well as assist with the overall equipment portfolio management and ad hoc departmental special projects.
The position requires the incumbent to participate in "Residual Setting Function" for new transactions by performing equipment research, transaction assessments and lessee situational overviews as well as following general technological and regulatory trends related to the leased equipment.
Additionally the incumbent is required to perform the "Remarketing Function" by securing and evaluating the "End of Lease" equipment and documentation information to include equipment identification, market research and value assessment, lease agreement review, and lessee situational overview.
Minimum 5-10 years in the equipment management department of an equipment leasing company or similar type company.
Formal appraisal training a plus ASA
Excellent PC skills with knowledge of MS Word, MS Excel and other departmental software and systems.
Other Job Information:
Demonstrated experience in Equipment Valuation and Remarketing of various equipment types and ability to work independently and lead projects with minimal supervision.
Excellent written and verbal communication skills.
Establish and cultivate internal and external relationships as necessary to support function and business
Excellent analytical skills.
Strong negotiating skills
Good common sense and inquisitive mind
Sense of urgency
Multitasking with changing priorities
Ability to work individually, on team and in a bank matrix environment
Working Conditions And Demands (If Applicable):
Valid and current driver's license required.
Ability to travel periodically
Attend seminars and training as requested
Capable of lifting minimum of 50lb
We provide an engaging, dynamic work environment, an excellent compensation package including 401k, employee stock purchase plan, medical/dental, life insurance and more!
Wintrust Financial Corporation (including community banking and financial services subsidiaries) is an Equal Opportunity/Affirmative Action/Veterans/Disability employer.