Equipment Finance Underwriter

WHO ARE WE: Alerus is a commercial wealth bank and national retirement provider with one core purpose: helping clients achieve their financial goals. We are driven by a shared commitment to always do the right thing; leading with integrity and providing valued advice and guidance to our clients. We value the expertise and skillsets each team member provides and encourage collaboration, innovation, adaptability, and an entrepreneurial spirit at all levels of our company. By consistently seeking improvements and growth, we foster long-term relationships with clients and team members. We are proud to be recognized as a Top Workplace by numerous industry and regional outlets.

CORE VALUES: Passion for Excellence :: Success is Never Final :: Do the Right Thing :: One Alerus

ABOUT THE ROLE:

The Equipment Finance Underwriter evaluates and approves commercial equipment loan and lease requests by assessing the creditworthiness of applicants and evaluating the attributes of the underlying equipment collateral. This includes requests for commercial enterprises that operate in a broad range of industries. Transaction sizes will range from $1,000,000 to $30,000,000. Works closely with relationship managers, clients, and other financial institutions to facilitate transaction approvals while appropriately mitigating lending risk. Wil also involve compliance with all company policies and regulatory requirements.

WHAT YOU'LL BE DOING:

• Work with sales teams to gather necessary documentation and communicate underwriting decisions to clients in a professional and timely manner.
• Work with sales teams to gather necessary documentation and perform ongoing trend analysis, reviews/renewals, and/or covenant compliance testing in a professional and timely manner.
• Review and analyze financial statements, credit reports, tax returns, and other documentation to assess the creditworthiness of applicants seeking equipment financing.
• Evaluate the risk associated with loan applications by analyzing factors such as industry trends, equipment type, repayment capacity, and collateral value. This includes being able to independently grade all relationships in accordance with the bank's credit classification system.
• Recommend loan terms, conditions, and structures that align with company risk tolerance and client needs.
• Prepare detailed credit memos and reports summarizing findings, recommendations, and justifications for loan approvals or denials.
• Monitor portfolio health by regularly assessing the financial health of existing borrowers, the health of equipment asset collateral, industry trends, economic conditions, etc.
• Ensure all loan and lease transactions meet regulatory and internal policy requirements.
• Provide ongoing support with respect to periodic reporting and regulatory compliance requirements.

WHAT YOU SHOULD HAVE:

• Bachelor's degree in finance, accounting, economics, business administration, or a related field.
• 2-5 years of experience in commercial lending, equipment financing, credit underwriting, etc.
• Proficiency with Microsoft Office Suite (Excel, Word, PowerPoint) and underwriting software. Experience with CRM systems is preferred.
• Strong analytical skills with the ability to interpret complex financial data. This includes proficiency in financial modeling and credit analysis tools.
• Strong communication skills, both written and verbal, for interacting with clients and internal teams.
• Detail-oriented with strong organizational and time-management skills.

WHAT WE BRING TO THE TABLE:

• Competitive compensation including base salary, bonus and/or incentive opportunities.
• Comprehensive benefits package providing a wide range of health and well-being benefits, including medical, dental, vision, life and long-term disability insurance; and 401(k) and ESOP for retirement savings.
• Generous paid time off programs such as flexible time off, company-paid holidays, parental and bereavement leave.
• Learning and development resources for personal and professional career development, and advancement opportunities.
• Access to financial experts for guidance, financial wellness tools, and discounts on Alerus products and services.
• Support for the communities we live in through paid volunteer time and a company donation match opportunity.

WORK ENVIRONMENT: Work is typically performed in an office setting. The employee is regularly required to sit for extended periods of time. The employee is occasionally required to move about the office utilizing proper ergonomic safeguards when doing so. Additionally, the employee must occasionally lift or move supplies and materials up to 20 pounds.

The above information in this description has been designed to indicate the general nature and level of work performed by employees in this position. It is not designed to contain or be interpreted as an exhaustive list of all responsibilities, duties, and qualifications required of employees assigned to this job.

Alerus is an equal opportunity employer and value diversity at our company. We do not discriminate on the basis of race, religion, color, national origin, gender, sexual orientation, age, marital status, veteran status, or disability status.