Ready Capital · 1 week ago
SBA Problem Loan Specialist
United States
Full-time
Onsite
Mid Level
4+ years expReady Capital is focused on managing a portfolio of non-performing SBA loans and is seeking a Problem Loan Specialist. This role involves developing workout plans, negotiating with various stakeholders, and preparing reports to minimize losses and ensure proper loan management.
Financial ServicesMortgageReal Estate
Responsibilities
Manage all aspects of a portfolio of approximately 75 non-performing SBA loans
Effectively develop work out plans which translates into acceptable payments or in the alternative; moves the account towards foreclosure/liquidation
Performs loan reviews of the problem credits with the ability to properly analyze any financial and/or documentation issues
Appropriately monitor the progress of workout accounts and recommend any required changes in action necessary to minimize loss or prevent losses
Evaluates credits to ensure they are appropriately reserved, charged-off and rated
Ability to effectively negotiate with attorneys, debtor companies, and other creditors and lending personnel to secure appropriate workout arrangements
Prepare monthly and quarterly reports for management
Review loan files and documentation in order to identify any deficiencies
Ensure loans are properly graded and reserved
Make appropriate recommendations as to accrual status and required charge-off recommendations
Work with legal counsel regarding strategy for legal action, commencement of foreclosure and bankruptcy proceedings
Prepare and generate customer correspondence relating to default
Work with Borrowers to resolve loans through a loan modification or litigation/liquidation
Prepare Credit Approval Memo to recommend loan modification requests or Bankruptcy Plan Confirmations
Prepare required documentation for approved restructures/modification
Analyze financial statements in order to determine financial capability
Expedites submission of complete and accurate Guaranty Purchase Packages and Final Wrap-up Reports thereby ensuring maximum recoveries and reducing corporate losses
Communicate updates and manages data entry into servicing systems
Prepare monthly and quarterly reports to recommend loss reserves
Prepare monthly reports for PD/LGD (rating) changes
Assist in responding to audit requests
Assist in preparing and submitting reporting to management on TDR’s
Complete ad hoc reporting as required
Close 25 loans per year (closed by either payoff, return to servicing or final wrap up sent to the SBA)
Maintain good working relationship with the SBA staff
Portfolio is accurately rated/reserved and/or charged off during the quarterly review
Submit all SBA repurchase packages within 120 days of delinquency
Submit wrap ups within 90 days of the end of collection
Prepare and submit timely 172 payments to the SBA
Respond to SBA requests for additional information within the provided 7-10 day timeframe
Ability to make independent decisions on a daily basis relating to assigned portfolio
Upon receipt of a loans modification or settlement request from borrower, investigate, structure and recommend for approval following lender and SBA policies
Manage loan recovery efforts with attorneys on daily basis on all litigation matters and provide guidance/decisions on various issues that arise during the litigation phase; including treatment in bankruptcy plans, foreclosures, settlements, forbearances, requests for adjournments
Hire auctioneers and brokers to evaluate value of collateral and course of action that will result in the highest recovery
Qualification
Required
High school diploma or general education degree (GED)
Minimum of 4 years' experience in SBA/Commercial Loan workout
Knowledge of the SBA SOP 50 57
Ability to analyze small business financial statements and Bankruptcy plans
Must have SBA/Commercial Loan workout experience
Knowledge of legal proceedings including Foreclosure, Bankruptcy and Replevins
Ability to multi-task and work in a fast paced environment
Excellent interpersonal skills
Detail oriented
General office skills, including ability to operate a computer and enter data accurately; ability to maintain files and records; and ability to prioritize and perform multiple tasks
Proficient in Microsoft Office, working with Word and Excel or similar spreadsheet software
Ability to read and comprehend instructions, short correspondence, and memos
Ability to write simple correspondence
Ability to write basic routine reports and correspondence
Ability to interact effectively with management, other employees, customers, and representatives from other organizations
Excellent communication skills
Basic credit skills required
Ability to analyze small business financial statements, personal financial statements, tax returns and bankruptcy plans for Small Businesses
Ability to apply common sense
Ability review information and solve problems quickly
Strong ability to manage time
Strong organization skills
Ability to take direction
Preferred
Bachelor degree in Finance/Business preferred
Company
Ready Capital
Ready Capital is a multi-strategy real estate finance company
501-1000 employees
H1B Sponsorship
Ready Capital has a track record of offering H1B sponsorships. Please note that this does not
guarantee sponsorship for this specific role. Below presents additional info for your
reference. (Data Powered by US Department of Labor)
Distribution of Different Job Fields Receiving Sponsorship
Represents job field similar to this job
Trends of Total Sponsorships
2025 (1)
2022 (1)
Funding
Current Stage
Public CompanyTotal Funding
$1.46B2025-02-21Post Ipo Debt· $220M
2024-12-03Post Ipo Debt· $130M
2023-06-12Post Ipo Debt· $648.6M
Leadership Team
Gary Taylor
Chief Operating Officer
Jordan Goforth
Managing Director - Head of Western US
Recent News
2025-09-29
Company data provided by crunchbase