Position: VP Portfolio Management
Who We Are:
Renovo Financial is a rapidly growing Chicago-based private lender serving real estate investors who acquire and renovate single and multi-family residential properties. We pride ourselves on supporting clients by providing unparalleled service, from the loan application through the payoff. Renovo’s reliability and “win-win” solutions-oriented approach is just one reason why our repeat and referral rates far exceed the industry average. Renovo was honored to be named one of Crain’s 50 fastest-growing Chicago companies and the 2022 + 2023 Top Workplace winner, as recognized by The Chicago Tribune, and 2023 Best Workplace by Inc. Magazine.
Position Summary:
Renovo’s VP Portfolio Management is responsible for portfolio monitoring and managing troubled loan situations. This position requires an assertive and highly collaborative individual who will thrive in a fast-paced environment and communicate effectively with a variety of different stakeholders and audiences (senior leadership, attorneys, borrowers, etc.). The VP Portfolio Management will partnerwith Renovo’s front-line teams to negotiate and implement loan restructurings to avoid loans from becoming delinquent. A top performer in this role will work intensely to tailor solutions for each unique circumstance. A high level of financial, lending, real estate, and legal acumen (and ease with the language used among professionals in those industries) is required for success. This position is exempt from overtime. In this role, you will report directly to the SVP Default.
Responsibilities:
- Manage and monitor a portfolio of service transferred loans including general servicing duties, default workout solutions, and distressed exit strategies.
- Responsible as the main point of contact for default loans in foreclosure, probate, and bankruptcy.
- Collection activities on portfolio delinquencies aged greater than 30 days.
- Monitor the portfolio and engage with the Lending and Servicing Team to action plan around “Elevated Risk” assets.
- The VP will participate in Credit Committee Meetings, Watchlist Committee meetings and attend Foreclosure Committee meetings on request.
- Develop action plans and exit strategies to mitigate Renovo’s loss exposure on troubled loans in close coordination with Renovo’s Lending Team, SVP of Credit, Chief Servicing Officer and SVP of Real Estate & Construction.
- Proactively manage delinquencies through weekly meetings with borrowing clients; obtaining and reviewing borrower financial and cash flow statements; and developing action plans for remedying delinquency. Manage the negotiation, implementation, and execution of troubled loan restructuring activities.
- Ability to promptly interpret and analyze financial statements, including balance sheets, income & cash flow statements, and update proforma data to produce a professional written analysis to assess the ongoing repayment ability of all borrowing clients.
- Capability to have difficult conversations with borrowing clients in a respectful, courteous and professional manner.
- Function as the responsible party for Renovo’s “Watchlist” and “Elevated Risk” loans.
- Identify trends and key risk identifiers that may impact global portfolio sectors or regional geographies. Support portfolio reviews or stress testing based on established key risk identifiers
- Work closely with the Credit Team to ensure any extensions presented on ‘Watchlist’ or aged loans have proper updates and a clear exit strategy in place.
- Monitor the status of completed construction projects to help ensure a successful exit of the loan
- Responsible for the ongoing portfolio management relationships including the identification of problem loans, watch list reviews, and or special reviews that may be required.
- Preparation of formal ‘Watchlist’ Reports for presentation to Senior Management members of the Watchlist Committee on a weekly basis.
- Hold clients and internal lendingteams accountable to milestones and timelines for “Watchlist” loans.
- Work collaboratively with Renovo’s General Counsel, REO service providers, and other third parties as necessary to collect and maximize recovery.
Ideal Candidate:
The ideal candidate for this role will have:
- At least 5 years of experience in finance, banking, or commercial real estate credit, encompassing involvement in workouts and/or special situations.
- Expert knowledge in commercial mortgage lending/restructuring and financial deal structuring.
- Thrives in a highly collaborative atmosphere and relishes the challenge of developing solutionsthat consider the needs of multiple internal/external parties.
- Capable of synthesizing information from many data sources to conduct analysisand articulate a concise recommendation.
- Exemplary written, verbal communication and negotiation skills and ability to effectively tailor messaging to disparate audiences.
- Ability to manage multiple tasks concurrently and self-