Director, Special Assets
Our Client, a boutique alternative lender based in Southern California, is looking to add a Director to build a Special Assets service line.
Summary of Position
Director, Special Assets will create and lead the Company’s Special Assets division. Position will be tasked with creating infrastructure and leading the company’s workout and restructuring activities for non-performing borrowers and assist the credit team in evaluating potential risks in portfolio companies and prospective transactions. Director will also play a critical role in capital markets in terms of helping find take-out lenders or other solutions.
Director, Special Assets is a full-time role that will report to the CEO and may be located nationwide though will spend significant time initially in Los Angeles office integrating with teammates and understanding strategy.
• Develop Special Assets service line responsible for workouts and loan restructuring for distressed assets. Note: Approximately three quarters of company’s loans are second lien; aim for partnership with senior lenders and often have limited means to influence outcome. Successful workouts require decisive action, willingness to commit additional capital and on occasion, foreclosure or litigation.
• Portfolio Management oversight alongside credit team. Actively manage portfolio to identify potential non-performing borrowers.
• Responsible for quickly transitioning relationship from credit team, assessing situation and recommending solutions to CEO.
• Create risk rating system and metrics to help determine when a borrower should be transitioned to special assets.
• Serve as liaison between Company, borrower, counsel and senior lender to manage workouts.
• Assist credit team and Loan Committee in reviewing prospective loans and offering insight into potential pitfalls.
• Bachelor’s degree in Finance, Accounting, IT or a related major preferred. Advanced degree/MBA/J.D. is a plus.
• Deep understanding of financial accounting processes and procedures, financial reporting, financial planning and liquidity management.
• Ten or more years of combined finance/accounting and turnaround consulting experience preferred. Ideal experience may include restructuring or turnaround experience, lender workouts or restructuring and securities law.
• Significant professional experience in the lower middle market. Clients are typically $10-100M of revenue and $0-5M of EBITDA.
• Excellent verbal and written skills and strong attention to detail.
• Moderate travel.