Loan Specialist Career Guide
Loan Specialist Careers
Loan Specialist roles have a lot of components to them and require a candidate to undertake a variety of different tasks requiring a wide array of skills and abilities.
Loan Specialist Responsibilities
In most cases, you will work on managing a portfolio of Loan Agency deals – providing post-closing administration services, as well as setting up deals on in-house systems, booking loans and managing the related activities associated with this task. You will also be looked to for administering waivers and amendments, assist in transferring processors in processing lender transfers, managing ad hoc waterfalls and distributions, as well as working with Relationship Managers and Management on ad hoc deals and requests as is required.
Loan Specialist Skills and Qualifications
This is a role that will require proven experience in dealing with loans and the associated work that comes with them due to the high degree of technical knowledge involved.
You will need an understanding of LMA loan agreements, the ability to calculate loan interest and fees – as well as the capability to process drawdowns and rollovers.
An aptitude for numbers and an ability to engage with others in a professional manner is essential. A Bachelor’s degree in a financial field is preferred – some companies will require this as a prerequisite, whereas others may be satisfied with A Levels or equivalent – this will depend on the company and what they are looking for in their applicant.
Knowledge of LoanIQ and/or Intralinks is looked for in potential employees – a willingness to learn internal company systems or software is desirable.
You will be required to work with private information, so discretion is essential, as is familiarity with data protection legislation and confidentiality agreements. The ability to stay calm under pressure and deal with sensitive situations is necessary, as is the ability to make difficult decisions confidently. It is a role that will require good time management, flexibility and the ability to be adaptable, applicants should be able to undertake multiple tasks and complete them all to the same high standard.
As well as being proficient with the specialised financial computer software, it is desirable for applicants to be well versed with the Microsoft Word and Excel suite, as well as technically able with using computers and the internet, a clear command of English language is desirable as you will be communicating with others regarding complex issues.
Loan Specialist Work Life and Career Path
As an office job, you will typically be working a usual work week – Monday to Friday 9 am until 5 pm; however, there may be occasions where overtime or holiday work is required of you.
Wages start at around £25k and can increase to upwards of £52k depending on experience and positioning in the company. There is also room for advancement and promotion, this career path could lead you to being a Senior Loan Specialist, or give you the skills to move into other areas of the finance world such as a Commercial Loan Analyst or a Loan Underwriting Specialist.