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Loan officers typically need a bachelor's degree, usually in a field such as business or finance. Because commercial loan officers analyze the finances of businesses applying for credit, they need to understand general business accounting, including how to read financial statements.
Commercial lenders include commercial banks, mutual companies, private lending institutions, hard money lenders and other financial groups. These lenders typically have widely varying standards on which they base their loan criteria and evaluate potential borrowers—but are often focused exclusively on the private market and have more lenient financial qualifications than banks.
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As a corporate officer position, the CCO generally reports directly to the chief executive officer (CEO) and is primarily concerned with ensuring the integrated commercial success of an organization. The role typically must combine technical knowledge of the relevant field with strong marketing and business development skills.
A mortgage loan officer isn’t always the same as a mortgage banker (though they work for one). The officer won’t make the decision to approve or deny you a loan; they just process it and ...
Loan type. Typical amount. Purpose. How it works. Term loan. $1,000 to $1 million. Highly versatile; can be used for equipment, real estate, working capital and more