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About the Role

The Underwriter IV is responsible for underwriting and structuring credit facilities for sponsor-backed and non-sponsored software and technology companies. This role involves conducting independent financial, industry, and transaction analysis, evaluating enterprise value, leverage, cash flow generation, and sponsor support, and preparing credit recommendations for approval authorities. At PNC, our people are our greatest differentiator and competitive advantage. We are all united in delivering the best experience for our customers and fostering an inclusive workplace culture.

Responsibilities

Underwrite acquisition financings, recapitalizations, refinancings, and growth capital transactions.
Analyze historical and projected financial performance, operating trends, liquidity, leverage, and debt service capacity.
Evaluate SaaS-specific metrics, including ARR, net revenue retention, customer concentration, churn, and recurring revenue quality.
Assess private equity sponsor quality, investment thesis, value-creation plans, and financial support capacity.
Develop transaction structures including leverage levels, covenant packages, pricing, collateral, and other risk mitigants.
Prepare comprehensive credit approval memoranda and present recommendations to approval authorities.
Perform industry, management, and competitive-position analysis.
Partner with bankers, sponsors, legal counsel, and credit officers throughout transaction execution.
Review legal documentation for consistency with approved credit terms.
Identify key transaction risks and recommend appropriate mitigants.
Works independently with little or no oversight.
Exercises exception and elevated approval authority.
Prepares offerings for all types of transactions at any level of complexity or in management of a portfolio as assigned.
Interacts with internal/external customers.
Provides recommendations for credit structuring.
Serves as subject matter expert for certain asset classes.
Serves as a coach, work lead and trainer for the group.
Using independent judgment to identify risks and mitigants, prepares offerings and/or scorecards, such as risk ratings, by analyzing credit, collateral strength and financial worthiness of loan/transaction parties.
If relevant, performs ongoing credit risk management for assigned portfolio.
Coaches and/or reviews the work of other underwriters and fills in for manager as required.
Contacts internal/external customers and other parties as appropriate to gather information and to clarify inconsistent, incorrect or missing information.
May perform relevant pre-approval and post-approval activities.
Identifies and/or confirms all external regulatory requirements.
Ensures internal policies/procedures are followed.
Makes recommendations on credit decisions or makes credit decisions directly, as appropriate.

Requirements

5+ years of commercial, corporate, leveraged finance, sponsor finance, technology banking, or middle-market underwriting experience.
Strong knowledge of cash-flow lending and leveraged transactions.
Experience underwriting software, technology, or recurring-revenue businesses.
Understanding of private equity ownership structures and leveraged capital markets.
Strong credit writing and transaction execution skills.
Successful candidates must demonstrate appropriate knowledge, skills, and abilities for a role.

Skills

Credit Decisions
Decision Making
Financial Analysis
Identifying Risks
Process Improvements
Results-Oriented
Risk Assessments
Credit Analysis and Verification
Decision Making and Critical Thinking
Effective Communications
Knowledge of Underwriting
Managing Multiple Priorities
Office Support Tools
Operational Functions

Location

Boston, MA
Charlotte, NC
New York, NY
Raleigh, NC
Pasadena, CA
San Francisco, CA
Remote

Work Type

Remote
Hybrid

Experience Level

5+ years of industry-relevant experience
University/college degree with 5+ years of industry-relevant experience

Education Level

Bachelors

Salary/Compensations

$91,000.00 – $202,800.00

Benefits

Medical/prescription drug coverage (with a Health Savings Account feature)
Dental and vision options
Employee and spouse/child life insurance
Short and long-term disability protection
401(k) with PNC match
Pension and stock purchase plans
Dependent care reimbursement account
Back-up child/elder care
Adoption, surrogacy, and doula reimbursement
Educational assistance, including select programs fully paid
Robust wellness program with financial incentives
Maternity and/or parental leave
Up to 11 paid holidays each year
9 occasional absence days each year
15 to 25 vacation days each year, depending on career level and years of service

About the Company

At PNC, our people are our greatest differentiator and competitive advantage in the markets we serve.
We are all united in delivering the best experience for our customers.
We work together each day to foster an inclusive workplace culture where all of our employees feel respected, valued and have an opportunity to contribute to the company’s success.

Equal Opportunity

PNC provides equal employment opportunity to qualified persons regardless of race, color, sex, religion, national origin, age, sexual orientation, gender identity, disability, veteran status, or other categories protected by law.
This position is subject to the requirements of Section 19 of the Federal Deposit Insurance Act (FDIA) and, for any registered role, the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) and/or the Financial Industry Regulatory Authority (FINRA), which prohibit the hiring of individuals with certain criminal history.
California Residents Refer to the California Consumer Privacy Act Privacy Notice to gain understanding of how PNC may use or disclose your personal information in our hiring practices.