Associate, Fund Finance Credit Underwriting & Portfolio Management (First Line of Defense)

Santander is a global leader and innovator in the financial services industry and is evolving from a high-impact brand into a technology-driven organization. Our people are at the heart of this journey and together, we are driving a customer-centric transformation that values bold thinking, innovation, and the courage to challenge what’s possible.  This is more than a strategic shift.  It’s a chance for driven professionals to grow, learn, and make a real difference.

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The Associate role sits within Santander Corporate & Investment Banking and functions as a First Line of Defense credit role supporting the underwriting, structuring, execution, and active portfolio management of fund finance transactions for private capital clients, including private equity, credit, infrastructure, and other alternative asset managers.

The role operates as a credit function and maintains direct accountability for credit analysis, transaction execution, portfolio monitoring, and ongoing risk management throughout the life of the exposure. The Associate is expected to exercise independent credit judgment and demonstrate ownership of assigned transactions and portfolio exposures while partnering effectively with Product, Capital Markets, Legal, and Independent Risk.

Reporting to the Head of Fund Finance Credit Portfolio Management, this role offers exposure to the full transaction lifecycle and is designed for a highly motivated professional seeking to develop deep expertise in fund finance underwriting, portfolio management, and credit risk management.

• Serve as a First Line of Defense credit professional responsible for the preparation, analysis, and ongoing management of credit exposures, ensuring the accuracy and completeness of underwriting, due diligence, and supporting documentation.
• Support the underwriting and structuring of subscription lines, NAV, hybrid, EBL and other transactions including new originations, refinancings, extensions, upsizes, and amendments.
• Prepare comprehensive credit approval packages, including borrowing base evaluation, liquidity analysis, financial modeling, stress testing, risk rating assessment, and due diligence review.
• Deliver high-quality work product with a strong focus on credit risk assessment, transaction structuring, and execution discipline. Demonstrate strong attention to detail and a commitment to analytical rigor and execution excellence.
• Develop and defend clear, concise, and judgment-driven credit recommendations that articulate key risks, mitigants, structural protections, and alignment with Santander's credit standards and risk appetite framework.

• Independently manage a portfolio of fund finance transactions, demonstrating command of product knowledge, financing structure, and client requests.
• Own post-close credit monitoring activities, including covenant compliance, borrowing base performance, collateral quality assessment, investor concentration reviews, annual reviews, periodic risk-rating assessments, amendment requests, consent requests, waiver requests, and renewals.
• Identify emerging risks and proactively escalate adverse developments, covenant breaches, collateral deterioration, sponsor concerns, or other material credit events.
• Monitor portfolio trends, performance metrics, concentration exposures, and emerging risks, providing meaningful insights to senior management and risk partners.
• Perform periodic and annual credit reviews of assigned exposures, reassessing performance, collateral quality, sponsor strength, and risk profile.

• Review analyst work product for quality, accuracy, consistency, and adherence to underwriting standards.
• Mentor and develop junior team members while fostering a culture of accountability, collaboration, and credit discipline.
• Participate in strategic initiatives related to process improvement, technology implementation, data management, and regulatory readiness.

• Bachelor’s degree in Finance, Accounting, Economics, Business, Engineering, Mathematics, or a related analytical or quantitative discipline
• Strong academic foundation in financial analysis, corporate finance, or accounting
• Exposure through coursework to alternative investments, private equity, real assets, or capital markets viewed positively

• 2-6 years of experience to fund finance, subscription facilities, NAV-based lending, other fund-level financing structures or ABL.
• Strong project-management skills with the ability to manage multiple transactions and competing deadlines.
• Demonstrated accountability, intellectual curiosity, and sound judgment in assessing risk.
• Strong financial statement analysis and credit underwriting skills.
• Advanced Microsoft Excel and financial modeling capabilities.
• Ability to build effective working relationships across Front Office, Risk, Legal, Operations, and senior management.

• Other: Completion of bank-certified course in Credit Training - Preferred.

• Established work history or equivalent demonstrated through a combination of work experience, training, military service, or education.

The base pay range for this position is posted below and represents the annualized salary range. For hourly positions (non-exempt), the annual range is based on a 40-hour work week. The exact compensation may vary based on skills, experience, training, licensure and certifications and location.

Minimum:

Your contribution matters and it’s recognized.  You can expect a fair and competitive rewards package that reflects the impact you create and the value you deliver. We know rewards go beyond numbers.  Offering more than just a paycheck our benefits are designed to support you, your family and your well-being, now and into the future. Santander Benefits - 2026 Santander OnGoing/NH eGuide (foleon.com) 

We embrace a strong risk culture and all of our professionals at all levels are expected to take a proactive and responsible approach toward risk management.

At Santander, we value and respect differences in our workforce. We actively encourage everyone to apply. Santander is an equal opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, genetics, disability, age, veteran status or any other characteristic protected by law.

Working Conditions:

Frequent minimal physical effort such as sitting, standing and walking is required for this role. Depending on location, occasional moving and lifting light equipment and/or furniture may be required.

Employer Rights:

This job description does not list all of the job duties of the job. You may be asked by your supervisors or managers to perform other duties. You may be evaluated in part based upon your performance of the tasks listed in this job description. The employer has the right to revise this job description at any time. This job description is not a contract for employment and either you or the employer may terminate your employment at any time for any reason.

If this sounds like a role you are interested in, then please apply.

We are committed to providing an inclusive and accessible application process for all candidates. If you require any assistance or accommodation due to a disability or any other reason, please contact us at TAOps@santander.us to discuss your needs.