Special Assets Manager

About Craft3

Craft3 is on a mission to build a thriving, just, and empowered Pacific Northwest. As a nonprofit community lender founded in 1994, we provide responsible financing and support to entrepreneurs, businesses, and communities that traditional finance often overlook. We believe everyone deserves access to capital and the chance to succeed. We work with people who have been denied access to opportunity — helping them build wealth, strengthen their communities, and create lasting change across Oregon and Washington.

Our team is passionate about our mission and brings expertise from banking, community development, finance, accounting, natural resources, and regional planning. While they connect to our mission in different ways, all staff care deeply about using finance to expand opportunities and create a more inclusive world.

Ready to take the next step? We are looking for a Special Assets Manager to join our amazing Craft3 team in the WA or OR Area .

At Craft3 we value our team members and offer a comprehensive benefits package that supports their health, well-being, and ongoing professional growth.

• Comprehensive Medical, Dental and Vision Coverage to keep you and your family healthy
• 403(b) Retirement Plan with matching contribution to help secure your financial future
• Generous Paid Time Off (PTO) that includes 9 Company Holidays + 2 Paid Weeks of Rest annually to relax and recharge
• 32 hours of Paid Volunteer Time Off (VTO) – give back to the community while we support your time
• 12 weeks of Paid Parental Leave to support you through important family milestones
• $ 5,250 per year in Tuition Reimbursement to invest in your continuous learning
• $500 per year Wellness reimbursement each year to encourage your holistic health
• Sabbaticals for all employees after 7 years of service
• Flexible work arrangements including Hybrid and Remote Work Options to fit your lifestyle
• Access to welcoming physical office spaces in Seattle, Portland, and Astoria .

Reporting to the Chief Credit Officer, the Special Assets Manager handles a portfolio of criticized, classified, delinquent, and other high risk commercial loans. This role is responsible for identifying emerging credit risk, developing, and executing workout and recovery strategies, minimizing losses, maximizing recoveries, and supporting viable borrowers through financial challenges. The position works closely with Lending, Credit Risk Management, Loan Servicing, and Finance to protect asset quality while advancing Craft3's mission of expanding equitable access to capital throughout the Pacific Northwest.

Craft3 reserves the right to change, add, or delete responsibilities and duties. Essential duties and responsibilities include some or all of the preceding; these are not, however, intended to be all-inclusive.

• Manage a portfolio of adversely rated loans, including Watch, Special Mention, Substandard, non-accrual, and other high-risk relationships.
• Monitor borrower performance, financial reporting, covenant compliance, collateral values, and guarantor support; identify emerging credit risks and recommend appropriate risk rating and classification changes.
• Analyze financial statements, tax returns, cash flow, collateral, guarantor strength, and repayment capacity.
• Develop and execute workout, restructuring, rehabilitation, and recovery strategies for criticized, classified, and charged-off credits.
• Negotiate loan modifications, forbearance agreements, payment plans, extensions, renewals, and other restructuring solutions.
• Prepare credit memorandums, action plans, and recommendations supporting credit decisions and approval requests.
• Lead collection and recovery efforts for delinquent and non-performing loans.
• Coordinate foreclosure, bankruptcy, receivership, litigation, collateral liquidation, OREO management, and other enforcement activities with legal counsel and external professionals.
• Monitor expected losses, recoveries, reserve requirements, and charge-off recommendations.
• Maintain accurate documentation and reporting related to workout strategies, credit actions, and regulatory compliance.
• Conduct borrower meetings, site visits, financial reviews, and collateral inspections.
• Collaborate with Relationship Managers and external partners to address borrower stress, preserve viable businesses, and minimize credit losses.
• Participate in Special Assets Committee and portfolio review meetings.
• Maximize recoveries while minimizing losses, costs, and reputational risk.

This role may include direct supervisory responsibilities.

• 5-7 years of experience in commercial lending, credit administration, special assets, loan workouts, portfolio management, or related field.
• Experience analyzing commercial financial statements, cash flow, tax returns, collateral, and repayment capacity.
• Experience working with distressed borrowers and negotiating complex credit solutions.
• Familiarity with bankruptcy,…