Micah Spellman

Director, Asset Based Lending, Capital One

40 Under 40 Category: Portfolio/Risk Management

Micah Spellman is a lead specialty underwriter and portfolio manager for Capital One’s Asset Based Lending Group. Based in New York, he is responsible for underwriting and managing a diverse array of asset-based transactions across industries including food & beverage, retail, and equipment rental. 

Micah has over 15 years of experience in asset-based lending, joining Capital One’s portfolio team in 2014 before transitioning into a hybrid role to include underwriting responsibilities. Prior to joining Capital One, Micah started his career with CIT’s ABL portfolio group, managing a complex portfolio of agency, club, and direct transactions. His experience included involvement in all stages of a deal life cycle, from prospecting to workout. 

Micah holds a BS in business administration from Babson College, and an MBA from NYU Stern. He lives in Westchester County with his wife, two sons, two dogs, and cat. When not hard at work, Micah enjoys traveling with his family and volunteering for the local food bank.

When interviewing newcomers to the industry, what do you say to pique their interest on why they should accept a position in this industry?

A frequent question I receive when interviewing newcomers is what a typical day is like in my position. I often tell them that every day is different, and that’s one of the best things about working in the ABL industry. Whether through learning about a client’s business, modeling financials, analyzing collateral, negotiating legal documents, or any number of other activities, I often find myself tackling new challenges and trying to solve new problems all the time. A day rarely passes that plays out the way I imagine it will when I wake up that morning, and that spontaneity both keeps me on my toes and also keeps things interesting. 

Another benefit of working in this industry is the opportunity to learn about a wide array of businesses and industries. The asset-based lending product is used by a diverse group of companies, industries, and capital structures of varying complexity, which means no deal is ever the same. It’s always fascinating to learn what makes a business tick and how companies grow and compete, whether through performing a deep dive during the initial underwriting process or through client interaction and ongoing monitoring on the portfolio side.

How would you encourage young professionals to become more involved in their community or volunteer? How have these activities outside of work helped shape your professional life?

While it is always challenging to find time to volunteer aside a busy work schedule and family life, I have become increasingly involved in my local food bank over the last few years, which I have found both rewarding and fulfilling. I have successfully coordinated several food drives and fundraisers to meet the growing needs in my community, especially during the pandemic over the last 18 months when food banks everywhere have seen record numbers of clients. 

Helping people in need outside of work has also helped to shape my professional life as I continue to learn the importance of giving without the expectation of anything in return. I bring this mentality to my day-to-day job when it comes to interactions with colleagues, clients, and especially junior team members, always trying to make time for education and mentoring.

As I have reminded my team on multiple occasions, community service is always important, no matter what’s going on in the world or how busy we might be. I am lucky to be part of an organization like Capital One that values creating change in our communities. I would encourage young professionals to become more involved in their community because changing people’s lives will change your own as well!

Did you change the way you approach work while working remotely during the pandemic?  Have these habits stayed with you as we emerge from the crisis?

My ultimate goal is to find a balance between my work responsibilities and my personal life. Finding the time to spend with my family and giving back to my community have always been important to me. During the pandemic, when everyone has been working remotely, I have found new and creative ways to juggle the rigors of work with spending time with my kids, whether it’s taking calls from the park or helping with a puzzle in between Zoom meetings. This has helped me find a successful balance of being present for both work and my family that was more challenging pre-pandemic.