Prapti Basnet

Based in New York City, Prapti Basnet is a senior underwriter for CIT Northbridge Credit, responsible for structuring, negotiating and underwriting middle market asset-based loans.

Prapti started her career working for an international bank’s Letter of Credit team and began her asset-based lending career in 2008 within the same bank’s start up ABL team where she received formal underwriting and credit training.

Prior to joining CIT Northbridge in 2018, Prapti served for six years as an underwriter in CIT Bank’s Commercial and Industrial team, structuring asset-based facilities and managing a portfolio of ABL accounts.  Prapti earned a bachelor degree in business administration from Queens College of the City University of New York and holds certification in international business and finance from New York University. 

Prapti is an avid traveler. In 2016, she took a year-long sabbatical from the ABL world to travel through Asia while volunteering and hiking her way through most of it. She currently lives in New York with her husband, and her 1-year-old daughter.  

What is the best professional advice you have been given and how have you implemented it?

“If you don’t ask, then you won’t get it.” I’ve applied this advice to many situations, not only in my professional life, but also in my personal life. Ask questions, no matter how trivial. Even if you anticipate getting a negative response, ask anyway. I’ve learned a great deal from just speaking up and asking. Asking thoughtful questions also shows engagement, a pro-active mindset and even a willingness to take risks – all of which can help you grow your skillset and advance your career.

How do you define a good leader?

In my opinion, a good leader is inspirational and leads by example. An inspirational leader drives empowerment, self-confidence and ultimately stimulates a vision in others also to lead, producing future leaders. Since becoming a mother, I’ve realized the “tough love” approach is not effective – and the same can be said for a leadership role. The most effective way of leading is communicating your expectations, building a path for the subordinates to meet those expectations, anticipating setbacks and working together on a game plan to remedy those setbacks. A good leader will ensure you have the right driving skills and the right directions and then encourage you to take the wheel and drive for yourself. 

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?

I believe that professional advancement naturally follows after personal advancement, and that includes volunteering to help others. In my experience, becoming more involved within my community -- particularly through volunteering -- played a huge role in shaping my individuality and influencing my commitment and dedication to everything in life, including work. Because traveling is a hobby for most young adults, I would encourage young professionals to travel with a purpose. For example, if you were to travel to the islands of Indonesia and Thailand, take up volunteering to clean up the beaches or put aside time to help rebuild schools and temples while you hike through remote villages in Nepal. Wherever you go, you can find things that need doing that can use your help. Not only will you serve the community, you’ll find this activity will strengthen your communication skills, build confidence and build character. All of these benefits have resulted in part from my volunteer work and have been invaluable in furthering my professional development and success. 

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?

Prior to the pandemic, working remotely was not much different than being in the office, except for the time I saved commuting. My team is spread out across various cities so we have always been efficient in communication and managing responsibilities remotely. I imagine it would not have been any different during the pandemic if it weren’t for the fact that I gave birth to my daughter at the start of the pandemic and after my maternity leave, I was working from home with no option of childcare. It was and has been the most challenging environment I’ve ever worked in. However, I have an understanding manager who allows for flexible working hours, and a supportive husband (also working from home); I have managed to meet my responsibilities as an underwriter and a parent. Flexibility was key, and I’m hoping that will stay as we emerge from this pandemic.