DESCRIPTION
Our client a long established leading national asset financier are seeking to hire a number of additional Business Development Managers across various areas of the UK.
Priorities are Glasgow , Edinburgh ( Midlothians ) , Yorkshire, East Midlands , London & South East.
Our client are expanding rapidly , we have placed two Business Development Managers this summer , this is your opportunity to be part of their success.
Our client are seeking true new business developers who , working from home , can build self generated pipelines of asset finance business that will result in c£5m of new business in year one and by the end of year two you should be writing towards £8m annually.
Our client are seeking those who can be successful without needing to be the cheapest. That being said their average selling nominal to customers is 7.25-7.5% , with a typical deal size of £75,000 -£100,000 thus the role is expressly not sub prime selling.
At 7.25% they make typically £3250-£3500 profit for every £100,000 financed. Your commission will be up to 25% of this profit.
In quarter one in the role you will be paid 20% of all gross profit you make.
From quarter two in the role you will be expected to deliver £26,000 of gross profit ( exact figure subject to base salary ) BUT once above this threshold you will be paid 20% on your entire profit contribution back to zero.
Recent joiners were given first year gross profit targets of £145,000 . Achieving your annual gross profit target then qualifies you to receive a further 5% commission of your entire years profit contribution giving you 25% of all profit that you generate.
80% of your commission is therefore quarterly paid and your final 20% is paid at year end , once you have achieved your annual gross profit target.
Here is a breakdown of how you earn.
- Example : Year 1 target £145,000 of gross profit – if you wrote £4.5m at 3.25% margin over cost of funds you would generate £146,300 of gross profit
- Assuming for example a salary of £55,000 you would earn 25% of £146,300 margin in commission this being £36575 + you would also receive a £5400 cash car allowance = your total earnings achieved from writing £4.5m at 3.25% margin over cost of funds would be £96975.00
In year two our clients will expect your volumes to grow but not unreasonably.
Typically the established sales team are writing between £8m and £14m a year in volume and are earning £130,000 to £160,000 from this, with their leading performer earning a great deal more than this.
We are happy to disclose typical leading performer earnings and their volumes to achieve these earnings and examples of the success of individuals we have placed.
Candidate Profile
We are seeking experienced successful asset finance business developers who are comfortable with self generating their own business and have the ability and the willingness to provide some evidence prove their success ( commission statements , pay slips , P60’s etc )
Asset finance generalists are preferred as critically you will have no asset class restrictions on you or sector restrictions , our client can fund any asset for any sector and virtually any credit covenant.
Our ideal profile are those that are used to generating ALL their own business used to selling at 7.5% or higher and ideally have a network of customers that can be re-leveraged in a new environment.
You may be working for a major lease broker today but have a pay plan where your employer appears too greedy .You might have limited funders or funders whose cost of funds seems too high , maybe your employer does not give you the real cost of funds that they themselves get , maybe if deals go wrong through no fault of your own you then have to refund large proportions of your commission. If this is you, you will not be phased by asking customers to pay 7.5% , we would be keen to talk to you.
You may be running your own lease brokerage but be tired of spending increasing amounts of your week on non sales issues like FCA compliance , dealing with funders , doing VAT returns , completing Companies House Annual Returns , filing Companies House Accounts , dealing with Corporation Tax returns , etc and welcome the chance to give up all these non income generating tasks to simply be a sales focussed asset financier.
If this is you then you will already be used to getting customers to pay a fair rate and you will also have a wealth of customers that you can bring with you to a new environment , we would be very keen indeed to talk to you.
Whatever your exact background if you are a successful asset finance business development manager who can identify, prospect and win new business working from home autonomously but as part of national sales team and who wants the security of a market competitive salary and very good benefits and of being part of major group but ……….so rarely , also with a fantastic and totally uncapped earnings plan we would be keen to talk to you.
JOB PACKAGE
Base salary range up to £60,000 + company car allowance of £5400 plus up to 25% of all gross profit , 80% of this is quarterly paid with 5% paid at year end when annual target has been achieved .
Typical year one earnings £100,000
Year two earnings £130,000 – £160,000.
Year 3 £200,000 and more
