DESCRIPTION
Our client a long established leading national asset financier growing towards £150m a year of annual lending are seeking to hire a number of additional Business Development Managers across various areas of the UK. Priorities are Edinburgh, Yorkshire, East Midlands , London / South East and Thames Valley.
Our client are expanding rapidly we have placed two BDM’s in the last 6 months both of whom joined our client from tier one bank asset financiers.
Our client are seeking new business developers who , working from home , can build pipelines of business that will result in c£5m of new business in year one and by the end of year two you should be writing £8m + per year.
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 7.75% , with an average deal size of £75,000 thus the role is expressly not sub prime selling.
At this 7.75% they make typically £3750 to £4000 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 approximately £25,000 of gross profit ( exact figure subject to base salary ) BUT once above this threshold you will be paid 20% on your entire profit contribution.
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 in 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% paid at year end , once you have achieved your annual gross profit number.
If you miss target one quarter you do not carry forward your under threshold deficit into the next quarter – however do not make too much of a habit of this as you won’t be properly covering your costs to the business and making a contribution or most importantly for you earning commission.
Here is a breakdown of how you earn.
- Example : Year 1 target £145,000 of gross profit – if you wrote £4m at 3.75% margin over cost of funds you would generate £150,000 of gross profit . As you can see targets are fair and reasonable and the calculations all add up.
- Assuming for example a salary of £62,000 you would earn 25% of £145,000 margin in commission this being £36250 + you would also receive a £5400 cash car allowance = your total earnings achieved from writing £4m at 3.75% margin over cost of funds would be £103,650
In year two our clients will expect your volumes to grow but reasonably.
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 to suitably qualified applicants.
Candidate Profile
We are seeking experienced successful asset finance business developers who are comfortable with generating their own business
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,
You may be working today for a tier one bank asset financier selling to mid or large corporates perhaps writing £25m or maybe as much as £50m a year but be used to selling at cheap rates that do not make much money for your employer , or more importantly for you……………
You probably have a discretionary and year end paid bonus where you will have no real idea what you will be paid at year end and , if you are fortunate , your face fits the corporate culture and all your behaviours tick every Human Resources box you may get £15,000 in bonus , if this is you its not a great return on your success is it ?
With little chance of promotion with today’s flat management structures the career opportunities you were sold at interview now look rather hollow don’t they and with the downsizing of your employers asset finance business job security is not what it one was either.
If you have 20 years service it may be worth hanging on for that big cheque redundancy but be careful more likely with cost cutting that you could find targets are ramped up to an unrealistic level and you then find yourself on a PIP ( performance improvement plan ) , no redundancy route that way.
If you can break out of the mentality of lowest common denominator selling and target customers who will pay 7.75% then dramatically increased earnings await you , if you can hunt new business without needing a big brand to succeed and if you can sell other than with cheap rates we would be keen to talk to you
You may be working for a major lease broker 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 7.75% , 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 and 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 £65,000 plus company car allowance of £5400 plus up to 25% of all gross profit , 80% of this is quarterly paid and uncapped.
Typical year one earnings £100,000 year two earnings £130,000 – £160,000 , year three earnings of £250,000 is perfectly possible and being achieved and more.
