Genesis Banking & Finance are currently looking for an AR (Independent Broker) to Join a great UK Asset Finance Lender.

 

Overview:

Our client is a sub-prime asset finance lender. Its customers are small and start-up businesses needing to raise finance or needing funding for assets being acquired from a dealer. The typical customer will have had a problem securing finance for a range of reasons.

 

Our client has recently secured a revolving funding facility from a Bank and wishes to increase its lending volumes significantly. The Bank is also now a 40% shareholder of our client and its Managing Director has become a non-executive director on the main board.

 

One method of increasing our client’s lending levels is to take on Appointed Representatives (ARs) who would come under the ‘umbrella’ of their FCA permissions.

 

Ideally, the AR would be a salesperson or persons who would like to set up an asset finance brokerage themselves but are put off for various reasons. The barriers to entry as a start-up finance broker are now more complicated and expensive than ever, given the fact that FCA authorisation and permissions would be required. The AR would be a stand-alone business and would broker sub-prime business to our client; the AR would also be free to broke out business to other 3rd party funders.

 

Becoming an AR of our client is a very easy, fast and cost-effective way for salespeople to become brokers.

 

The AR:

 

The AR must have good sources (whether direct customer or dealer) for originating proposals for sub-prime asset finance primarily and perhaps other sectors such as:

 

• Asset finance

• Commercial loans and mortgages

• Factoring / invoice discounting

 

Broking non-client sub-prime business would not be an essential requirement however, our client would expect to write levels of £50,000 to £100,000+ per month of sub-prime business from the AR introductions.

 

• AR (with the help of our client’s personnel where necessary) sets up as a limited company or sole trader

• AR will be given a copy of our client’s ‘ED’ system and will broke each deal to funders including our client via this system

• AR can either focus solely on sub-prime leads to our client or include broking to other lenders as above (our client’s system already holds information on many lenders from which the AR can choose to develop relationships)

• Any and all non-standard / sub-prime asset finance proposals must go to our client

• AR will be paid a commission of 10% of the value of the advance for completed client deals and whatever commission rates they negotiate with other lenders

• Our client will charge 10% of all commission and fees generated by the AR’s broking activities (except our client deals)

• Our client will invoice all 3rd party funders for commission and will pass the balance (total commission less 10%) to the AR

• AR is responsible for their own recruitment, overheads and company secretarial / tax issues

• AR is responsible for all ‘back office’ functions, liaising etc. regarding all broking transactions except deals with our client which will be handled by our client’s staff as normal

• Our client’s ‘ED’ system allows auto proposing to lenders and handles the transaction from original proposal through to final figures for accountants to draft end of year accounts

• Our client will invoice for commission and VAT treatment on completed AR transactions

 

No upfront joining fees will be charged to AR to set up the arrangement and there will be no monthly management fees charged by our client. The only monetary commitment required from the AR is that our client will retain 10% of all broking commission generated by AR (excluding that commission paid by our client for completed transactions introduced to our client by the AR).

 

No sales targets will be set by our client nor will there be any geographical restrictions of operation. The AR would operate as a stand-alone business; the main aim of our client is to increase the amount of sub-prime business being introduced to them.

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In order to apply for this role, please forward your most up to date CV and quote the reference number.

 

TAGS: Asset Management, Loans, Finance