Leasing/Asset Finance Manager
A diversified financing company intends to open two new lending businesses this year.
It already has a property lending subsidiary offering 1st and 2nd charge bridging and senior mezzanine financing for development. It has been operational for two months and already has an existing loan book of agreed and drawn-down loans in excess of £2m. It plans to increase the property business to £40m in the first year and £90m in the second.
It plans to open a new lease and asset financing business targetting the SME business market
The company has backing from a strong equity partner providing over £10m of initial loan capital. Further loan capital is available if required. The company also has a financing arrangement with a financial institution enabling it to refinance the majority of its loan agreements. This enables it to re-cycle its loan capital and grow to between £60m and £80m of total balance sheet in the first year.
The company’s principals have significant financial experience and have worked in a regulated environment for most of their careers. The company is currently regulated by the OFT, but will come within the supervision of the FCA in the near future.
It is now looking to recruit a senior lease/asset financing professional who will be responsible for building a lease/asset financing business with first year targets to build a portfolio of £20m with returns of between 11% and 13% post allowance for loss.
The principals of the company have limited lease/asset finance experience and will therefore be looking to this individual to provide the following;
1. Provide leadership and management of the entire lease/asset finance business,
2. Insight to all lease/asset finance markets allowing the company to choose the appropriate sector to lend into,
To create the underwriting process, choose the appropriate IT system, oversee loan administration and lead on asset recovery post default,
Help to recruit and build the origination team.
The successful applicant will be in a senior position within an existing lease/asset finance company or the leasing division of a bank. He or she should be able to demonstrate:
1. At least 10 years’ experience within the lease/asset finance market,
2. Strong entrepreneurial flair,
3. An ability to build and manage a stand-alone leasing business within a larger financing group.
The company has offices in Central London. It will offer market standard remuneration packages to include discretionary bonuses based upon success. It is hoping to start writing lease agreements this year and therefore this appointment will commence in September.
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