How to become an asset finance BDM

What an asset finance BDM does

A business development manager (BDM) brings in new lending and looks after the relationships it comes from. The job looks different depending on who you work for and where the deals come from:

• Direct BDM: you find business customers yourself, understand what equipment they need and how they want to pay for it, and take the deal through to payout.
• Broker BDM or broker manager: you work for a funder and look after a group of brokers. Brokers can take a deal to several funders, so you win their business with good service, quick answers and deals that get approved.
• Vendor or dealer BDM: you work with manufacturers and dealers so that finance is offered at the point of sale, alongside the equipment itself.
• BDM at a broker: you find business customers, then place their deals with the funders on your firm's panel.

Whichever it is, the job is part sales and part problem-solving: shaping a deal so that it works for the customer and also gets through credit.

The usual routes in

Few people start as BDMs. The common routes are:

• Sales support, internal sales or account management at a funder or broker. You learn the products, the paperwork and what credit will and won't accept, then move out into the field.
• Business banking or relationship management, bringing experience of looking after business customers and lending to them.
• Business-to-business sales in the industries asset finance serves, such as construction and plant, haulage, agriculture, manufacturing or technology. Knowing the equipment and the people who buy it is a real advantage.
• Underwriting. People who understand credit can make strong BDMs, because they know how to put a deal together that will be approved.

What employers look for

• A track record you can talk through. The deals you've won, how you found them and how you kept the customer or broker coming back. Be specific and be accurate: a good employer will check.
• An understanding of credit. Affordability, security, deposits and balloons, and why a deal gets declined. A well-prepared deal is easier for credit to say yes to.
• Knowledge of the assets. Hard assets such as vehicles, plant and machinery are financed differently from soft assets such as IT and software. Knowing one area well counts for a lot.
• Relationships. For broker manager roles in particular, employers will ask which brokers you know and how well. Talk about relationships you can genuinely show.
• Organisation. A clear way of running your pipeline and keeping your records up to date. Many BDM roles are field-based and cover a region, so planning your week matters.

How to get ready

1. Learn the products properly: hire purchase, leasing and refinancing, and when each one suits a customer.
2. Get close to credit. Ask to sit in on credit discussions, and find out why deals are approved, declined or approved on different terms.
3. Keep a record of your results as you go: deals written, new customers or brokers, and anything you improved. It makes interviews much easier.
4. Meet people in the industry. Trade events and networks such as The Leasing Foundation's NextGen network are a good way to get to know people earlier in your career.
5. Check your contract. If you're moving between funders or brokers, look for any restrictions on contacting customers or brokers after you leave, and be upfront about them with a new employer.

Questions to ask before you accept a BDM role

• How are targets set, and is there an existing book or pipeline to start from?
• What does the credit appetite look like, and how quickly are decisions made?
• How do commission or bonus work, and when are they paid?
• What support will you have from sales support, underwriters and marketing?
• What did the last person in the role do well, or why is the role new?

Find your next role

See the latest sales and BDM jobs in asset finance, read how to prepare for an asset finance interview, or send us your CV and we'll give you an honest view of your options.