[madisonwolf]

No salary as an opener
$50 a statement
1% of final deal commission

Is this fair?

[LoanShark714]

Better off taking 50%-80% of the profit with no statement bonus.

[LoanShark714]

unless you liked to get ****ed.

[AlexSMF]

No salary as an opener
$50 a statement
1% of final deal commission

Is this fair?

Do not walk, but run as far away as you can from that company as humanly possible.

[ridextreme]

1% of final deal commission

what does this mean exactly? 1% of the points or 1% of the funded amount?

[MCNetwork]

That might work in a Vietnamese sweat shop but not in this country.

[madisonwolf]

1% of the funded amount. Ex: 1% = $1,000 of $100,000.

I make 1/3 of what the house makes i was told.

[Taz]

Madisonwolf run for them hills!!

[mcg168]

1% of the funded amount. Ex: 1% = $1,000 of $100,000.

I make 1/3 of what the house makes i was told.

You really think making $1,000 is ok from a $100,000 deal??? Hey, if your OK getting paid 1% on the funded amount...why dont you come work for us...I'll DOUBLE your current commission structure. ha.

[lovetofund]

Is this for real?

[madisonwolf]

On a deal with Funding circle for $500,000 SBA
I was told the house would make $15,000 and i would make about 5 grand. Mind i'm on a draw for $320 a week. I'm an opener. What is a fair rate for my services? Thank you all. (I'm very new to the business)

[madisonwolf]

Unfortunately yes. I'm very young, i think thats why i might be getting ****ed.

[madisonwolf]

Whats a fair wage guys? How should i be paid as an opener?

[J.Celifarco]

Whats a fair wage guys? How should i be paid as an opener?

every company is different and I doubt people want to broadcast what they pay their employees to everyone else on the forums.. What I can tell you is that 1% would be considered low but it also depends on how active you are in getting the deal funded once it comes in. Are you just getting in the paperwork?? All of these things matter. The best advice I can give you is that when it comes to compensation in this industry you want to work for a company that is transparent. You want to know what is going on with your deals where they are and how much the commission is on each one that funds.. How much of that commission you get will depend on how big a role you play in the funding process.

[MCNetwork]

The only way the numbers will work for you is if the lead gen in your shop is so sick that you make up for the low split on volume.

[anydealfunded]

Madison if you are in the New York area I can pay you much better than that. Feel free to give me a call 774-208-8118 - Henry

[Michael I]

No salary as an opener
$50 a statement
1% of final deal commission

Is this fair?

$50 a statement or a submission . If its statements bring in 2 years for each client and you will be rolling lol . go for interviews , check the job post on here

[Fund_It]

Whats a fair wage guys? How should i be paid as an opener?

Do you have any experience in the industry

[jotucker1983]

Madison,

In order for me to determine if this is a good deal for a brand spanking new person, I have some additional questions:

- When they mention $50 a statement, what statement are they referring to? Is this $50 for bringing a completed application package with 3 months of Banks/CCs? Or what is the $50 a statement in reference to?

- You also mentioned that you make a $320 draw every week, is this in the form of a base pay or what are the requirements to get the $320 every week?

- Then you will make 1% of the funded amount of the leads you bring in, that are closed?

- Your job is just to "open"? That is you are on the telephone all day and producing leads, that someone else is going to "close" which involves getting the complete application package? Or do you also collect the full application package but someone else works the deal?

[Chambo]

1% of the funded amount. Ex: 1% = $1,000 of $100,000.

I make 1/3 of what the house makes i was told.

the house only makes 3%? Dude, someone is lying their ass off to you

[madisonwolf]

I make the lead, get paid 50 on a full sub (banks/app+plus any extra needed stips) then someone else sends it out, gets approvals and takes the wheel. I make 1/3 of what the house gets, so if 8 points i get 1/3 of that. By draw i mean im getting my future receivables from any commission i make on a funded deal. They don't want to give me a salary because then i become expendable to them if i don't make the quota

[madisonwolf]

Btw they had me fill a w9 form, and i'm not a closer.

[madisonwolf]

I have a couple months but i'm a top statement getter.

[Chambo]

Btw they had me fill a w9 form, and i'm not a closer.

of course they did. You would either fill out W-2 or W9.....so you will be responsible for your own taxes

[FUNd]

This is old school equipment leasing/business capital hustling. It goes back a long way. Many companies still operate with the business model of turn and burn. They can be spotted by the way they advertise for employment openings:

"Make six figures 1st year! We are seeking money hungry new grads with the burning desire to be rich, rich, rich!. Come work at our state-of-the-art office with free coffee and a pool table! We will teach you the business! Minimum wage to start but the commissions are unlimited!"

I have a bull**** decoder that I use, and when you plug in this job ad it translates like this:

"Come pound the phones and read a script 250x a day just like your counterparts in Indian call centers do! You'll find the interested people, and basically do the dirty work for our core group of sales guys who have been here for years. They will take the application from you, close the deal, make thousands for themselves, then throw you some scraps and a hearty pat on the back. Granted we know you will either burn out 3-9 months into the job or we will just find a reason to fire you once you figure out how it really works. Either way, it's a dead end for you, and riches for us. After you're gone, we will sweep your CRM for the gold you left in there and find your replacement who's fresh and hungry a day later. Best of luck to you!"

Hope this helps, and is exactly why I work for myself.