[Steven_O]

Guys... just a question about what people earn at your firm when they are only closing business.

I'm researching what Closer's are making at other shops. I've heard all types of stories...let me hear yours!

I appreciate it, as always!

Steve-O

[FUNd]

What does "only closing business" mean?

What does $231,500 in "business" mean? Are you talking about volume or margin? Are you talking about over a month, a year?

[J.Celifarco]

Guys... just a question about what people earn at your firm when they are only closing business.

I'm researching what Closer's are making at other shops. I've heard all types of stories...let me hear yours!

I appreciate it, as always!

Steve-O

everything Fund said plus why would anyone tell you what they make?

[Steven_O]

This is per month... this is only closing files passed to you by a "fronter".

I ask because this has always been a pretty open forum.

You can PM if you feel some type of way about sharing this publicly.

[anonymous]

Too many variables in play for anyone to give you a solid figure on that. Most importantly, the fronter - I assume this is a cold caller. Are they experienced, in the US? How many leads are they generating, what is the quality of those leads? How is the network of lenders? Does this closer also know how to UW and properly place deals? Are they also allowed to make phone calls in this scenario?

[happysales]

How much of the work is the closer doing? If the closer is highly experienced- placing the deal, negotiating with the lender and the merchant to come to a yes, then usually between 20-40% of the payout and 20-50% of closing fees- If the closer is just dealing with the merchant and then given the numbers to sell then a flat commission-say 2-3% of funded amount and 30-50% of closing costs is usual. Also depends on where you are located and how many deals you have for them to close in general. Are there more skilled closers looking for work or companies looking for skilled closers in your area? I have set up comp plans for funding companies, hired sales teams, and worked for companies as a closer.

[Bank]

231,500 funded is only one piece of the puzzle. What was the comission/ fees/ costs/ was it new business/ renewals ?

Could range from:
$23,150 In total revenue as high as
$46,300 in total revenue.

Then take the revenue and do the equation with your pay out % :
It could be as low as $2,315 or as high as $23,150.

Depends on your pay out % but I would say on average if you find $231,500 you should be compensated between $5k to $11k

[Zach]

If you are not a direct lender and you get paid around 30% of the GM (a fair percentage, considering you said you are only closing and not opening) then it depends:

-With an average point spread of 5 you would produce $11,575 of revenue, paying you $3,472
-With an average point spread of 10 you would produce $23,150 of revenue, paying you $6,945
-With an average point spread of 15 you would product $34,725 of revenue, paying you $10,417

I've worked for firms paying as much as 50% or as little as 20%, depending on the structure (generating own leads vs just closing). Also consider if there is base pay you will get a lower %.

[fundor]

What about renewals? what about non marketed leads? or hot incoming leads?