Commercial Lending in Asset Based Lending; I'm looking for career change/growth, but I'm older than most...
I currently work at a smaller regional bank in Los Angeles doing ABL for a few guys that worked at a large private credit group at one point (think Ares, Apollo, etc.). I joined their team from the underwriting side and was bumped to VP with switch. Having spent the last 14 months working for them has truly opened my eyes as to what is out there in the banking world. They both have good experience working with PE and Secured Finance.
I have a weird, somewhat winding career history. I was in the Navy after high school. Did undergrad and graduated at 28. Briefly worked in PSD; but the pay wasn't sustainable in Los Angles. Working 60 hours a week to make $55,000/year was insulting and I'm a single dad. It wasn't going to keep us fed. I launched a cleaning business on the side (which ran successful for 7 years and is in the process of being shut down) and started searching for a job in banking. I quit the PSD job thinking I would be OK, but fell behind quick. Eventually landed on my feet and started in Commercial Lending. Was laid off after 18 months, found a job in SBA lending as Senior Analyst, got let go once they realized I didn't know SBA lending (I was fine with it, I did not enjoy it), and got hired where I work now.
I moved up through the Analyst program and have made VP after 5 years at the company (July-22). We've gone through one acquisition and are now in the process of another. The bank will grow and it's great, but we're still small. I want to work at a larger institution, ideally one that has the ability to work with private equity or debt capital markets.
The problem is, my experience doesn't translate well into higher levels of finance. I don't have IB experience. And I'm 37. I would love to do a FT MBA at a T15 and work my way into IB. My son is graduating high school and I have all the time to hustle and work. I'm used to 12-16 hour days, 7 days a week from my time on active duty. However, I fear I'm too old for anyone to take me serious.
So I need some ideas. What are my options? Where can I go to grow and be challenged?
Quick notes on the business I started. In California, cleaning is heavily regulated and has slim margins. I'm not selling the business for the following reasons: (1) it has slowly declined over the last several years due to me focusing on my career, (2) my mom was one of the primary workers has since retired (I brought her into the company after I got her into rehab and she was sober for a year) so we have few cleaners left who are ready themselves to retire, (3) regulations have made it too much of a burden to want to grow the company, (4) and it's a zero asset company (single member LLC) that just placed 1099 cleaners into people's homes; I took a fee off the top of the total invoice.
It sounds like you've had quite the journey so far, and kudos to you for always striving for more. Your diverse experience and tenacity are definitely assets. Now, let's talk about your options.
Leverage your ABL Experience: Asset-Based Lending (ABL) is a specialized form of lending that is often used by private equity firms and other investment groups. Your experience in this area could be attractive to larger banks or private credit groups that work with these types of clients.
Consider a Transition to Private Equity or Debt Capital Markets: While it's true that these fields often prefer candidates with investment banking experience, it's not an absolute requirement. Your experience in ABL and commercial lending could be relevant, especially if you can demonstrate a strong understanding of financial analysis and deal structuring.
Pursue an MBA: An MBA from a top-tier school could open doors to higher levels of finance. Many MBA programs value diverse experiences and older candidates, so don't let your age deter you. It could be a good opportunity to transition into investment banking or another area of finance.
Networking: Networking is key in finance. Leverage your connections, attend industry events, and consider reaching out to recruiters who specialize in finance roles.
Certifications: Consider obtaining finance-related certifications, such as the CFA or CAIA, which could boost your credibility and open up new opportunities.
Remember, age is just a number. It's your experience, skills, and determination that matter. Good luck!
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