There are several key reasons why utilising the services of a commercial loan broker instead of just speaking to the bank you’re with can provide huge advantages to your business - here are the top 5.
1. Expertise specific to commercial finance
When you walk into a banking institution or if you call their customer service line and want to talk with someone about commercial finance, you may very well end up talking to someone who spends most of their time working on the personal finance side of things.
However, you can feel confident that when you start a conversation with a commercial finance broker, they have the experience required to not only be able to understand your situation better, but also have the knowledge of all the lenders that are better suited to your needs.
2. Access to a multitude of lending options
Unlike a bank which is restricted to being able to offer only the few business finance products they have available, a commercial broker has access to hundreds of finance packages offered by a huge network of lending institutions.
This means they’ll be able to find you a sensational deal with great interest rates every time. Plus, because each lender has their own set of lending criteria you’ll have a much better chance of securing finance where you otherwise may not have been approved.
3. Save yourself time and money
How long do you think it’d take to reach out to all of the different lenders out there, discussing your needs with each and every one of them to then ultimately decide which works best for the requirements of your business? A commercial finance broker removes the need for you to do all the legwork and will take care of it all on their end, saving you a heaps of time in the process.
And unlike many banks that charge fees to businesses looking to borrow, generally a commercial broker helping you find and secure a loan for your business will instead take commission from the lender instead, saving you money too.
