How to find a broker for Alternative Finance

Although establishing a dedicated team and drawing up a detailed business plan are all vital ingredients for a successful business, you also need to make sure that you have access to enough capital as and when the need arises. However, this can be a major stumbling block for many developing businesses. Yet, by exploring what the Alternative Finance industry has to offer, you could find a business finance solution that enables you to overcome this obstacle without putting undue strain on your existing finances. But with so many different products and packages to choose from, thanks, in part, to the Alternative Finance sector, how can you be sure you’re choosing the most appropriate solution for your business, and at a competitive rate? This is why utilising the services of a qualified Alternative Finance intermediary is vital. So if you need help navigating your way through what the Alternative Finance industry has to offer, this is what you need to ask before committing to a particular finance expert:

• How much experience do they have in your sector?
• What products do they cover?
• How many lenders do they work with?
• How closely linked are they?
• How do their past clients rate their services?

How much experience do they have in my sector?

When choosing a broker to help you source an appropriate product for your business, you must ensure that they have sufficient knowledge and experience in your sector. They need to be able to appreciate the complexities of how your sector operates and what challenges you could expect to face. Their knowledge should also enable them to formulate a successful strategy to pitch your application and identify which lenders to approach. Therefore, using a competent Alternative Finance broker is essential if you wish to maximise your chances of sourcing the most suitable finance solution and getting accepted.

Need help funding an essential growth project? Or are you looking for assistance with your operating costs? Apply for Alternative Finance or learn more about how your business could benefit.

How many products do they cover?

You also need to consider how many products and packages they work with. Although some brokers may specialise in a select group of products, you need to use someone who is able to give you an oversight of a wide range of products. Just some of the many Alternative Finance products that are available to your business include Secured and Unsecured Business Loans, Overdraft Replacement, Merchant Cash Advance, Invoice Discounting, Commercial Mortgages, Bridging Loans, plus many more. Therefore, in order to have confidence that you’re acquiring an agreement that won’t be beaten by looking elsewhere, you need to use a broker that represents the sheer diversity of the Alternative Finance industry in their services.

How many lenders do they work with?

As well as understanding and having access to a wide range of products, they should be able to work with a large number of Alternative Finance lenders also. This will enable you to compare a particular type of product from across the business finance community, helping you to acquire a more attractive interest rate alongside more favourable terms and conditions. As such, using an Alternative Finance broker who works with as many lenders as possible could save your business money in the long-run.

How closely linked are they to the lenders?

Another very important question to ask is how closely linked they are with their associated lenders? An Alternative Finance broker should offer you impartial and unbiased recommendations of which products and lender to apply to, depending on your own unique circumstances. However, this isn’t always the case. If you’re already using a broker and keep getting shown products from the same group of lenders, it could indicate that an agreement exists between which may not necessarily be to your advantage. It could be that the lender is offering the broker a higher rate of commission each time they send customers their way. Or, it could also be that the broker owns that particular lender and vice versa. Nevertheless, if you suspect such an agreement is in place, it undermines the reliability of their services.

How do their services measure up with past clients?

Finally, take into account how their services stand amongst past clients. You can do this by simply reading case studies, online reviews and consulting community forums. Although you need to appreciate that everyone’s experience will be unique, try to find out if there have been any issues. Assess what the causes were and how the situation could have been avoided or rectified. However, if you notice a strong feeling of dissatisfaction emerging from their past clients, it may indicate issues regarding how they operate and their work ethic. As such, continue exploring how other Alternative Finance brokers can help your business receive the funds that it needs.

Need help navigating your way through what the Alternative Finance industry has to offer?

Growing your business isn’t easy. It takes vision, dedication, many hours of hard work and, of course, access to sufficient amounts of cash. Although your first instinct might be to approach your local high street bank, getting an acceptance can prove difficult, especially if you’re a developing SME or you have adverse credit. However, although getting rejected can be disheartening, there is another pathway available which many SME owners just like you are taking advantage of. Thanks to the Alternative Finance industry, you could still gain access to a diverse range of business finance products and be able to achieve all of your short and long-term goals. The only obstacle standing in your way is knowing which way to turn. Fortunately, you don’t need to go it alone.

At Rangewell, we and go above and beyond what you would expect from a traditional finance broker because aren't brokers - we are business finance experts. We have Access to Finance specialists that works with over 350 lenders to offer you a comprehensive overview of more than 23,000 business finance products and tailor each request for funding on your individual circumstances and requirements. Our services are free to use and we’ll also guide through the application process. So if you’re in need of external funding, apply for Alternative Finance solution today or find out more with Rangewell.