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How to find a Commercial Loans broker

Published on 14th August 2018 - Last update on 12th September 2018

Finding an appropriate financial support mechanism for your business is crucial, but can be an arduous endeavour if you don’t know where to begin. For many businesses, the answer could lie with a Commercial Loan, but with so many different finance solutions to choose from, it’s easy to get lost and confused with what’s on offer. That is why seeking the services of a qualified Commercial Loans broker can prove invaluable in your business’ journey to a brighter future. However, how do source a broker that’s suitable for your business’ needs? In order to guide you here are just a few of the questions you need to consider, including:

  • Why does your business need finance?
  • What sectors does the broker cover?
  • How many lenders do they work with?
  • How close is their relationship with their associated lenders?
  • How do their past clients rate their services?

What aspect of my business needs financing?

Although this is more of a question for yourself, it’s nevertheless an important one to ask. When considering whether to apply for a Commercial Loan, what many business owners first think of is a Term Loan. However, Commercial Loans now cover a wide range of business finance solutions, each of which provides funds for your business in different ways. As such, your choice of finance broker should be a reflection of this diversity with their services and expertise covering a large number of business finance products. Plus, by being clear about what you’re hoping to achieve, your chosen broker will be in a much stronger position to pin down what types of Commercial Loans may be most appropriate for your business’ needs.

Have a business project that needs funding? Or could your finances do with a cash injection? Apply for a Commercial Loan, or learn more about how your business could benefit.

What sectors do they cover?

When deciding which brokerage to use in your search for a Commercial Loan, you need to look at someone who has both knowledge and experience in your sector. That way you’ll be able to communicate your intentions to someone who already has an understanding of the risks and potential issues involved in your sector. In addition, they’ll know which business lenders to approach and how to pitch your application, expressing the returns that they could gain from their investment.

How many lenders do they work with?

Another aspect to consider is how many lenders their services cover. By covering a large number of lenders they’ll be able to offer your business access to a wider range of business finance solutions. This helps to make your search more concise, enabling you to source an appropriate solution for your business that also has a competitive interest rate. Therefore, the more lenders they cover, the more confident you can be in your choice of Commercial Loan.

How closely connected are they to their associated lenders?

In addition, you need to be aware of how closely connected they are to their associated lenders. The purpose of a finance broker is to act as a gateway into what the Alternative Finance industry has to offer. But when you choose to use their services, you need to make sure that this remains the case. If you’re repeatedly being show products from the same lender(s) it could be a sign of an undisclosed arrangement, which may not be to your business’ benefit. Although it could just be that they’re the most suitable fit for your business needs, it may also mean that they have a relationship with that particular lender, earning them maximum commision whenever they send a business their way. In some cases, it could even be that the broker owns that particular lending company or vice versa. If you believe such a relationship exists, you need to re-evaluate your position with their services.

How do their customers rate their services?

Another way to check the suitability of a specific broker is to review how their services stand with their past clients. You can do this by going through their case studies, reading online reviews or checking in on any forums discussing their services. Naturally, everyone will have a different experience regarding a specific lender. But, if there was a breakdown in the broker-client relationship, try to assess what led to this situation and whether it could’ve been avoided. If there’s a noticeable trend of dissatisfaction, it could indicate more serious issues concerning their work ethic and how they operate.

Looking for a Commercial Loans broker?

Ensuring that your business has the funds it needs to grow and achieve a sustainable future isn’t easy. One issue that many business owners face is not knowing which finance solution to apply for. Although there are now more finance solutions available to business owners than ever before, the array of choice is simply bewildering. That is why using the services of a finance broker is so invaluable, guiding you through all of the products that are available until you source a solution that meets your business’ requirements. However, with so many finance brokers all vying for your business, how do you know which one to choose?

At Rangewell, we go beyond your typical finance broker. We’re an Access to Finance specialist, working with over 300 lenders to source an appropriate solution from more than 23,000 business finance products. Our services are free and impartial, and we’ll also guide you through each step of the application process. So whether you’re looking to scale up your business or even give your finances a cash injection, apply for a Commercial Loan today, or find out more at Rangewell.


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David Harrison

David Harrison

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