Speak to a finance expert today - 0333 3583502

How To Choose The Right Commercial Finance Broker

If you want your business to grow a commercial finance broker can really take you places. With their expert understanding of both your business and the commercial loan market, they’ll help you to secure the funds you need to make your investment grow.

But there are legions of financial brokers out there and when it feels like every single one of them is vying for your business, how can you possibly decide which is right for you?

We’ve prepared this short guide on how to choose the right commercial finance broker for your business. We understand that this process can be daunting even for the most seasoned of investors, so if you have any questions that aren’t covered by our guide, feel free to get in touch. For a friendly and impartial chat with one of our expert consultants, give us a call on 0333 3583502.

What Makes For A Good Commercial Finance Broker?

  1. Experience

It’s not that brokers who are new to the industry won’t have what it takes to make your funding proposal a success. But look at it this way, who’s more likely to know their stuff? A finance broker who’s as new to this game as you are or a finance broker who’s been working in this field for decades and who has the testimonials and the strong word-of-mouth reputation to prove it?

  1. Flexibility

A good commercial finance broker will offer a wide variety of products, with solutions to serve businesses from any sector. Other brokers might specialise with working with businesses from a specific sector but nonetheless they should be able to tailor their products to suit your specific requirements. Whatever they’re offering flexibility is key. Avoid any brokers who appear to be offering a one-size-fits-all approach.

  1. Value for Money

When you’re seeking funding for business growth, your budget’s obviously going to be tight. A good commercial finance broker will be upfront about their pricing and interest rates. And while we’re on the subject of money, they’ll also be skilled at carefully analysing your business in order to correctly determine the size of the loan you require – it has to be enough to take care of your needs, but not so much that interest rates and repayment will hobble your abilities to grow.

  1. Proper Procedure

It might seem obvious, but you’d be amazed at just how many businesses fall foul of unscrupulous or unprofessional brokers. It’s simple – if you borrow any amount of money from the market for commercial investment, you must follow a standardised set of rules for underwriting your loan.  When choosing your broker, ensure they’ve a solid set of rules in place for underwriting loans. Anything other than proper procedure may jeopardise the integrity of your business.

And Finally…

Your relationship with your insurance broker must be open, honest and transparent. So when choosing your commercial finance broker as well as looking for the right traits, it’s just as important to ask the right questions.