It’s a fact times have changed for businesses and entrepreneurs looking for commercial finance.
With high street banks vanishing – and the traditional bank manager along with them – many small business owners are turning to alternative sources for their funding.
And what they are finding is that, beyond the traditional banks, there is an abundance of business finance available… and at much more competitive rates.
Of course accessing these funds and finding the best finance for your business is where the difficulties arise – and that’s why a reputable, experienced and well connected Commercial Finance Broker should be one of the first people you seek out when you are looking for business loans and funding.
Here’s eight reasons why you should really be using a commercial finance broker to source and manage your business funding:-
Why you should be using a commercial finance broker
1. They know all the alternative lenders. There are hundreds of them but many lenders are specialists that don’t have a high street presence, so it’s difficult and time consuming for small businesses to track them down. A good broker will have a relationship to all best lenders.
2. They will be able to match you with the best deal for your needs. A good independent broker will be able to look at your individual needs and match you with the best lender with the best rates and best package for you.
3. They have wide industry knowledge. Brokers have to have a qualification and are experts in finance for business so they understand the full range of options available to you. Once they understand your business and needs they may be able to suggest a form of funding that you didn’t know about or had never considered.
4. They save you time. By enlisting the support of a commercial broker your save yourself all the time researching and meeting the lenders yourself. A good broker will also look after the management of the finance so you can get on with running your business – and remember time is money!
5. They save you stress. Applying for a commercial mortgage or commercial finance can be a long and complicated job. Generally they require much more information than their residential counterpart. A good broker will help you through this process and take much of the hard work off your hands.
6. They save you money. Not only do brokers save your time (which saves you money) they can also often get preferential rates from their contacts that you wouldn’t have access to on your own. Yes some brokers charge a fee on their deals but this more than pays for itself in the long run with the time and costs you can save.
7. They are quicker. Because brokers have developed relationships with their lenders and understand the application process they can fast-track your applications and you won’t waste time approaching lenders who won’t accept you.
8. They provide ongoing support. Not all brokers do this but a good one will stay by your side and provide ongoing support and guidance. Sometimes it’s invaluable to have someone who you can call on when things get complicated or confusing.
The important thing is to find a commercial finance broker that you can build a strong relationship with. You want someone who listens and understands you and your business.
If you can find a commercial finance broker who ticks all the boxes above, you will find them a vital part of your team as you build your business.
At M3 Commercial we pride ourselves on our service and customer and lender relationships – so much so that we don’t charge broker fees on our first deal with new clients as we want you to experience it first hand for free.
If you would like to talk about how we could help your business grow, drop us a line.