Finding the best commercial loan broker for your needs
Finding a broker to meet your needs is the first step of the loan process. Below are some questions to help you find the right one.
1 What sorts of financing can they offer?
Even if a commercial broker offers you finance, this is not necessarily best for your business. For example, a bridge loan might be perfect if you are short of time, but if you have a good credit history and time on your hands, that same offer could be a poor solution.
2 How much are they willing to finance?
If brokers or their lenders are only prepared to vouchsafe a small portion of the capital you need, walk away. For large commercial loans Northern Ireland should have plenty of choices, so be sure to shop around.
3 Are interest rates competitive?
Find out the terms for the loan, and ask how the broker keeps rates reasonable. Ensure that you understand the loan’s total cost.
If the amount, terms or rates feel wrong, then it isn’t a deal. You need to balance all of these aspects to suit your business.
4 Are there upfront costs?
Usually, you shouldn’t have to pay to get funding if there is no guarantee that you will get the money you require. A reputable broker will only ask you to pay if you proceed with their financing.
5 What is their relationship with lenders?
Brokers should be on good terms with their lenders. If a broker has just a few lenders or doesn’t want to link with others for you, their capital access will be limited.
For Commercial Loans Northern Ireland is well-served, and you should be able to find reliable broker
More information can be found here: https://www.fundingoptions.com/knowledge/commercial-finance-broker/.
6 Do they request an exclusive relationship?
Often, brokers use a lock-up clause which restricts you from getting funding elsewhere. Brokers who are confident in their skills will not need to insist on exclusivity.
7 What are their relationships like with their clients?
Choose a broker who has good relationships with their clients. Also, examine how open they are with basic details. Is their contact information readily available? Can they provide references? Will they share information about where your loan package is being sourced? An unwilling lender might not be suitable