When applying for commercial finance of any kind, the first place most businesses head is a comparison site. Ideal for the basic overview of what is on offer, but not always the best place to find an unbeatable deal.
This is because of the hundreds of commercial finance specialists operating in the UK, around 50% do not offer their services directly to the public. Broker-introduced applications are the only applications they accept, highlighting the importance of independent broker support.
While an online comparison site may compare a number of deals from major banks, an experienced broker can scour the market in its entirety on your behalf. Thousands of potential options from hundreds of specialist lenders – many of which do not appear on the UK High Street.
Irrespective of the type of commercial finance you need, there are at least five huge benefits to working with an established and reputable broker:
- When you approach any bank or lender directly, you restrict yourself to their own limited range or products and services. This drastically reduces the probability of finding the best possible deal on the market to suit your requirements and your budget. In addition, it completely rules out the prospect of being offered honest and impartial information, with no brand bias from the bank.
If there is a better deal to be found elsewhere, it is highly unlikely they will tell you this is the case.
- The more lenders you include in your market comparison, the higher the likelihood of finding an unbeatable deal. Working with an independent broker means gaining access to an extensive panel of specialist lenders who do not offer their services directly to the public. Oftentimes, the only way to access the best deals on the market is with the help and support of a broker.
Even when using a typical online comparison site, you could be drastically reducing your chances of finding your ideal commercial loan.
- Brokers are hired to negotiate all aspects of the proposed contract on behalf of their clients. Consequently your broker will be able to negotiate more competitive rates of interest and lower overall borrowing costs on your loan using a commercial finance calculator.
Again, specialist lenders offer broker-introduced clients more cost-effective deals than clients who approach them directly.
- Working with an independent broker is guaranteed to streamline, simplify and speed up all aspects of the application process. This can be particularly useful if time is a factor, as the conventional approach often proves disproportionately time consuming.
Your broker will guide you through every step of the application and ensure all of your paperwork is in order, prior to submission.
- Last up, your broker will also provide you with a comprehensive overview of the various options available, so as to help you choose the ideal product to suit your requirements. There are dozens of commercial loans and financial products available for businesses – each with its own advantages and disadvantages.
Rather than taking the risk of ending up with a substandard product with elevated borrowing costs, it is better to enlist broker support with someone such as UK Property Finance and carefully consider every available option.
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