There was a time when banks and conventional lending institutions cornered the market on providing financial services for small businesses. Those days are long gone, as new choices have provided a massive amount of available capital. A good finance broker can help a business sift through the many alternative funding sources to capitalize on the best funding solutions. In other words, business owners shouldn't look at brokers as someone that is costing them money. Rather, a properly trained and motivated broker can save tremendous amounts of time and money for the client.
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From a strong economy to a major recession, the need for capital is constant. Capital is needed for equipment, vehicles, inventory, and premises. A good financial broker should be able to help owners access a wide range of lessors, commercial mortgage sources, and providers of working capital. They will also know the various strengths and weaknesses of each funding source, which will help provide the best "fit" for the borrower.
Here are some of the ways a broker can benefit a company wishing to acquire capital:
· A properly packaged loan or lease application is essential for qualification. A broker can help package and present the application on the borrower's behalf
· The broker will negotiate with lenders to get the best deal for the borrower
· The deal is managed and expedited from beginning to end
· Independence insures that the focus is on the borrower's needs rather than that of a single lender
· Broker is not constrained by a single company's policy
· In cases where cash is needed quickly, brokers know which sources can provided fast closings, sometimes in as little as 48 hours
· Competition among lenders usually leads to better terms and mitigates the temptation for a single lender to take advantage of the borrower
· Can bring a number of partners to the table to get the job done
· The broker is motivated because compensation is based on the successful delivery of a credit facility.
All of these advantages should be taken into account when the borrower desires funding, whether it is from an equipment lease, commercial mortgage, or any other type of credit facility. The 1 to 2 point fee that is paid to the broker can be more than justified in terms of time and cost savings.
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