Your small or medium-sized business has financing needs – and the first place that comes to mind is likely your bank.It makes sense to go to your bank first. Traditionally, a bank is the place that will offer you the best financing rates. However, you may not meet their lending criteria and your application could be denied – leaving you wondering where you went wrong and where to go next.
You can often avoid financing hiccups with the aid of a Commercial Finance Broker. Similar to buying a house and engaging a mortgage broker, using a financial intermediary to secure the funding you need will greatly increase your success rate. Financing your business can be best facilitated with the help of a Commercial Finance Broker because he or she will have the expertise of knowing which lenders to approach.
A Commercial Finance Broker is a professional in the know.Your broker will understand the market and be able to assist if you have a complex or unique financial situation that a traditional lender might not understand or be willing to support. Understanding your specific financing needs is paramount to finding options that fit your business. No professional is in a better position to do this than a Commercial Finance Broker.
A Commercial Finance Broker understands your lending options best.The skills and relationships developed by your broker will help you get the capital your business needs today. Brokers spend a lot of time cultivating relationships with lenders. As a result they get to know and understand what is needed for a successful application. Requirements for due diligence, approval, how risk adverse a lender is and the timeline for funding are part of what your broker brings to the table.
Benefit from Extensive Knowledge and Expertise.Would you trust your automobile repair work in the hands of an insurance agent? Would you have your roof replaced by a tax accountant? The answer is absolutely not – the right professional should be hired for the right job. When it comes to your business financing needs, you want a professional who understands your industry. Someone who can navigate the credit-granting system with ease. Financial contracts and application processes can be challenging if you’ve never encountered them before. Your broker will be familiar with the terms, acronyms used, and the general process your business will be subject to when you apply for financing.
Get a Customized SolutionA customized solution is key to your success. Your business is unique and your lending needs are unique as well. A Commercial Finance Broker will develop a custom solution for you. Business needs will dictate the type of financing you require. The benefit of a customized solution and support that is tailored to your needs is that you will get the best rate and terms for your business. Your broker will help you compare rates and terms, making it easy to decide how to proceed. The best deal for your business is not always the lowest priced option. The amount of funding made available by a lender can be more important than the interest rate. Often the financing solution cannot be provided by the lender. Two or more funders may be required. Your broker may help structure a deal that will work for all lenders.
A Commercial Finance Broker can be your biggest asset, and your most valuable business resource.You can save a lot of time and money by working with the right expert for your needs. While your broker is working out the details and navigating the lending process for you, you can focus on growing your business and generating revenue. One of the biggest reasons for declined financing applications is inexperience in knowing what is required for a successful application. By hiring an expert to help, you can rely on their experience. Your broker will know which lenders to approach, how to make sure you’ve got the right documentation to support your application and even how to get around some of the “red tape” that adds time to the application process. Your broker will also work to get you the best terms possible – because they see your long-term game plan and can help you meet your business objectives.
Let Spergel Corporate Finance Help Your BusinessA Commercial Finance Broker will have developed and maintained key relationships with a variety of great lenders. Connecting the right businesses with the right lenders can elevate a broker to a valuable place in the eyes of the lenders they work with. Cultivating respect and appreciation for developing the best solutions for everyone means that many lenders rely on their broker network to provide valuable business leads. Your broker will be an impartial and objective party in lender negotiations and can assist in negotiating a solution that is fair and appropriate for everyone concerned.
If you think that the assistance of a Commercial Finance Broker sounds like the right choice for your business, please contact us today. We would be happy to review your business needs and assist you in securing the financing you need.