Jul 17, 2020

Why use a Commercial Finance Broker?

What is a Broker?

Firstly, the job of a finance broker is to find the best financial product for the client’s needs and circumstances. Secondly, a broker will also have access to some lenders whom you will never have heard of and some who will only talk directly to brokers. Finally, the simplest and best solutions to secure funding are not always the most obvious, and this is where a broker can really bring benefits.

Benefits of Using a Broker.

Saving Time And Money: Just as most businesses outsource their legal and accountancy needs, many businesses are also using the services of a specialist broker, leaving them with more time to focus on running their business. If you Google ‘commercial finance lenders’, you will see a panoply of lenders available in the market with new lenders joining weekly. This increase has not only led to greater competition but also an explosion in the range and complexity of finance products available. Brokers can navigate this complexity, saving their clients time and money in the process.

Brokers Bring Experience: While every business owner is an expert in their own business and sector, the complexity of modern business finance means that a little expert help can go a long way. Restore Finance was established in 1998, meaning that we are highly experienced and therefore an expert in the financial industry. There is no shame in asking for help, and any good broker will help cut through all the jargon and give their clients clear, impartial advice answering their questions in plain simple English.

Brokers Are Human Too: In the current climate of online application forms and computers that say “no”, brokers are often the human face of commercial finance. A professional broker will get to know and understand their clients, their businesses and the sectors in which they operate. This attention to detail means that the broker is best placed to guide the client to secure the most suitable finance for their particular needs and circumstances. We have specific ‘business development managers’ from each of our panel lenders which means we can pick up the phone and speak directly to the lender to get a ‘yes’ or a ‘no’ before going through the application form process. At Restore Finance we try to make everything as simple as possible and therefore we help fill in all the forms for our clients to help ease stress and possible declines from incorrect forms.

Continued Support: Once your funding is secured, a good commercial finance broker will continue to support your business by helping you to work through any initial teething problems and ensure that your funding continues to work in the long term. If you are on a short-term loan e.g. 12 months, we will be in contact before this end date to ensure that you are ready to satisfy this loan or if you need an extension or to move your short-term loan onto something longer.

Considerations.

Cost: Some brokers charge upfront fees which means that they may charge you £500, for example, to use their time and effort to get you some terms. Restore Finance, however, do not charge any upfront fees and we only get paid once the loan has completed. The reason that we don’t charge any upfront fees is that we are always confident that we can find a home for your financial needs and if for some reason we can’t, we are always honest from the outset that we can’t assist.