Benefits of Hiring a Commercial Loan Broker

The situation is not uncommon. In fact, almost every growing business has been confronted with the same scenario; the business owner looks at the orders coming in, estimates the investment needed to fulfill the demand, and suddenly reaches the scary conclusion after looking at the bank account…we need more cash!!

The next step should be an easy one – apply for a commercial loan! But all too often, the process is filled with ambiguity, frustration, and distrust. This is when a Commercial Loan Broker can be a business owner's most valuable asset.

The most skilled Commercial Loan Brokers do four essential things for their clients;

1. Listen to the client’s current situation and uncover important information.

This should not only include the short and long-term goals of the business, but also an in-depth analysis of the company’s current resources and their potential strategic initiatives.

2. Present the loan options in a simple and easy to digest fashion.

There can be a dozen different ways to fund even the simplest of projects. A good broker should be able to aptly point out the costs and benefits of each option and how they might fit into the client’s given situation.

3. Match the lowest interest rate in the market with the client’s specific needs.

While most banks should offer the same interest rate for the same customer’s loan request, unfortunately, this is rarely the case. Some banks are more comfortable lending to specific industries and are likely to offer lower interest rates to attract that type of business. Beyond knowing all the nuances of the market, some qualified brokers may also have access to wholesale interest rates that would otherwise not be available to the public. This can be a big advantage when finding the least expensive option for their client.

4. Make the loan process as painless as possible.

Picking the right loan option is the easy part. The value of a good broker really shines after the letter of interest is signed, and the underwriting has begun. The bank must conduct its due diligence to make sure the company can satisfy the future debt obligation. A good broker will be the first line of defense that can answer the toughest questions when armed with the proper information.

The amount of time, money, and headaches that a Commercial Loan Broker can save a business owner is priceless. In an economy that is quickly tilting toward more and more outsourced work – hiring an expert to make sure your company has the absolute best loan product can be invaluable.

See how Clover Capital can make a difference in your business! Contact us at www.clovercapital.org or on social media and we will connect you with one of our associates.