Commercial Loan Brokers: The Benefits and Drawbacks

All businesses need funds for organisational growth and operations. The working capital you have on-hand might only be enough to handle operations rather than growth. This could mean you need to look into acquiring a business cash flow loan. However, looking for growth opportunities might look easy compared to trying to find a loan!

Searching for the right lender takes a lot of time and effort. You may also be in doubt whether you have got the best deal with the lender. This is why many businesses turn to commercial loan brokers for help in narrowing down their options.

A broker is an intermediary who connects you with lenders approved by Australian financial services. Brokers like MarketLend find the best financing options and most competitive interest rates available to you in the market.

However, while commercial loan brokers do the job for you, they do charge a fee once you have received the loan amount. So, there are pros and cons of working with a loan broker, which you should know before you engage one.

The Benefits of a Commercial Loan Broker

Let’s start with the benefits first.

They save you time and effort in obtaining a business cash flow loan:

If you wish to secure a loan in the fastest possible timeframe, then a commercial loan broker is for you. They will quickly assess your business model, credit history and your potential to repay a loan, and connect you with the best options.

Once you make the final choice of lender and loan and your application is approved, you will receive the funds in your registered bank account. When you receive the money, you can be at peace knowing that you have secured the right deal on your loan. Now of course, it’s up to you to spend it responsibly on growing your business!

Commercial brokers have great customer service skills:

Commercial loan brokers like MarketLend walk hand-in-hand with you throughout the process of the loan application. Throughout your application period they will check on your finances, verify the personal information provided and let you know if any alteration is required.

They have a knack for identifying financial products that can help you with your business’s future growth if you are interested in getting new streams of revenue flowing. A commercial loan broker is not only responsible for getting you a business cash flow loan, but they are also your financial advisors, who take care of your business goals in years to come.

They handle the admin and save you from pitfalls:

Good news!! All the hassle of documentation and filing is taken care of by the loan broker, which means you don’t need to handle it alone. Commercial loan brokers will guide you on how to present your documents in the best possible way to the prospective lender and help you in obtaining credit pre-authorisation. They will assess your profile and give you an estimated amount of figure for loan approval.

A loan broker is responsible for explaining all the intricacies involved with the lending system. They save you from making mistakes which can result in losses.

The Drawbacks of a Commercial Loan Broker

Loan brokers do charge you a nominal fee for making your financial arrangements. But this fee is taken from the funds you receive when your loan is approved, so you don’t need to have money on hand to pay it. Given how much time and effort a broker can save you, the fee can be considered a negligible drawback.

MarketLend has an extensive platform that can help you find the pre-eminent financial solution for your business. We offer you the best-shortlisted lenders for your business model, and we have great knowledge about the financial system. The knowledgeable team at MarketLend will invest their full effort in finding you the right lender and simplify the loan acquiring process.