August 11th, 2014.
The Benefits of Avoiding the Bank for Commercial Finance
Whether you’re an SME, a property investor, or you’re venturing into property development, we bet your first instincts when seeking out fresh finance would be to head straight to your bank manager.
While this may be one sensible option, there are actually a whole host of benefits to avoiding the bank altogether and enlisting the help of an experienced commercial finance broker instead.
Let’s take a look at the main draws of bypassing your bank manager:
Finding the Right Lender for You
When you head to the bank, you’re presented with the financial options on offer from that particular bank, and that bank alone – these options will be greatly limited compared to those on offer with a broker.
Brokers work with a network of lenders, each with different preferences and deals; they have relationships with these lenders and know exactly how to whet their appetite whilst also securing you the best possible rates for your circumstances.
What’s more, not all lenders are looking to offer finance to the same type of commercial enterprises – brokers understand this and can do the legwork for you to find someone who is interested in what you do. Can you imagine how time consuming this would be to do it yourself? Going from lender to lender to find out whether they’re interested in your particular business – being turned away if you don’t quite fit the bill. A broker can save you a lot of time as they will already have the answers.
Preparing the Perfect Package
Once your broker has found the ideal lender for you, they can carefully create a package to really sell your business to them – greatly improving your chances of getting that all important finance approved. This would be an arduous task in itself if you were to package up all of your vitals for each bank, but a broker can do this for you and use it to approach the necessary lenders.
Taking the Weight off Your Shoulders
Using a broker to secure your finance can relieve a lot of stress: they can take care of the whole process – even dealing with solicitors, IFAs, and accounts on your behalf – which frees you up to look after your business or your property venture. A broker can also take care of the paperwork for your too – which is music to most people’s ears!
How Can We Help?
If you’re hoping to avoid the bank to secure your finance, then make us your first port of call.
At Pure Commercial Finance, we have a wealth of knowledge and experience; we think outside of the box and look at all of your options to get the best possible deal for your needs. We’ll take care of the process for you, and keep you updated each step of the way. Give us a call today to find out more.