July 2nd, 2013. Ben Lloyd
What do commercial finance brokers do?
There are many ways that you can try getting a loan for a commercial property. You could approach the banks yourself, going through the time-consuming process of trying to source the best deals or you could eliminate the stress and enlist the help of commercial finance brokers. But what benefits are there to working with commercial brokers? What do they do?
The basic job role of the commercial finance broker
In short, a finance broker aims to get you the best financial solution for your needs, acting as a ‘matchmaker’ between the lender and yourself. If you go to your bank and enquire about a mortgage, or visit an online comparison site then it is unlikely that you will find the best rates. However, a commercial finance broker goes a step further, using their contacts with various banks, building societies and financial lenders to get a mortgage that will suit your business.
Applying for a commercial mortgage can be an arduous task. Generally they require much more information than their residential counterpart. Every commercial lender has specific industries which they are happy to lend to and others which they try to avoid – a good broker will know exactly who to pitch your business to and how to make it appealing to lenders. By doing this you can save time chasing banks who don’t want to deal with you and get good rates from the ones that do!
Removing the leg work
When you use a mortgage broker you don’t need to run around after lenders, leaving you free to manage your business. Once you’ve given all the relevant information to the broker they will be able to contact every commercial lender to find the best deals for you. Brokers understand the ins and outs of mortgage application forms and will have developed relationships with lenders allowing them to fast-track applications and know in advance the chances of acceptance.
Spend money to save money
Although mortgage brokers cost money, in the long term you will be saving yourself a fortune. Consider the broker as an employee; you are paying them to do a job and save you money! Without them you may have spent hours, days and maybe even weeks chasing down lenders and trying to find the best deal – not only do you save money, you also save valuable time.
Brokers with you in mind
In the industry, brokers have received a bad name for poor customer service. Here at Pure Commercial Finance we’re working to change that reputation and are dedicated to getting your company the best possible rates, while keeping you informed and happy throughout the process. To find out more about how Pure Commercial Finance can help you give us a call today.
Article By Ben Lloyd
July 2nd, 2013
Ben is the Director and Co-Founder of the Pure Group and Managing Director of Pure Property Finance.
Following a career in Barclays, where Ben was in the real estate finance team for 8 years, he decided that the market needed a more forward-thinking type of commercial brokerage so founded Pure Commercial Finance (now Pure Property Finance), the first company within the Pure Group.
Ben has extensive experience across the real estate sector and has participated in over £2bn of real estate transactions during the course of his career.
Ben oversees the general strategy at Pure Group and works with the senior leadership team to drive the Group forward. Ben is also on the Executive Committee of FIBA.See more articles by Ben