How to choose the right commercial finance broker | moneyfacts.co.uk

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Published: 07/06/2021

Finding the right commercial finance broker can be the key to transforming your business’ prospects, giving you access to the funding you need to catapult your company to the next level. Here’s how to choose the right one.

What should I look for in a commercial finance broker?

One of the most important things to consider is their level of experience in the sector you operate in, giving you confidence in their capabilities as well as their network, making sure that they have a wide range of lenders they can source finance from. An experienced broker will have the skills and resources necessary to find you the best deals, and in many cases will be able to source exclusive offers that you wouldn’t have access to elsewhere. 
Always check their professional standing and the procedures they follow. The broker should be FCA-regulated (if applicable) and ideally a member of a trade association, such as the National Association of Commercial Finance Brokers (NACFB), to offer an extra layer of confidence that they’ll operate according to regulatory and best-practice guidelines. 
Recommendations can count for a lot in this sector, too, as if others have had a positive experience with the broker in question, there’s a better chance of you having a good experience as well. Make sure to read testimonials and ask others in your industry for the brokers they’d recommend, with reputation being key. 
Alongside that, look out for those who have proven themselves to meet industry standards, with awards in particular being a great indication of the best-in-class brokers who could meet your needs – the annual Business Moneyfacts Awards highlights several of the best brokers in a range of sectors, and could be a great place to start. 
Of course, the cost of using their services will always come into it. Ask about their fees, commission and any associated costs that could be involved so you can be sure that you’re getting value for money, and are confident in their level of transparency. 

 

What kind of finance can a broker give me access to?

The right broker will be able to give you access to a range of products across the business finance space, with the one that’s right for you depending on your unique business and its requirements, from commercial mortgages to fund new office space to asset finance for the purchase of vital equipment. Bridging loans can be ideal if you need a short-term loan to bridge the gap when buying a new property, or straightforward business loans can help you get up and running or expand. There’s also invoice finance to consider if you want to release funding against the value of unpaid invoices to bridge the cash flow gap between providing goods or services and getting paid by customers, and UK recovery loans if your business has been struggling due to the pandemic. 

 

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How can I find the best commercial finance broker for my needs?

Specialist brokers will be able to give you access to all of these forms of finance and will tailor their offering according to your needs, but you of course need to find the right broker to suit. Here at Moneyfacts.co.uk, we recognise that it isn’t always easy to navigate the complex world of business finance, which is why we’ve partnered with several specialist brokers to help you borrow better:

 

Disclaimer: This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.

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