Funding Bay Blog

Why should I use a commercial finance broker and not go directly to the lender?

The commercial finance industry is fast expanding and there are now lenders who offer financial support in nearly all areas. You may then wonder why you should use a broker to access a business loan, when in fact you could go straight to the lender. If you are in a position where you know exactly what facility you are after and which lender works for your business, it might make sense to go direct. However, with the traditional bank manager on the verge of extinction, you may in fact need guidance acquiring your business loan.

There are several advantages of using Funding Bay as a broker service:

1. Application Process:
– We will take care of the full application process, removing the time and hassle involved.
– Once you provide us with the correct documents which are typically: a) Last three months business bank statements b) Most recent EOY accounts c)Up to date management information, we will sort your application for you.
– It helps to have a broker support your application. Several lenders usually refuse direct application unless you are supported by a broker to manage the process.
– Furthermore, we have access to the underwriters of your application which ensures faster response rates to obtain you the quickest offer. As a result, we get faster response rates, and 85% of our enquiries get an offer.

2. Search the market:

– Don’t give up! With access to hundreds of lenders and banks, Funding Bay are likely to find you an offer, where you might have given up without us. There is likely a lender out there to suit your very situation. 
– Our team of experts know the market and will pair your business with the most suitable lender for your position.
– We have years of experience of the lending market and know which lenders can do what. Our use of intelligent research will no doubt match your business with the very best and right funding solution.

3. Industry Expertise:
– We work closely with our team of lenders and we know what they expect, and how to get what they need.
– Our team of experts know exactly how to work the lending market and will act as a sense check for your application. A lender could over quote you a fee of say, 20%. Funding Bay are here to ensure you get the best deal possible.
– Our brokers have the clients interests at heart, and know how to get the best rates from the best lenders.
– Financial products vary anywhere from asset finance, invoice finance, secured loans, unsecured loans, merchant cash advance, supply chain finance, and the list goes on. Our brokers will simplify and guide you through this market.

In short, using a broker will save you time, cost, and stress. Funding Bay will ensure you get your loan as efficiently as possible.

Get in contact with Funding Bay today. Either fill in our consultation form or call us directly on 0203 176 0115.

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