Why Use an Independent Broker for your Commercial Mortgage?

Since the 1980's there has been an explosion of business start-ups in the UK. There are of course, many that have not and do not survive but there is no doubt that today, there are many thousands more individual businesses than there were twenty or so years ago.

With this enormous growth in volume and diversity of new businesses in the economy, we have also seen a corresponding growth in choice of lenders and lending products available.

Of course, the old, traditional routes to finance still remain, namely the major banks, but now, the commercial sector has many more options available and it is this which is one of the key reasons for thinking harder about who to use to support your loan application. Using the bank is potentially an easy option. They are likely to know more of the history of your business if you use them to look after your bank account but they are not likely to be as flexible as other options that may be available to you.

That's where a commercial mortgage broker may come in to their own. They will take more time to understand your individual needs and work with you to find a more appropriate solution and in may cases, a commercial mortgage broker will be many times smaller in size than one of 'the big four' banks and perhaps may be more hungry in their desire to gain your business and service level is one sure way to achieve that aim.

Lending Options

Usually with many lending options available, the commercial mortgage broker will have access to a wide range of lending products from a panel of lenders. This enables you to gain access to greater lending options without having to shop around. Indeed, they often have very close working relationships with these lenders and can exercise these relationships for your benefit in building a more tailored offering and a more holistic approach.

You may also find that if you have a less than perfect credit history, it may make traditional routes to finance more difficult to navigate. A broker, on the other hand, may have access to products that are specifically designed for this area of the market.

Working side by side with you, you may find that the broker can make the entire process of applying for the commercial mortgage or business loan much easier. There is generally, quite a lot of work involved in processing your application. The broker will most likely simplify this process for you, making it as painless as possible whilst still keeping you in control. They will ensure that all of the necessary documentation is present and completed in a diligent and timely manner which makes things much quicker in the long run for the lender.

Many applicants become frustrated with the larger institutions because they believe that they should be afforded the same level of attention and service as they would offer their clients. Sadly, this isn't always the case although smaller, independent brokers are often better placed to provide this important and sometimes forgotten part of the equation.