For the everyday consumer, applying for finance with the support of a broker is the norm. The benefits of comparing the market via an independent intermediary are well-documented, as are the preferential rates that can often be accessed exclusively via authorised brokers.

With business finance and borrowing, it tends to be a different story. Particularly where business owners have had agreeable dealings with lenders in the past, they are far more likely to take their business directly to the provider, without a second thought.

In doing so, perhaps overlooking the potential benefits of broker support for all types of business borrowing.

Making Sense of an Increasingly Complex Landscape

The options available for business borrowers looking to fund all types of projects have never been more diverse. Finding the most flexible and cost-effective financial product often means looking beyond the usual High Street names, in order to consider a wide range of options from independent specialist lenders.

The greater the diversity of the options available, the more important it becomes to work with a reputable broker.

Speaking on behalf of Nummus, a leading specialist financial services consultancy operating in the UK, co-founder John Hewitt emphasized the importance of seeking independent broker support before making any major financial decisions.

“The choice of product types is expanding, with mainstream funding now being more and more replaced with development bridging.  It is only by speaking with the right brokers that any borrower can be confident they are seeing what is available across the whole sector,” Hewitt advised.

“With all these new avenues opening up to borrowers, we would encourage any business owner to take the time to speak with a properly experienced development finance broker to ensure they have sufficient funding available to help their business maximise its potential in as efficient and effective a way as possible,”

“Often, they will also bring other experiences to the relationship that will help any developer overcome the unexpected.”

The Benefits of Expert Broker Support

Working with a reputable broker can open the door to a wide variety of benefits for both small and large businesses. Much of the UK’s specialist lending network for businesses operates exclusively via select authorised brokers, which means their products are not available directly to the borrower.

Along with negotiating preferential rates and helping businesses find the most cost-effective deal available, brokers can also help and advise on the different types of loans for business purposes. From bridging loans to development finance to commercial mortgages and secured business loans, there are short and long-term options available to suit all requirements and budgets, many of which are not normally available on the UK High Street.

Brokers generally provide their services free of charge to the client with commissions being collected from the lender.

Author: Craig Upton