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Why do I need a finance broker?

Updated: Jan 20, 2022

As a finance broker, one of the questions I’m often asked is “Why would I use a finance broker when I have a relationship with my bank. My banker says he can fund anything I want to buy.”

Well, that may be somewhat true, but what I’ve found is that even the best banks have limitations when it comes to riskier deals, out of state/country owners, zero equity, speed to close, deal size, credit limits or even construction loans. What I always tell people is that they should first go to their bank and if their bank won’t do it, run it past me to see if I can get it funded.

There are three main things my lenders are looking for, which is different than what your bank is looking for:

1. Can the borrower make the payments?

2. Does the borrower have a track record for successful projects?

3. Is this something I can sell if the project fails?

A finance broker has close relationships and affiliations with many lenders so they can get the exact loan to fit YOUR criteria, rather than a bank makes you fit THEIR criteria in order to get you a loan. Banks will look more at the credit worthiness of the person than the financial feasibility of the project. One type of loan finance brokers can get you is “hard money”. Often times there is a stigma that comes with the words “hard money”, but it is a good financial tool to fit the need where banks fall short. While it is true that even hard money lenders fund based on the resume of the borrower, to some extent, it’s more of a combination of these things with flexibility, rather than with the bank’s strict set of criteria. With a finance broker handling your project, you’ll get the right loan to fit YOUR needs. More on hard money next article…

If you have a deal you are trying to fund, call or email me and we’ll see what we can get done for you.

Dewain Morrison

Secure Business Finance, LLC




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