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Roles and Responsibilities in Your Funding Journey
Many small and medium sized businesses deal directly with the lender, reducing costs by cutting out the middle-man. Businesses can also choose to hire a finance broker to help find lenders. Additionally, lenders typically have finance brokers of their own to help bring deals to the table. Referral Services market heavily to businesses looking for capital, then sell those leads to other brokers.
A Word About Finance Brokers: Brokers often tell their clients that the “Lender Pays” or that “There is no charge for their services”. Although the business may not write a check for the broker’s service, the money clearly comes from somewhere. Brokers make up 10% of the total cost of a typical factoring facility. Paying this fee may cause the lender to be less flexible on the fees, over-allowances and other credit sensitive matters when they are paying a broker a commission. Finally, borrowers should keep in mind that brokers will typically lead a prospect to a lender that pays the highest commissions.
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