How to choose the right commercial finance broker

Finding the right commercial finance broker can be the key to transforming your business’ prospects, giving you access to the funding you need to catapult your company to the next level. Here’s how to choose the right one.

One of the most important things to consider is their level of experience in the sector you operate in, giving you confidence in their capabilities as well as their network, making sure that they have a wide range of lenders they can source finance from. An experienced broker will have the skills and resources necessary to find you the best deals, and in many cases will be able to source exclusive offers that you wouldn’t have access to elsewhere.

Always check their professional standing and the procedures they follow. The broker should be FCA-regulated (if applicable) and ideally a member of a trade association, such as the National Association of Commercial Finance Brokers (NACFB), to offer an extra layer of confidence that they’ll operate according to regulatory and best-practice guidelines.

Recommendations can count for a lot in this sector, too, as if others have had a positive experience with the broker in question, there’s a better chance of you having a good experience as well. Make sure to read testimonials and ask others in your industry for the brokers they’d recommend, with reputation being key.

Alongside that, look out for those who have proven themselves to meet industry standards, with awards in particular being a great indication of the best-in-class brokers who could meet your needs – the annual Business Moneyfacts Awards highlights several of the best brokers in a range of sectors, and could be a great place to start.

Of course, the cost of using their services will always come into it. Ask about their fees, commission and any associated costs that could be involved so you can be sure that you’re getting value for money, and are confident in their level of transparency.

• For commercial mortgages, business loans and unregulated bridging loans, speak to Watts Commercial Finance Ltd. Call 03300 417275.
• For regulated bridging loans, speak to Loans Warehouse on 01923 864 198.
• For asset finance, speak to Goodman Corporate Finance on 0333 358 2004.
• For invoice finance, speak to Hilton-Baird Financial Solutions on 023 8202 9739.