This topic comes up in a lot of conversations we have with brokers. Here are three tips which may help you make the entire loan process smoother and more efficient for everyone involved.

Know your clients and their financial situation

Do you share a loan sheet with your clients as soon as they approach you for help with a finance solution? Although this has become second nature for many more established and larger brokerages, this efficient way of collecting information can also be beneficial for smaller broker firms and one-man-bands.

Relevant sections could include: purpose of the loan, amount, duration, ability to provide an asset or a personal guarantee; as well as information about turnover, revenue, current loan obligations, overdraft etc. By having all this information in one place, you will be able to: (i) decide quickly what type of loan is required, and (ii) which lender(s) could help. That way, you will save valuable time and increase the chance of a swift approval.

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Make use of your lenders

When working with a new broker, we are always keen to meet them face to face to establish a personal relationship, explain our product offering as well as minimum criteria and share case studies and tips for reading financial statements and management accounts.

Stay up to date

The commercial finance landscape is constantly changing and we all need to keep up to date. By subscribing to lender newsletters and attending relevant trade shows, you will be informed about product and company updates, current trends and market developments, as well as having the chance to strengthen your personal relationships with your key lenders.

Only if you understand your clients’ business needs as well as the loan products available on the market, will you be able to succeed. And remember: the broker-lender relationship is a two-way street. By collaborating with each other, the right business loans can be provided to your clients swiftly and efficiently—without major hiccups and unnecessary back and forth.