Every week, Adam Tyler, Chief Executive of the
National Association of Commercial Finance Brokers
(NACFB) gives us a handy hint for brokers’ best practice…
Tip 5: Getting the right information
The days of a name and telephone number should be long gone and I implore any commercial lender who is offered just this by a broker to refuse to accept it. Not only refuse to accept that lead, but any subsequent business in the future.
There is enough commercial finance business, no let me change that, there is enough GOOD commercial finance business, which no lender needs his BDM to have to do all the work. At the same time a good broker should be able to prepare a case for lender in such a manner that the lenders BDM, can virtually rubber stamp and put straight to credit.
These are conversations that we at the NACFB have on a regular basis with our lenders, who do not want their BDM or credit departments chasing for information - the broker is being paid to add to the transaction. In the future, if we as commercial finance brokers want to be able to introduce business, we need to continue to add value, exactly as the good ones do at the moment.
Prepare the case as the lender or funder wants to see it, present it with your report, (see next tip) and your deals, if your introductions done in the right way, will find their way to the top of the underwriters pile every time.
To view all the tips so far
click here
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