Why Pay A Mortgage Broker A Fee?
If you require business finance such as a commercial mortgage then there are a number of ways that you can source such funding. For instance, you can approach your own bank that is what a lot of business owners do, you can contact other high street lenders, you can use the likes of the Internet or you could use the services of a mortgage broker.
If you decide to use the services of a broker then you are likely to have to pay the broker a fee but why would you want to go to the expense of paying such a fee when you could avoid such an expense by arranging the finance directly with your own bank?
Well, a potential benefit of using a mortgage broker is that the broker is likely to have access to an extensive panel of lenders and it may be that one or more of those lenders are offering a more cost effective lending product than that being offered by your bank. For instance, the interest rate may be lower and the resultant saving in interest may be greater than the fee that you pay to the broker resulting in a net saving overall.
Another potential benefit is that if your application for finance is going to be a complex one and you are unsure how best to present it to the lender yourself then a mortgage broker is likely to have many years experience in helping clients package an application in the best way possible to give it the best opportunity of being approved.
Another potential benefit is that, if you have an adverse credit history, then the mortgage broker is likely to know which lenders will consider applications from those that have a poor credit history.
Another potential benefit is that rather than committing a significant amount of time to sourcing a suitable lender you can use that time to continue running your business.
You will be pleased to hear that at Commercial Mortgage Link we are able to introduce you to an experienced commercial mortgage broker that has an extensive panel of lenders who will discuss your requirements and will do all that they can to help with your application for finance for your business.