With more commercial lenders marketing themselves all time, value of brokers may diminish significantly in near future. There are several significant advantages to having direct access to a commercial lender: 1) No broker fees. 'Nuf said. 2) Timely answers. Direct communication equals direct answers to your questions. A commercial lender either can, or cannot provide you with a loan-there's no incentive for them to waste time trying to figure out if you qualify or not. A broker, on other hand, will often times spend considerable time finding what deal is best for them by going from direct lender to direct lender. If a commercial lender can't help you, they will be able to tell you what other lender can. 3) Timely closings. By working directly with your lender, issues can be resolved, questions answered, and loans closed. Loans options not offered through a broker may be available by going directly to a commercial lender.

What's Trade-Off of Using a Commercial Lender? Because of quick turn around and conveyance provided by bridge loans and other high-risk commercial lender loan products, rates can be higher than at a bank. If you have time and financial qualifications, you might be best served at your local bank. However, commercial lenders are a great option for people with 'near-bank' loans, in other words, loans that were almost approved by bank. With so many potential lenders available, it may seem a little daunting to find an option that works for you. Many times only significant factor that sets two commercial lenders apart is quality of their customer service. Traditionally, commercial loan market is notorious for being short on professionalism. Find a lender who is willing to take time you need to understand details of your loan.

Once you decide on business you want, a business plan on business is essential before approaching a lender. They will want to see that you have some familiarity with industry of business and that you have some sort of management experience. Information on availability of management and executives in business that is going to stay after you buy it and so on should be included in this business plan. Also information on training that seller is committing to pass on with sales of business should be in this business plan.

If you handle these basics really well, it should be a relatively easy process to getting qualified for funds to finance a business.