I need to get something off my chest.
I’ve been in this industry for decades and there’s one thing that still frustrates me, because I see good businesses hurt by it time and time again. It’s what happens when a business owner goes out to multiple brokers at once, thinking:
“If I spread my net wide, surely I’ll have a better chance of getting approved and securing the best deal.”
It sounds logical. But in reality, it can be the single worst mistake you’ll ever make when trying to secure funding.
The Game Some Brokers Play
Here’s the ugly truth. Some brokers don’t care about your business, your margins, or your long-term success.
They care about one thing: getting their name in first.
So the moment you speak to them, they shotgun your application to every lender in the market. Not because it’s right for you, but so they can stake a claim if a deal lands. They’re not placing your business carefully. They’re not thinking strategically.
They’re protecting themselves at your expense.
And the consequences? They can be brutal.
A Conversation I Had This Week
I spoke to a director this week who had gone to one of these brokers. He thought he was making progress. What he didn’t know was that the broker had already registered him with almost every finance company out there.
This business was a marginal case due to its credit rating. They needed careful handling: the right lender, the right narrative, and the right structure in how the application was put forward. That takes thought and experience.
Instead, their name is now across half the market. Multiple searches. Multiple applications. And that means lenders will now ask, “Why have they applied everywhere?” Their already slim chances of approval have been damaged further, leading to rejections or very high interest rates from last-resort lenders.
One hasty conversation, and the damage is done. Before approaching a broker, do look at their testimonials. Vague ones like “Jack from Colchester” really don’t cut it.
Why I’m Telling You This
I don’t write this as some marketing gimmick. I write it as a plea. I’ve seen too many good businesses ruined by this. Not because they weren’t viable, but because they let the wrong broker pull the trigger too soon.
When finance is placed carefully, it can mean approval instead of rejection, a fair, workable rate instead of eye-watering terms, and breathing space instead of another weight on your back. That difference is huge. And once the wrong broker has fired your details across the market, there’s no going back.
You might ask whether it’s worth approaching a broker at all, instead of going direct. My answer is yes, and here’s why. I regularly save clients between 10% and 50% on their interest rates, and I help minimise their personal guarantees. But that’s another topic for another day.
My Ask of You
If you’re looking for finance, even if you don’t come to me, please choose your broker wisely. Work with one at a time. Ask how they place applications before you let them do anything. Protect your business, your credit profile, and your chances.
Because in finance, more applications don’t mean more options. They often mean fewer.
And if you want a second opinion, one that doesn’t spray your details across the market, you know where I am. Sometimes one careful approach is all it takes.