Firstly the reason why you should use a broker is because,
this is what finance companies tell us.
70% of businesses that apply direct are turned down.
70% that apply through a broker are accepted, our success rate is 84%
However in all walks of life there are the good and bad, and I am afraid this is true with brokers as well.
One case last week a broker made 42 applications for finance on behalf of a client leaving 42 financial footprints behind, they did this because they knew the client had approached other brokers and they wanted to secure the finance deal for themselves.
This is very bad news for the client, as the Underwriter is left thinking
“If this deal goes wrong, and I am asked the question, why did I approve the deal when 42 others passed on it, what am I going to say”
When an underwriter sees several 3-6 financial footprints, they think, this business must be desperate, do they know what they want, is there something I don’t know. This will result in a rate increase or a last minute decline.
Before approaching a broker do some research.
Look on LinkedIn and Google.
Check their website, is it informative with some good videos, or just set up for you to call them.
Do the have at least a dozen named business testimonials or is it just BS from the Midlands?
Talking of testimonials, I thought I had better check my site to see how many I had, I counted over 40, here are the testimonials

A good broker will listen attentively to your requirements and then judge the broker on the quality of their questions and their suggestions on the way forward.
You should only appoint one broker, why you might ask?
You would not appoint two solicitors, 2 architects, two printers to do the same job.
A good broker receives special access to senior staff and preferential rates for you the client.
Why do some brokers get special rates for their clients?
Because they do not waste the finance companies time with unsuitable businesses. You look after your best clients so do the finance companies.
To get you the best interest rate a finance broker will know who is offering the best deal for your business sector and credit rating.
But this is only half of the job, presenting the application in the manner that is best suited to the underwriter can make the difference between you paying 5.4% and 10%, but I am afraid this knowledge only comes through experience.
Struggling to believe this?
“Having used brokers before I didn’t expect Mark at Ringrose Business Finance to achieve a better rate that I could get from the bank directly but he definitely delivered with a brilliant rate of 5.4% I thought it would be 10% and the loan was all sorted out within a week fantastic service, I’m glad I decided to give Mark a chance”
Simon Jewell The Pilot Inn
Where I differ from some is that with so many types of finance available, I know my limitations. I do not say I am an expert at every type of finance, but I do have someone on my team who is that expert.
It has taken me years to be able to do this, but when you love what you do, you meet good people along the way.
You are always welcome to call me on my mobile 07710 466166.
Let’s talk today.
Very best wishes,
Mark Smillie
0800 612 5364 or 07710 466166
If you are in the construction sector or doing a property development. This is a type of finance where you need a specialist, a normal broker is not good enough, I believe I have the best person on my team who specialises in this.
Do you have an existing Invoice Finance Facility? Then you are probably paying over the odds, you should really see this short video.

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