Because applying for a loan can be a stressful process, being someone that is right by your client’s side the entire time is an incredibly important aspect of being a Commercial Capital Broker. Here’s what you need to do to make sure you are finding the best loan option for them:
1. Figure out how your client will pay back a loan.
The only way someone is ever able to get a loan in the first place is by proving they will be able to pay it back eventually. By looking at what debt the business already has, how much profit it brings in every season, and its projections for profit down the road, you will be in a much better position to find the right loan for your client.
2. Check ALL of the financing options.
The industry is always changing, and there are new financing options available every year. It’s your job as a Commercial Capital Broker to be in the know about every option there is out there for your client. Knowing that you’re an expert in the field makes your clients more confident in your opinions and recommendations on what loan they should get for their business as well.
3. Look at what types of loans have worked for similar businesses.
If possible, look back at past clients or find similar situations in other businesses that have received funding to see what options they went with. Do they like the loan type they went with? Do they wish they had gone with a different one? Never be afraid to ask questions!
Wondering how you can improve your skills as a Commercial Capital Broker? Get in touch with us today!