If you had to name every lender in the UK, do you think you could? We doubt it. When most people think of “lenders”, what they’re really thinking of is high-street banks. It’s certainly possible to name all of those, but at most that’s going to be around 20-25 different lenders. This might seem like a fair number, but in reality, it’s only a tiny slice of what’s available. There are actually around 300 lenders that can provide finance to UK businesses! With so many options, it begets one question – how on earth does a broker decide which ones might be right for you?
It might be a complicated question, but it’s one with a simple answer – experience. As a client, you’ll likely talk to at most a handful of different lenders in the course of your finance journey. As a broker, though, we’re talking to a variety of lenders on a regular basis. Different lenders will offer different products in different ways. The only way to know which ones might work for a specific client, is to see as many of them as possible! Over time, any broker worth their salt will build up a repertoire of knowledge about lenders’ procedures, and which types of clients suit their offering, allowing them to make informed decisions about which ones might be best suited to receive your application.
Finance is a world of myriad options for almost every part of a loan. But with an experienced broker at your side, their experience helps simplify a mind-boggling number of variations into something that’s easy for you to understand.