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The important factors to consider when choosing a commercial finance broker / asset finance broker in the UK

Guest post by: Al Shea

Article Overview: There are many finance brokers operating in the UK, so how do you know which one to chose? You should look for well-established brokers with plenty of trading history, for a start. This article details the other important factors to consider when choosing a business finance broker.

The important factors to consider when choosing a commercial finance broker / asset finance broker in the UK

Find a finance broker who is well established in the financial leasing industry within the United Kingdom.

They should have a wide portfolio of funding lines to underwrite your business, or your clients business.

As a broker, they should have the ability to compete with the mainline funders but offer much more flexible underwriting.

Normally a broker should be able to offer same day turnaround of business, worst case 48 hours.

Most brokers should raise paperwork for youand normally offer 24-hour paperwork turnaround.

A high acceptance rate across the book on all finance introduced, typically 90%+ is a good marker.

Fast Payouts on all deals.

Own book funding (ie they lend their own money)& brokerage under one roof - best of both worlds.

In-House underwriters and own-book facility - thismeans quicker processing of your finance business.

A dedicated account manager & administrator to develop your business with - not a faceless organisation.

Ability to offer flexible rates and offer commissions for introducing an agreed level of business.

Multi-Lessor documents / PDF email-able financial paperwork - saves having lots of different finance documents.

Ability to accept deals from all credit-types - from New Starts to Blue Chip.

Look for a deal-structuring specialist - where insufficient funds are available on the balance sheetthey should beable to split a deal across a selection of funders to secure the full amount of capital required for your client - ideal if you deal with lots of new start businesses needing finance/credit.

Happy to deal directly with your clients to expedite deal turnaround times.

Look for a broker that is already used by many well-known major UK companies to develop and roll out successful branded vendor finance schemes.

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Article Tags: article details, asset finance, business finance broker, commercial finance, finance brokers, important factors



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