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How to find a good finance broker

If you are struggling to access the help your require with funding, you may have to shop around for other assistance. To help you find a broker that meets your requirements, here are seven critical qualities you should look for.

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If you are struggling to access the help your require with funding, you may have to shop around for other assistance. But, in these difficult times, it is important that you aren't taken advantage of. A competent finance broker can help you to source alternative funding options and shouldn't charge you the earth. To help you find a broker that meets your requirements, here are seven critical qualities you should look for. 1. Any initial consultation with a broker should be free. Don't pay anything before you know what they have to offer you. 2. A broker should design the correct type of funding for your requirements. They may have access to available schemes that you are not aware of. If you have had problems with securing funding in the past, the broker should still be able to assist. 3. The ideal broker is one who has many options at their disposal and is not obliged to use only one source. The more sources they have, the better the chances they will come up with the most competitive offer for you. 4. You have many things to concentrate on when running your business and seeking funding can interrupt this. A good broker will have all the options to hand saving you, the client, valuable time. 5. A good broker should keep in touch with you so you do not become frustrated trying to obtain information from people you do not know. They should also be available to consult at all times. 6. The broker should present the case in the way required by the funder, working for you to obtain all the necessary information. 7. Remember, a broker should be there to help you. They are only paid on success, so your happiness is of paramount importance. In most cases, the broker will be paid by the funder from a share of the arrangement fee, which would apply should you deal direct. Therefore, you will not absorb any extra cost by employing a good broker. A broker may request a modest upfront fee to cover costs of the work undertaken, but this charge should be returnable if no offer is forthcoming or the client decides to accept the offer. It is essential both the broker and the client agree such terms before appointment. With the present economic downturn, obtaining funding within the high street banking systems is becoming more difficult. Nevertheless, a good broker should have avenues that they can explore, no matter whether a company is struggling financially or expanding but lacking finance. Provided that you can demonstrate the ability to service the funding facility, there should be a way to find an answer to most funding problems. About the author Michael Tweddell is the founder member of Loan Lease Finance Ltd. and lives near Ross on Wye. He has owned his own Engineering Company for 30 years and has first hand knowledge of the pitfalls and worries in running one's own company.

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