Hiring a development finance broker is technically optional, but can nonetheless pave the way for a long list of benefits. What’s important to bear in mind is how joining forces with a specialist broker is ultimately about saving money. Many misconstrue the services of brokers as an unnecessary expense, when in fact most leading brokers offer their services to clients 100% free of charge.
In return, what you get is a much quicker, easier and less stressful approach to the development finance procurement process. In particular, the following are the five biggest benefits of hiring a development finance broker, to support your next application for funding:
- They’ll Help You Get An Unbeatable Deal
The only realistic way to perform a true full-market comparison when shopping around for development finance is to hire a broker. Getting a great deal on development finance is not quite as simple as heading to a conventional comparison site and keying in a few details. Given how many specialist lenders offer their services exclusively via broker introductions, their products and services are reserved only for customers who hire brokers.
- They’ll Help You Choose the Right Product
The services of development finance brokers are not restricted exclusively to the financial side of specialist funding. A good broker can also play an instrumental role in ensuring you choose the right product for your business or project in the first place. There are many different types of development finance available, ranging from specialist development finance loans to bridging finance to commercial mortgages. All of which have their own advantages and intended applications, which must be considered carefully before reaching a decision.
- They Provide Impartial & In-Depth Advice
All advice and support provided by a broker are offered on an impartial, objective and 100% obligation-free basis. With no direct brand ties or affiliations influencing their recommendations, fully independent brokers are free to offer 100% transparent advice. This can prove invaluable when sourcing products like development finance, where going direct to a lender could deny you access to this kind of honesty and impartiality. Independent brokers work with extensive networks of specialist lenders and exist only to help you find the right lender for you.
- They Will Deal with Negotiations on Your Behalf
Negotiations always play a role in the development finance application process. This is where relevant experience and expertise can make all the difference, putting you in the perfect position to negotiate an unbeatable deal. One of the many aspects of your application that will be handled on your behalf by your broker is these negotiations. If there is any way of negotiating a lower rate of interest or reduced overall borrowing costs, they will know exactly how to go about it. They will also know whether there is a better deal to be found elsewhere, and how to secure one on your behalf.
- They Will Handle Most of the Paperwork
The paperwork involved in a development finance application can be extensive and tedious. Not to mention, somewhat daunting in its complexity. Working with a specialist broker can alleviate much of the tedium involved in completing forms and submitting evidence. You’ll still need to provide the documentation needed to support your application, but much of the admin will be handled by your broker. Particularly when it comes to getting an initial decision and ensuring you are eligible for development finance, there is very little paperwork involved when you apply via a broker.
