William McDonald, past president of five community banks and former member of the Board of Directors of the Florida Bankers Association, recently outlined some advantages of using a loan broker for businesses seeking commercial loans.
According to McDonald, banks sometimes get upset with customers who they think are “shopping” a loan request. This is not as likely to be the case when a broker is involved because banks generally understand that part of the brokers responsibility is to find the best loan commitment available to meet the client’s needs. Brokers typically prepare a loan request packages, professionally prepared because it makes their job easier. This can result in the bank’s desire to provide good service to the broker so that the broker will provide them with the loan request in the future. In the final analysis, a broker fee is often more than justified by the service provided in packaging the request and exposing it to multiple funding source with the goal being to obtain a commitment at the most favorable rate available and in the shortest time possible. Mr. McDonald is currently an Associate with The Mae Group (www.themaegroup.com), a leading investment banking firm in Central Florida.
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The Mae Group (www.themaegroup.com) grants you the rights to distribute this article online and print media.
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