How do I know if they are reputable brokers?
Right then! You’re looking for a commercial finance broker? Good idea – but how do you know if they’re the real deal or just some chancer in a cheap suit? Well, let’s break it down.
First off, accreditation or authorisation. There is no legal requirement for brokers acting in the non-regulated market to have any accreditation or authorisation and many good brokers have none. That said, where brokers have membership of NACFB or are authorised by the FCA, this should, in my opinion, give you a greater sense of comfort as they make sure the brokers play by the rules.
Next, experience. How long have they been at it? A good broker should have a track record – not just a shiny website with stock photos of blokes in suits shaking hands. Look for testimonials and case studies, but perhaps best of all, ask around. Word of mouth can be the best gauge of all, good or bad.
Then, transparency. A proper broker should be upfront about what they can do for you and how their fees will work. Be wary if they’re being cagey or trying to baffle you with jargon. You don’t want any nasty surprises down the line.
Oh, and make sure they’ve got access to a good range of lenders. If they’re only pushing one or two finance providers, they might not give you the best deal – just the one that suits them. That said, a good broker should be able to identify the best providers early on and not waste time going to loads of funders – those that use a scatter gun approach might be doing so because they don’t know what they are doing.
Finally, trust your gut. If something feels off – if they’re too pushy, vague, or seem dodgy – move on. Plenty of decent brokers are out there, so there is no need to get tangled up with a wrong ‘un.
So, there you go! Stick to these tips and you’ll find yourself a proper, reputable broker like me, Honest John, who’ll get you the right deal without any funny business. Lovely stuff!
How to Get Involved
Got a finance question? Ask Honest John!
Email me at askhonestjohn@sterlingcommercialfinance.co.uk, and I’ll do my best to provide answers in a way that makes sense. Expect straight talk, a bit of humour, and insights you won’t find in a Google search.
So, ask away with your question—I’m ready!
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