#2 out of 4 Liars You'll Meet - The Debt Broker
Open for Part #2 in my 4-part series of the Liars you'll meet in your deal search. This time: the Debt Broker #2 out of the 4 Liars You'll Meet In Your Deal I'm back with part 2 in my 4-part series about the liars you're definitely going to meet in your deal search. (Find Part 1: The Broker here.) redacted Today's culprit: The Debt Broker: The Debt Broker tells you: “I’m analyzing your deal and situation to find the best lender for you.” Sounds great, right? But if you were running a business, would you pick the partner who’s best for the customer? Or the one who pays you the most and makes it easiest to collect? Here’s the truth: many Debt Brokers don’t even bother with the Top 10 SBA 7(a) lenders. Why? Because lenders like Live Oak Bank don’t pay juicy referral fees. Instead, brokers send you to the banks that cut them the best check. And who pays for those referral fees? You do. They get rolled into your loan, which means worse terms, higher interest rates, and more hoops to jump through. There’s no such thing as “free” when it comes to broker fees. Someone’s paying, and in this case, it’s you.