What do you dislike about SBA loan brokers?

intermediary profile

May 20, 2024

by an intermediary from Creighton University in Los Angeles, CA, USA

I've heard from various sources that loan brokers are a necessary evil for obtaining SBA funding. What has been your experience with them? How have you gone about securing SBA loans?

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commentor profile
Reply by a professional
from Babson College in Tempe, AZ, USA
I absolutely loved my experience with Multifunding: FRAN MILLER Senior Director of Business Financing redacted ###-###-#### www.multifunding.com
commentor profile
Reply by a professional
in Richland, WA, USA
My opinion is that brokers bring lots of value. 1) helping you find the right lender for your specific deal. Lenders have different credit appetites and they may not actually share that with you. Brokers have enough deal volume they know the "inside scoop" 2) Getting you to the front of the line with lenders (since they bring so much volume to their lending partners they get more attention for their clients 3) helping you through the process - it really helps to have an advocate 4) to help you actually close and to navigate deal obstacles. This REALLY matters. Especially very proactive brokers who are available in the closing process to help you navigate and overcome problems. Including by calling their lenders and talking to the right people to problem solve. Deals are often messy and it really helps to have someone who works directly for you on the lending side.
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