When you can’t get a loan from your bank, brokerage firms may be your next best option. They are beneficial for businesses with poor credit ratings or complex requirements – cases which can potentially be rejected by banks.
Of course, with so many loan brokerage firms available in the US, it can be tricky knowing which one to select.
We’ve compiled a list of the five top firms across the country to make your decision easier.
Here are the top loan brokerage firms in the US:
- Xcellerated Business Funding – based out of Brooklyn, New York;
- LaGray Finance – based out of Washington, DC, Metro Area;
- Sautelet Commercial Finance – based out of Westminster, Colorado;
- MV Private Holdings – based out of Irving, Texas;
- Boathouse Commercial Finance – based out of Kalamazoo, Michigan.
1. Xcellerated Business Funding
Xcellerated Business Funding offers a range of financial loan products to support small to large businesses over a range of industries, including: merchant cash advances, small business loans, purchase order financing, commercial real estate financing, and accounts receivable.
They aim to help businesses achieve growth by providing them with the funding required to finish their projects and achieve their objectives. They provide flexible, fast payments and free credit insurance for clients.
2. LaGray Finance
LaGray Finance offers numerous financing options to meet the dynamic needs of businesses, and approach each client with care, attention and respect. They have served government contractors, healthcare and hospitality businesses, commercial real estate agencies and more.
They provide a suite of financing services including: unsecured business lines of credit, accounts receivable, equipment financing, healthcare financing, and commercial real estate financing. They also offer advisory services to help you better understand your financing options.
3. Sautelet Commercial Finance
Sautelet Commercial Finance is a brokerage firm based in Westminster, Colorado. They provide a comprehensive suite of products including: stated income loans, healthcare financing, small business loans, merchant cash advances, franchise financing, consumer financing, commercial real estate financing, and accounts receivable financing.
With high attention to detail, prompt and transparent payments, and support for small to large businesses across many industries, they are a great pick for those looking for an effective business loan alternative.
4. MV Private Holdings
Global Commercial Business Finance offers personalised commercial financing products to small and large businesses alike across various industries. With years of experience in helping businesses reach their objectives and achieve growth, they are a great brokerage option for people wanting results.
Their lending options include: unsecured business lines of credit, SBA financing, commercial real estate funding, purchase order financing, accounts receivable and consumer financing.
5. Boathouse Commercial Finance
Boathouse Commercial Finance assists all types of US businesses in getting the funding they need to thrive in today’s competitive economy. They strive to provide personalised service in order to provide the perfect product for each of their client’s unique needs.
They offer a broad range of lending products such as: consumer financing, merchant cash advances, franchise financing, stated income loans, equipment financing, purchase order financing, and small business loans. They also provide free initial consultations.
Things to consider
Ensure you shop around to find the best deal for your needs and budget. Be wary of firms with small lending panels, hidden fees and those which take commissions. You want to select a firm that clearly explains all fees and charges to you before you commit to them.
Here are some factors to consider when researching a brokerage firm:
Some brokerage firms in the US offer only fixed interest loans, whereas others may provide no fixed interest loans.
Consider whether you can get discounts for paying your loan out at an earlier date than agreed upon, or by making additional repayments.
Mode of operation
Determine whether the firm operates online, over the phone, via mail or in person. Ensure that you are happy with the system in use by your chosen lender.
The firm you choose may differ from other firms in terms of how long it takes to get your loan approved and paid. If you are short on time, consider opting for an online-based firm as they tend to be quicker in this process than a traditional one.
The larger the lending panel used by your brokerage firm, the higher your chances of getting a great deal and saving money.
Quality of customer service
Given that you will be dealing with your chosen firm on a regular basis, you want to select one with great customer service – they should be active listeners, care about you, and go above and beyond to ensure your satisfaction. You can determine this by having a consultation with them and assessing their manners – even something like how long it takes to get a call back can be a big factor in whether or not you end up selecting them.