Finally, Bannister said many brokers are simply uncertain where to start when looking to break into the commercial market.
“Starting anything new is often the hardest part of the process, whether it is learning a new sport, a new language or in this case writing a new loan product, which is often because you don’t know where to begin. Give two to three lender BDMs a call and ask them to assist you,” he said.
Bannister said the commercial finance market is incredibly varied, both in terms of the products on offer and the variants in each product.
“Almost every conceivable commercial finance need is adequately catered for today. For brokers, it is about finding the lender you are most comfortable with for providing the required solution for your client, this is not always price driven, particularly in the commercial space where the solution, coupled with ease of dealing, is often paramount,” Bannister said.
For brokers looking to get started in commercial lending, Bannister said their aggregator should be their first resource.
“We would suggest that where the broker is a member of an aggregation group, the aggregator BDM is often the best place to start for advice. Aggregation groups often have an internal referral network for commercial finance, drawing on the experience of other brokers within the group who can assist with mentoring or training requirements. Aggregator BDMs will also have a solid understanding various lender policies and can work with lender BDMs to arrange any necessary training and accreditation needs where required,” he said.
Accreditation can also be a hurdle for brokers to clear in the process of entering the commercial market, Bannister said.
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