Most Canadian entrepreneurs when they think about getting a business loan either to launch their start-up or to scale their existing business, think about heading to their bank to apply for the loan. And while this can be a good option, it is frequently not the best option.
That’s why increasingly business owners are turning to mortgage brokers to get the financing they need. Whether you are looking for a commercial mortgage or simply a small business loan to cover the costs of inventory, equipment or expansion, a trusted mortgage advisor is a good choice.
Here are a few of the reasons to consider seeking a business loan from your mortgage broker:
1. Lower interest rates – because your mortgage broker has access to a large pool of lenders, they can often find you better rates than you would get through a bank.
2. Multiple options – Not only do mortgage brokers have access to many lenders, but they also have access to many types of lenders with different specialties such as business financing and commercial mortgages.
3. Personal service – Businesses frequently will require multiple loans over the years for various purposes. Dealing with a bank can often feel impersonal, but by working with a mortgage broker you can receive much more personalized service as he or she gets to know you and your business.
4. Convenience – Since mortgage advisors specialize in lending products, getting a business loan through a mortgage brokerage can be much more convenient. Oftentimes, you’ll be able to get pre-approved online or over the phone. Your mortgage advisor will also be able to let you know exactly what documentation you will need to get approved.
5. Higher rates of approval – Struggling business owners don’t always have the best credit and this can make it easy for banks to say no to them. Many of the alternative lenders that mortgage brokers work with however, are willing to look beyond simple balance sheet and see the whole picture. As a result, these types of lenders will often say yes when the traditional lenders say no.
Operating a business can be a hugely satisfying undertaking, but if you are unable to get the funding you need for your venture, it can all come grinding to a halt. At Akal Mortgages, we have helped many start-ups and small to medium enterprises (SMEs) get the cash infusion they need. Our products for businesses include commercial mortgages and lines of credit that range from $5000 – $100,000.
To learn more, call us today at (416)-621-1300.
When we say Yes! We stand behind our promise.