Build Your Business Loan Brokerage
Opening up your own business loan broker company is not difficult, but being a successful broker that sustains for many years earning an income that supports your desired lifestyle is a totally different story.
So whether you have zero experience and want a side hustle to make an extra $2-5K monthly, a new income stream to net 5-10k/month, or are seeking to build your broker business to produce $10-50k in net income monthly, you will benefit from the information we will provide in our learning center.
Business finance brokers, also called commercial finance brokers, business loan brokers, and ISOs(Independent Sales organizations) have great flexibility in their business with regards to where they operate their business, what products they offer, to whom and when. There are pros and cons to everything when growing your loan broker business so there isn't one way to build it. Thus, even experienced brokers will benefit from some of the tips and advice we give or lenders we can connect you with.
What Does A Loan
A loan broker originates a business loan, then packages that loan to funding companies that can approve and close the deal. The broker gets paid a commission for his services. To scale this requires attention to detail, determination, and hard work. We provide you with a Free, one of a kind Lean Business Model Canvas to use as your guide to a successful launch.
The Loan Products That You Will Offer
The main products are in two distinct categories, unsecured and secured. Unsecured products like short-term loans, lines of credit, and merchant cash advances typically move through the process more quickly. Although Invoice and AR Factoring are secured they can close in as little as 1 day. Then there is equipment financing and real estate backed loans.
Find & Package Deals
We will cover how to go about gaining leads, diversifying the source channels, and what to do with leads once you get them. Which documents are needed to send to lenders right away and what will be needed to close.
How To Setup The Business
Setting up a business loan brokerage can take a few days to a few weeks depending on how small or large you want to go. At first you just need a borrower and a funder and ways to communicate and transfer information. This means you can start with a laptop, cell phone and lenders who will approve your clients.
Different Types of Lenders
Learning the different lenders comes with the different types of loan products that are offered. On our site you can see many lenders in the Loan, LOC, MCA, Invoice Factoring, and Equipment areas. We will soon update commercial real estate lenders as well.
Of course you need to get paid, so we will dive into the what each loan product typically pays out, how long it takes, the differences in how lenders handle commissions, long term strategy for maximizing revenue from repeat clients and more.