Everything You Need To Start a Loan Broker Business
What You Will Learn
What Does A Loan Broker Do
A business loan broker originates a business loan, then packages that loan to funding companies that can approve and close the deal. When loan brokering, the broker gets paid a commission for his services. To scale a loan brokerage requires attention to detail, determination, and hard work.
How To Setup A Loan Broker 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. This means a loan broker business can start with just a laptop, cell phone, and lenders who will approve your clients.
The Loan Products That You Will Offer
The main products a loan broker business will offer 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.
Different Types of Business Lenders
Learning the different lenders comes with the different types of loan products that business loan brokers offer. Our business loan broker training covers lenders for Term Loans, Business Line Of Credit, Merchant Cash Advance, Invoice Factoring, Equipment Leasing, and Commercial Real Estate loans.
Find & Package Deals
In this business loan broker training we will cover how loan brokers go about gaining leads, diversifying the source channels, what to do with leads once you get them, and which documents are needed to send to lenders.
Of course, you need to get paid, so we will dive into what each loan product typically pays out to the loan brokers, the differences in how lenders handle commissions, long term strategy for maximizing revenue for you when brokering business loans. This business loan broker training will teach you how to earn the income that will allow you to live your desired life!
Opening up your own business loan brokerage company and becoming a business loan broker is not difficult and has low startup costs, but being a successful business loan broker that has a sustainable competitive advantage for many years while earning an income that supports your desired lifestyle is a totally different story. You can start with zero experience and make $2-5K monthly working part time, full time can net 5-10k/month, or scaling the business to 5 or more sales reps can produce $10k-50k in net income monthly. If you are not making those numbers yet you will benefit from the business loan broker training we provide here in our course. A few aspects of being a business loan broker aren't for everyone, but with the right business loan broker training, you can overcome that by enjoying helping business owners with their capital needs. 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 just one way to build it. Thus, even experienced business loan brokers will benefit from some of the tips and advice we give or lenders we can connect you with. Learning how to start a loan broker business does not require any prior knowledge of finance although it helps. Being able to communicate effectively is a good attribute but that goes for almost anything in today's economy. All you need to start a loan broker business is a strong will to succeed, a desire to be your own boss, and a tried-and-true process that you can execute effectively. Our business loan broker training will guide you down that path.
“Today we use the training for new people that we bring on.” “The value that you get from the cost is tremendous” “I’ve looked at other programs and they were charging tens of thousands of dollars for the same information, really not even the same information, less than what you are giving. How you bring everything together with the lenders, with the software, with the process.” ~Steffen Giles-Osborn, CEO Credit Square.
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So you want to learn how to start closing business loan deals and earning commissions? The startup costs and resources needed are very low but the income potential is very high. With that said, we don’t promise equal results. Differing backgrounds and experiences of people determine how fast they start, but following a process and having perseverance will help get anyone to a successful place.
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