To begin, a loan officer works for the bank, so their allegiance is to the bank, not the borrower. A broker works exclusively for the borrower.
The loan officer receives their salary whether they make the loan or not. The loan broker gets paid only when your loan closes, so there is a lot of incentive to get a loan approved and funded. Also, we will get your loan approved and funded fast (within 2-5 days in most cases).
A loan officer has only one source of financing, which is the bank they work for. A loan broker has access to many sources of financing, so they can find a loan with the best terms and the right structure for the borrower.
Banks are highly regulated, so they only make loans to borrowers with good credit scores. A loan broker can help borrowers with a wide variety of credit scores, including good credit, bad credit, and everything in between.
Finally, banks are fickle and they sometimes blacklist certain types of commercial loans, regardless of how strong the credit fundamentals are. Examples of loan types that have been blacklisted by banks include (but are not limited to) churches, gas stations, restaurants and start-ups. A loan broker has access to many sources of financing, so we can find a loan for your business, whatever it is.
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