As a Commercial Loan Broker, you will form relationships with clients and lenders on a daily basis. These relationships build your network to make you the first choice for businesses in need of alternative funding. The larger your network, the more you have to offer potential clients. Loyal clients will return for funding and provide referrals if they know that you have the lenders to get the financing they need.
But beyond your clients and your lenders, you should also be constantly building relationships with bankers. So how do you get bankers to see you as a partner and trusted advisor?
It is essential that your banker network has confidence in you as a business loan broker. This trust comes from a process of continual interaction. Strive to be a constant source of information for your banker partners. By sharing your extensive knowledge and your network, you show them that you are a leader in the industry. It is always easier to build relationships with people who trust you and bankers should be no exception. You should be spending as much time (or more) building your banker relationships as you are spending on clients.
The value that you offer could make or break you as a business loan broker. It should be top priority to have a referral program put in place. Referrals are a great way to get bankers to want to send their clients to you after a loan denial. Your value proposition is to instill trust with bankers by taking great care of their clients, presenting multiple opportunities that are priced competitively, and ultimately getting their clients the financing they need to grow. Also, be sure to reciprocate and provide your bankers with new business opportunities when they arise. It’s a two-way street. Plus, as a business loan broker, you are familiar with every facet of the industry. By being a constant source of information, whether via a blog or newsletter, a meetup group or an online forum, you will show bankers that you are a leader in the industry.
It’s safe to assume that there is no one person that knows everything there is to know about business loans and lending. But, through constant research and a desire to always stay ahead of the industry, you can be a top advisor in the field. Always offer your knowledge to bankers with no strings attached. By being available to answer questions or offer advice, you are building their trust and therefore keeping that top of mind awareness that we are always telling you about. As a trusted advisor, your banker network will turn to you with questions and the impossible lending situations that only you can handle.
When bankers begin to see you as good for their clients and their business rather than competition, your business loan brokerage will build upon itself. By maintaining your position as a leader in the industry, bankers’ trust will grow and you will become their first point of contact for all of their alternative funding needs. Not only does this relationship benefit you, it will also be a tremendous selling point for bankers and their clients. Repeat clients become commonplace and you become the go-to business loan broker.