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Helping borrowers determine the amount they’ll need to spur growth without tying up cash flow is crucial. Small-business borrowers may be wary of being rejected by banks in which they have accounts. To meet their concerns, brokers might want to recommend that they borrow through a nonbank lender instead because nonbank lenders take no deposits.
Earn referral fees
Earning lucrative referral fees is another benefit that brokers will discover in partnering with a nonbank lender. Many nonbank lenders rely almost exclusively on brokers for new loan originations. Without a network of bank branches to source new business, nonbank lenders must rely heavily on their broker network. Those nonbank lenders hungry for new business and with aggressive target volume goals will offer lucrative referral fees to brokers that source quality new loan applicants.
In short, brokers who maintain a creative outlook and build relationships with aggressive nonbank lenders could close more deals in both good and tough times.
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