There’s hundreds of commercial lenders. While many offer a similar product, they all have different requirements and sometimes different terms. A brokers job is to know all the requirements and terms of all the lenders in their network and quote you with the best option that fits your scenario and goals. This also cuts out having to ask 5 different lenders a list of questions. If you’re dealing with a professional broker, they can view your list of questions and know right away which lender works best for you.

If you’re using a broker, a broker is going to get paid regardless of which lender you choose. Therefor, brokers don’t feel the need to play favorites or be bias with lenders. If you deal directly with a lender, they can sometimes sell you the world. After all, nobody in sales tells you to go with their competitor instead.

A broker can also potentially offer a smoother and quicker closing. When dealing directly with a lender, you’re another borrower in their pipeline of 400 loans. But if a successful broker is part of your deal, lenders will often put your deal ahead of the line, because after all, it’s the broker that brings them continuous business. So to keep the broker satisfied and bringing them borrowers, they need to offer value in return.

So, these are the things a solid broker can offer. Not a bad investment to pay a broker, considering brokers only costs 1-2% of the loan amount.