iscover
Commercial finance brokers crave strong relationships and real human connection with BDMs.
As reported in Agile Market Intelligence’s Broker Pulse: Commercial Lending, one well-handled deal can instil loyalty, and a poor interaction can undo years of trust.
Service and support concerns made up 28 per cent of the respondents’ feedback in the survey.
The survey asked commercial finance brokers about their top opportunities and challenges in dealing with lenders.
Brokers responded and highlighted what can make or break an experience with a lender:
- “Outstanding service from BDM backed up by an intuitive lending team and credit management team willing to assist.”
- “Great BDM and credit team! Pricing is not the cheapest but they make up for it by actually working with their brokers to make something a deal if it is falling outside of policy or appetite.”
- “Lack of ability to communicate directly with the credit and settlements teams is a problem, and is a consideration prior to submitting an application.”
More brokers cited positive support from BDMs as even more important than credit policy and pricing, which made up 16 per cent of concerns.
“Service quality remains the top driver of broker loyalty in commercial mortgages. Even where pricing is competitive, poor communication or lack of follow-up can erode trust quickly. Brokers valued personal interaction over generic system-generated updates, particularly the willingness to problem-solve in complex deals was a recurring differentiator,” said Agile Market Intelligence.
Pricing and fees may not have ranked as strongly as service, but were still important factors in broker satisfaction.
As was speed. Commercial finance brokers value timeliness in order to get deals out the door.
“Sharp pricing can open the door, but without speed and certainty, it won’t keep it open. Brokers want competitive rates they can trust, not ones that change mid-negotiation,” said Agile Market Intelligence director Michael Johnson.
Brokers consistently utilise lenders that are able to provide fast turnarounds. There was a clear link between speed, client satisfaction, and retention.
A major hindrance to speed and efficiency was legacy systems. Lenders that embrace updated systems are more attractive to work with.
Brokers called upon lenders to implement real-time tracking to help improve processes.
“Speed is no longer just a competitive advantage, it’s the baseline. In a market where deals can be lost in hours, lenders need systems that move as fast as their brokers do,” added Johnson.
[Related: Commercial and finance brokers: Lead with knowledge]
