Broker Insisting on using his SBA Banker

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by a searcher from Northwestern University - Kellogg School of Management
in Brooklyn, NY, USA

3mos ago

Broker Insisting on using his SBA Banker

Hi, I was curious if anyone has experience with a business broker insisting on you using their SBA banker and how you have approached this. I am open to letting their broker be included but am not sure how I feel about having to use their lender. What are people's thoughts on how to approach this?

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reply by a searcher 1mo ago
in Kansas City, MO, USA

This will be your deal with your money. You should choose whoever you feel comfortable, without pressure from the broker. They are likely just looking to get a referral fee.

reply by a searcher 1mo ago
from Purdue University in Phoenix, AZ, USA

The broker will have worked with many more lenders than you have. They will likely know someone who can get the deal funded. For example I wanted to do SBA on a very small deal ($200k) to roll into another business I owned. I could have spent weeks shopping banks trying to find someone who would do small deals. Most of the ones I had already spoken with said no. But the broker knew a bank that specialized in very small SBA loans and they were able to fund. If it's an "easy" deal use whoever you like. If it's an odd one, consider the broker's advice.