What exactly does a financial intermediary do? This person connects you with banks. In return therefore, he gets his share of the donor´s commission when the contract is concluded. Usually, this commission fee amounts around 1 % of the sum lent and this point will be revealed in your loan contract. When officially compairing interest rates, financial intermediaries almost always hold the top position. For what reason they have such a good ranking?
A financial intermediary does not only bring applicants and banks together, but he takes care of all necessary documents and prepares them, whereby the funders save a considerable amount of administrative efforts and costs. This in turn, will be rewarded by banks and insurance companies in the form of good credit conditions. In case you are not just focused on a specific donor, the intermediary can fall back on dozens of banks and insurance companies which work with this type of business model and which will find the most beneficial building capital for you. One study shows that in 2018 only one out of fifteen bank offers was better than the intermediary´s offering. This fact by itself demonstrates, how important and profitable it is to find an intermediary in addition to the principal bank. As you will see: You can only win!
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Information about the author:
Alexandra Schneider is a certified bank business administrator and she writes about up-to-date topics, for FinanzierungsExpert.