Most local banks, including the largest banks in the country, are not pro small business and aggressive. They simply don’t want to take on risk.
Going direct to a local bank means you have to “package up” your loan to present to them. Most loans get declined because the loan package is not complete, has errors or is not with the right bank.
A loan broker will have access to many banks and will know which ones the best match depending on where you live, the industry your business purchase is in, the size loan, the strength of the overall loan request.
A loan broker will work together with you to make sure your strengths are properly documented. The 3 year loan projections are realistic, the business plan highlights certain areas and that there is a strong cover page and overview that will “sell” your loan request to maximize your chances with a targeted bank that has a track record with the broker for your loan request.
A loan broker can potentially get you approved and funded with a lower down payment and cash outlay.