How to check a broker's references and track record

To check a business loan broker's track record, speak to two past clients whose deals looked like yours, speak to one lender the broker has closed with, confirm at least one funded deal in public records, and read the broker's status on the register. It takes an afternoon. For a $250,000 equipment loan or an SBA loan you will repay over ten years, that afternoon is well spent.

What you are trying to learn

References answer questions a website cannot:

• Fit. Has this broker funded deals like yours: same product, similar size, similar industry?
• Honesty. Did the final terms match what the broker first described?
• Process. Did they communicate well when underwriting got hard?
• Durability. Do clients come back for the next loan?
• Lender trust. Do lenders like receiving this broker's files?

Our guide to reading broker reviews covers public reviews and three quick questions for a client reference. This guide goes further: a full reference call, a lender call and how to confirm a deal really funded.

Ask for the right references

Be specific when you ask. "Can I speak to a past client?" gets you the happiest customer the broker has. This gets you a useful one:

"Could you connect me with two clients you funded in the last 12 months for [equipment financing] around [$200,000 to $300,000], ideally in [construction]? And one lender contact you closed with this year?"

A broker who regularly funds deals like yours can usually arrange this within a day or two. If the closest match is a different product or a much smaller deal, that is useful information too.

The client reference call: ten questions

Keep it to 15 minutes. Most owners are happy to help another owner.

1. What did you borrow, roughly how much, and when did it fund?
2. How did you find the broker?
3. How long from first call to money in the account?
4. How many offers did the broker bring back, and did you see each lender's own terms?
5. Did the final rate, term and fees match what the broker first described?
6. Were there any fees you did not expect at closing?
7. When underwriting asked for more documents, how quickly did the broker explain what was needed?
8. Who did you actually deal with: the principal or someone else?
9. Have you used them again, or would you?
10. Is there anything you would do differently working with them?

Listen for specifics. "They got us $240,000 over 60 months in about three weeks and walked us through two offers" is a real reference. "They were great, super responsive" with no detail is a friend.

The lender reference call

This is the call most owners skip, and it is the most revealing. Lenders see a broker's files week after week. Ask the broker for a named contact at a bank or finance company they have closed with recently, then call that person.

Ask the lender:

1. How long have you worked with this broker?
2. Roughly how many of their files have you funded this year?
3. Are their submissions complete and accurate when they arrive?
4. Do they describe borrowers honestly, including the weak spots?
5. Would you tell me if there had ever been a problem?

Lenders will not discuss other borrowers, and you should not ask them to. They will tell you whether a broker's files are clean, and the tone of the answer tells you the rest. A broker whose submissions are complete and honest gets faster answers from underwriters, and that speed shows up in your timeline.

Confirm a funded deal in public records

You can confirm that a reference's deal really happened without asking anyone for private documents.

UCC filings. Most secured business loans, equipment loans and many working capital products leave a UCC financing statement on file with the state where the borrower is organised. Under the Uniform Commercial Code, a filed financing statement stays effective for five years, so a deal funded in the last few years should appear. Search the reference's business name on the Secretary of State's UCC search and look for a filing by the lender they named, dated around when they said they funded.

SBA loan data. For SBA 7(a) and 504 loans, the SBA publishes loan level data on its open data site, updated quarterly and typically available one month after each quarter ends. If a reference says their bank closed an SBA loan in 2025, you can look for it there by borrower and lender.

The register. Verified entries have recent funded deals on record as part of their standing.

You are not auditing the broker. You are confirming that the story you heard matches the public record, which is a quick check that good brokers are glad to pass.

Track record questions for the broker

Put these to the broker directly. A professional will have the numbers or close estimates.

A broker who says they fund everything has either a very narrow intake or a loose relationship with the truth. Good brokers know their decline reasons well, because that is how they choose lenders.

Watch for references that are not real

The FTC's rule on consumer reviews and testimonials, announced in August 2024, bans fake testimonials, reviews from people with no real experience of the business, undisclosed reviews from company insiders and the suppression of negative reviews through threats. Knowing violations can draw civil penalties, and the FTC's maximum civil penalty rose to $53,088 per violation from January 17, 2025. Most brokers would never go near this, but it gives you a clear standard.

Signs a reference may not be independent:

• The reference cannot name the lender or remember the amount.
• The reference works for the brokerage, or is related to someone who does, and does not say so.
• The phone number goes to the broker's own office line.
• The business name does not appear with the Secretary of State.
• Every testimonial on the website uses only a first name and a city.

What the register status tells you about track record

Each entry on the register carries a register number, sources and a last checked date. The status is a shortcut for how much of the track record has been confirmed:

• Listed: found in public records. Do the checks above yourself.
• Claimed: the firm confirmed the entry and opened an account. Contact details are its own.
• Verified: active with its registry and recent funded deals on record, with fees in writing.
• Certified: a Secure Broker certificate on file, with a link to the live certificate.

The standing page explains how each status is confirmed. A verified or certified entry does not replace a reference call, but it means part of your homework is already done.

A one afternoon plan

Next step

Search the register by loan type and industry and start with verified and certified entries, or use the match form to be introduced to brokers whose standing is current and who are ready to share references.