Questions to ask your broker at each stage of the deal

Once you have chosen a broker, the questions change. At intake you ask what they need and how the deal will run. At lender selection you ask where your file is going and why. In underwriting you ask what the lender needs. At the offer stage you ask what it really costs. At closing you ask what changed. At funding you ask what happens next. This guide gives you the questions for each stage, plus a table to keep beside your phone.

If you are still choosing a broker, start with questions to ask a business loan broker. This guide picks up after you have hired one.

Stage 1: Intake

You have engaged the broker and are building the file. The goal is a complete, consistent package and a shared plan.

1. What is the full document list, and what is missing right now? Get it in writing so you can work through it in one sitting.
2. What will the lender see as the weakest part of my file, and how will you present it? You want the broker's explanation drafted before an underwriter writes their own.
3. What amount and product are we asking for, and what is our fallback? For example, a $250,000 equipment loan first, with a smaller amount plus a vendor program as plan B.
4. What is a realistic date for funds in my account? Work backwards from your real deadline.
5. How will we stay in touch? Agree on channel and cadence now. See how often you should hear from your broker.

Stage 2: Lender selection and submission

Your file is about to leave the broker's desk. This is the moment to stay in control of where it goes.

6. Which lenders will see my file, and why each one? Ask for names, not just "our network".
7. Which of them will run a hard credit pull, and when? Ask to approve any hard pull in advance.
8. Are any of these lenders ones I have already applied to? Duplicate submissions waste time and look messy to the lender.
9. What does each lender usually decide on, and how fast? A bank and an online lender look at different things on different clocks.

Stage 3: Underwriting

The lender is reviewing. Questions here keep the file moving.

10. What has each lender asked for, and by when? Answer conditions as a numbered list the same day.
11. Has anyone asked to speak with me directly? Some underwriters want a short call. Be ready.
12. Is the file in front of the credit committee or still with the analyst? Each step has its own timing.
13. On an SBA loan, has the lender sent it to the SBA yet? LendingTree notes that SBA turnaround on an Express loan can be within 36 hours, against five to 10 business days for a standard 7(a). Knowing which path you are on sets your expectations.

Stage 4: Offers

This stage deserves the most questions, because you are about to commit. Ask for each lender's own written offer, then work through these.

14. How much cash lands in my account after fees withheld at funding?
15. What is the total I repay, and what is the APR? In New York the Commercial Finance Disclosure Law requires providers to disclose the amount financed, the finance charge, the APR and total repayment on offers of $2.5 million or less, per the National Law Review. Ask for the same figures in any state.
16. What happens if I pay early? Some loans charge a penalty and some advances offer a discount. On SBA 7(a) loans with terms of 15 years or longer, a prepayment fee of 5%, 3% and 1% applies in years one to three when you prepay 25% or more of the balance.
17. What collateral and guarantees does this require? A lien on specific equipment is very different from a blanket lien on everything.
18. How are you paid on this offer, and does it differ by lender? Virginia requires sales-based financing providers to state whether they will pay a broker directly for the offer and how much. New York requires providers to tell recipients in writing how the broker will be paid. Your broker can tell you on any deal.
19. Which terms can we still move? Rate, fees, term, prepayment and guarantee scope are sometimes negotiable. See how to read a term sheet from your broker.
20. When does this offer expire? You need time to decide. A few days is normal.

Stage 5: Closing

You have accepted. Documents are coming. The risk now is that the final contract differs from the offer you approved.

21. Does the loan agreement match the approved offer on amount, rate, term, fees and payment? Ask the broker to confirm line by line.
22. What conditions remain before funding? Insurance certificates, landlord waivers, vendor invoices and verbal verification calls are common.
23. Who on my side needs to sign, and how? All guarantors, sometimes spouses, sometimes a notary.
24. What are the wiring or deposit details, and how will we confirm them? Confirm by phone using a number you already have.
25. What is the funding cutoff? OnDeck, for example, offers same day funding only when checkout is complete before 10:30 a.m. ET on a weekday; later than that, funds arrive in two to three business days. Every lender has a cutoff like this.

Stage 6: Funding and after

The money arrived. A few questions now save trouble later.

26. When is the first payment and how will it be collected? Daily, weekly or monthly, by ACH or card split.
27. What fees, if any, came out of the funded amount? Match the deposit to the offer.
28. What should I do to qualify for better terms next time? A good broker will give you two or three concrete steps.
29. When should we talk about renewal or refinancing? Put a date on the calendar.

The stage table

What good answers sound like

Across every stage, strong answers share three traits. They are specific ("Lender B wants your October statement and a signed 4506-C by Thursday"), they are prompt (within a business day), and they include the lender's own paperwork rather than a summary. If an answer is vague twice in a row, ask for it in writing. If a broker will not show you the lender's offer or pushes you to sign before you have read the agreement, those are specific behaviours worth stopping on.

Find a broker who welcomes questions

Verified entries on the register show fees in writing, which answers question 18 before you ask it. Every entry carries a register number and last checked date. Use the match form to find brokers who fit your deal, and bring this list to your first working call.