Working with a direct lender seems like the most intuitive route for most logical business owners. However, one fallacy is that they will get better rates and terms. This is almost always not true. Participatory lenders with the best lending partners/syndications almost always are able to get applicants higher approval rates, more options, better terms, and higher loan amounts. This is often due to volume, pre-underwriting and analysis, managing the process, and contributing to the loan. The best participatory lenders have complex pricing models that allow them to find the best deal available in the entire marketplace. In return, they ask their applicants for exclusivity for at least during the decision/offer process.