This is just my opinion, but I would say you have four structures and here's how you would classify them:

* Direct Funder/Lender: They have built their own underwriting platform, model, and formula to lend out either merchant cash advances, alternative business loans, or both, with adequate ROI. They will use their own monetary resources which most of the time comes from either equity and/or debt sources.

* Direct Funder/Lender/Broker/Syndicate: Everything under the Direct Funder/Lender, but sometimes they decide to broker deals out that they don't want to fund internally and in the process of brokering out that deal, they might syndicate on it by putting up a portion of the capital.

* Broker: All they do is broker deals, which is find merchants in situations of needing capital, connects them with the sources who have the capital, and facilitates the underwriting/closing process by passing paperwork back/forth. They do not have their own platforms, underwriting teams, or underwriting "formulas", they are reliant on those who are direct funders/lenders for these resources.

* Broker/Syndicate: Everything under Broker, but on some deals they are willing to participate in the risk by adding their own capital resources to a portion of the funded amount, to increase their overall "commission take home" on the deal.

A Direct Funder/Lender (no matter if they solely fund their own deals or also broker out some deals) should have some type of online press about them in terms of an equity round, debt facility, local business coverage, or something. That's how you can know if they are truly direct, also they should be registered or licensed "somewhere" in terms of a commercial finance lender, you should do your research in finding that information.