HARNESSING TECHNOLOGY TO BRING COMMERCIAL TRANSACTIONS

INTO THE 21st CENTURY

Listen to the news or read the papers and the story is the same… banks won’t lend and businesses can’t find the capital they need to prosper. While this story may be true, a major reason why is consistently ignored - many banks can and want to lend and many borrowers are well-qualified credit risks… they are just not finding each other.

Read another paper or watch another show and the story goes further… many banks have no liquidity due to problem loans on their books and have no way of getting rid of them. Again, true about the loans… but is it true that there is no market for them?

It is these two storylines in this current economic crisis and credit crunch that motivated Bob Tannenhauser, founder of BoeFly, to bring commercial transactions in America into the 21st Century.

Finding credit has been predicated on being in the right place at the right time with the right relationship. In prosperous times these conditions are abundant and in difficult times scarce. Before BoeFly, borrowers seeking capital for expansion, acquisitions, or other purposes approached the brokers in their city or town, who, in turn, approached the handful of banks with which they had relationships in that same region. Regardless of the qualifications of a borrower if their request didn’t meet the exact funding criteria based on industry or loan type or another non-risk related factor, that borrower was out of luck. This is no longer the case with BoeFly.

For banks to make a judgment about a borrower, countless, fruitless staff hours are spent collecting and evaluating the documentation necessary to determine whether a loan request is a match. It is not uncommon for brokers and bankers to sift through scores of submissions to find only one or two that can be presented to the bank’s credit committee. This is no longer the case with BoeFly.

BoeFly streamlines loan origination through technology, by utilizing member banks’ criteria to match compatible parties, by making the process more efficient using BoeFly’s tools and services, and by expanding access to borrowers/lenders both within and outside of ones geographical area.

Another problem facing banks today is the disposition of unwanted loans that sit on their balance sheets at a time when they need liquidity to stabilize their capital base and make additional loans. BoeFly turns these problem loans into opportunities by connecting sellers to the scores of investors seeking to acquire these assets.

Based on 30 years of experience in commercial lending and small business and real estate ownership, as well as the stated needs and frustration of countless deal makers, BoeFly has brought together a team of business and technological experts to revolutionize the way deals gets done in America, placing at its members’ fingertips, on a single secure website, all the tools and resources they need to match the customized credit criteria of banks with loan submissions, and link banks with investors interested in purchasing troubled loans.

No longer will it be necessary for lenders, brokers and borrowers to submit and sift through scores of loan requests that do not meet the criteria of the lending institutions. No longer will lenders, brokers, borrowers have to rely upon word-of-mouth recommendations or search blindly to find appraisers, environmental firms, construction managers, insurance brokers, attorneys, surveyors etc., necessary to complete a transaction. No longer will banks with troubled assets have to find buyers and pay heavy commissions to dispose of unwanted assets. No longer will the sellers of government guaranteed loans have to spend the time, manpower and effort to get the highest bid, settle the transaction and calculate their gain on sale. No longer will investors feel they are blind to the detail of investment opportunities in the loan sale market.

BoeFly brings to commercial lending what online solutions have brought to other innovative and highly successful industries, even our personal lives: efficiency, transparency, and matching capabilities, thus decreasing costs, increasing profitability, and revolutionizing how deals get done in America.