One couple searched unsuccessfully for six months to secure a loan. Then, 14 days after using a new online marketplace, Ted and Cindy Ferkenhoff had an offer.
The Ferkenhoffs, who needed a loan to open an AlphaGraphics franchise in Flagstaff, weren’t expecting such a quick response. “With the lending market being pretty shaken up … it was a little surprising that they contacted us and did so, so quickly,” Ted Ferkenhoff said.
It was Mark Danford, executive vice president of the loan-consulting firm FranFund, who introduced the Ferkenhoffs’ loan request to BoeFly, the online marketplace. Danford, who has used BoeFly since its inception on March 17, 2010, decided that BoeFly was the most efficient way to connect the Ferkenhoffs to an appropriate lender.
BoeFly, which is headquartered in New York City, works much like an online dating service, but instead it matches lenders with borrowers.
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