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Commercial Loans in Washington for Business Owners

Boston's The Gourmet Pizza in Fort Spokane, WA

Pre-Qualify for a Commercial Loan

Gary Knudson, owner of a Boston's The Gourmet Pizza acquired his restaurant in 2007. Given the low interest rate environment, Gary decided to refinance his commercial loan in order to buyout his partner and gain full control of the restaurant and sports bar. As a real estate investor, Gary is no stranger to the responsibility it takes to manage an investment property and run a business. However, since he had originally financed the business in 2007 Gary knew the landscape for commercial loans in Washington had changed dramatically.

Refinancing a Pizza Franchise Commercial Loan in Today's Economy?

After recently completing a remodel and refurbish of the interior of the restaurant and sports bar and along with his partner buy-out, Gary decided it would be a good time to refinance his commercial property. To further complicate matters Gary had a balloon payment coming due on his original note which put some time pressure on the refinance request. As an existing business, starting with his existing bank would have been the logical starting place for Gary. However, Gary chose an unconventional approach at the suggestion of his Franchisor - Boston's The Gourmet Pizza, and turned to BoeFly (Watch the Video), the online marketplace that connects small business borrowers with more than 5,000 lenders nationwide, based on compatibility. Thanks to BoeFly Gary was approached by 18 banks and lenders online. Ultimately he chose to work with a Washington Trust Bank, a community bank based in downtown Spokane, WA, not far from Knudson's business.

"I was seeking a commercial loan to refinance my restaurant and rather than going from bank to bank, I used BoeFly's online platform," said franchisee Gary Knudson of Spokane, WA. "Thanks to their convenient service, I was able to connect with Washington Trust Bank, a lender right in my area."

Finding WA banks online - A Better Way to Obtain Commercial Financing

Instead of the traditional and inefficient process of going from bank to bank and submitting multiple loan applications, Gary built his commercial loan request securely online complete with supporting documentation. The BoeFly platform works like match.com™ only instead of matching those looking for a date, it matches business owners with lenders.

Use the Fundability App see how fundable you are in the eyes of Washington State business lenders

BoeFly accounts for all of the details in a commercial loan request and matches a business borrower with a business lender based on the credit preferences of the lenders. With over 5,000 national and local lenders on BoeFly, borrowers like Gary Knudson can find a serious lender quickly and efficiently. BoeFly enables a borrower to build one request online and can even help protect your credit by avoiding the multiple credit pulls that would typically happen each time a walk-in application happens at a bank.

"BoeFly's platform greatly simplifies the process of connecting with qualified borrowers like Gary Knudson, who presented an excellent loan package," said Larry Vandenburg. "Washington Trust Bank is glad to fund his refinancing loan, and we will continue to look out for similar lending opportunities," Vandenburg continued

Helping Business Owners Get Commercial Loans in Washington State

Mike Rozman, Co-President of BoeFly said, "It is very rewarding to work with a franchise like Boston's The Gourmet Pizza that supports its franchisees throughout the entire process, including financing." "Boston's directed Knudson to BoeFly, where he was guided through building a bank-ready financing request and was matched with Washington Trust Bank. We look forward to continuing to work with franchisors like Boston's in helping to support their franchisees." BoeFly makes getting a commercial loan in Washington State easy and efficient, as Gary Knudson attested to. Many business owners often go through the frustrating process of walking into their local bank when they do not even know if their bank has the capacity to lend to their type of business. This often leads to rejection, frustration, and time lost. BoeFly puts the business owner in the driver's seat, while making the process more efficient. BoeFly gives business owners the tools to build their loan request, which only needs to be done once as opposed to creating a loan package for each lender. BoeFly provides borrowers complete control over which lenders can access their loan request. The banks and lenders on BoeFly are proactively seeking to make commercial loans to borrowers on BoeFly, as opposed to just waiting for a borrower to walk into their bank branch. The reason lenders are on BoeFly is because they are able to save time by being presented with only the loans that fit the types of loans their bank is able to make, dramatically lowering their cost of origination. The best part is that often the banks and lenders pass those savings onto the borrowers with reduced loan fees and interest rates. BoeFly believes in an open marketplace - a much different approach than a broker model. BoeFly does not charge commissions or success fees that a professional loan broker does because commissions or success fees may limit the number of banks presented to a borrower. BoeFly goes beyond just being a website with great technology as borrowers can receive expert guidance from our team of former lenders and underwriters that make-up our team of concierge desk & premium services dedicated representatives located in New York (See how it works).

Boston's The Gourmet Pizza and Other Franchise Brands Help Borrowers Get Financing

Introduced in the U.S. in 1998, Boston's The Gourmet Pizza franchise is a restaurant and sports bar concept that offers a contemporary sit down family dining environment with a separate sports bar customized with local team memorabilia. Boston Pizza Restaurants currently has 390 locations and is growing. "Boston's is very pleased that one of our franchisees has secured the commercial financing he needed to continue providing great food and service to his customers and guests," said Jim Brumleve, Vice President of Finance at Boston's. "One of our cornerstone principles is to support franchisee profitability in all areas, including the key area of finance. Efficient resources like BoeFly are a key tool that we are pleased to make available to our franchisee partners."

Over 125 Franchise systems are members of BoeFly from large brands like Burger King, Dunkin' Donuts, Jackson Hewitt and Pearle Vision to smaller brands like Lenny's Sub Shop, Pita Pit, Wild Birds Unlimited and PostNet. Along with Boston's The Gourmet Pizza these brands know that financing is core to their franchisees as well as to the Franchise systems overall growth and have selected BoeFly to give their franchisees the best access to commercial loan officers in their local communities and nationwide.

Business Opportunities in Washington State Remain Strong

Spokane, which is part of Spokane County, is the second largest city in Washington, after Seattle. Although Spokane's economy has traditionally been based on natural resources, such as mining, timber, and agriculture, more recently the economy has diversified to include the high-tech and biotech sectors. With easy access to raw materials and low operating costs, many small businesses are drawn to Spokane. Those in franchising know that location is key and Gary Knudson's, Boston's The Gourmet Pizza has a terrific location in the Spokane Valley Mall, a large regional shopping center. Additionally, because of its close proximity to both Gonzaga University and Whitworth University the pizza restaurant has many of the students as loyal customers.

Can I Find a Commercial Loan Officer in WA Online?

BoeFly is bringing small business and commercial lending into the 21st century. We all use new and creative tools that allow us to access information, products and services through online marketplace platforms. Sites like ebay.com, match.com and lendingtree.com are all good examples. BoeFly will guide you through the process of building a professional, lender ready loan package so you are positioned for success. While we will connect you with lenders in your local area with one request, the real power comes into play when we connect you with lenders 2000 miles away who lend across the country. From start-up financing to refinance, working capital, machinery and equipment and inventory - there is no commercial loan use that BoeFly can't handle. BoeFly, business loans made easy!