BoeFly announced today that a RetroFitness franchisee in East Meadow, N.Y. secured a start-up loan of $1.235 million through a connection made by BoeFly.
The franchisee retained Reginald Heard, president and CEO of Bankers One Capital, to assist in obtaining his start-up loan. Heard worked with the franchisee to create a comprehensive loan package and managed the entire loan process. The loan package was posted on BoeFly’s loan exchange platform which was then compatibility matched against BoeFly’s network of more than 2,200 lenders nationwide, in which eight lenders stepped forward to request access to the full loan package.
“I’ve had a number of successful financings through BoeFly, and I’m very pleased to leverage their technology for the benefit of my clients,” Heard said.
Heard subsequently connected with Kevin Kim, senior vice president and chief lending officer at NewBank in Queens, N.Y., who is funding the deal.
“My bank is always on the lookout for quality business borrowers, and I’ve been impressed with my ability to find bank-ready borrowers on BoeFly,” Kim said.
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