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BoeFly Launches Online Marketplace TMCnet Contributor
BoeFly LLC, a new online marketplace, launched BoeFly.com, an online marketplace to transform the way commercial transactions are conducted. BoeFly streamlines loan origination by bringing together borrowers, brokers, bankers, loan sellers, loan buyers, and service providers. Each member can specify their custom criteria to connect with those opportunities that represent a potential match. The BoeFly platform follows the same model to enable lenders to efficiently sell existing loans and loan portfolios on the secondary market, freeing up the liquidity and enabling them to make new loans to emerging small businesses. CEO Bobby Tannenhauser, stated, “The small business loan origination process and the secondary market for small business loans, like too many other forms of commercial transactions, still operate in the old economy. BoeFly leverages the power of the internet and advanced analytics to dramatically improve the way that lenders, borrowers and all parties to various commercial transactions identify and connect with opportunities that fit their unique and individual criteria.” “This is more important now than ever before in the area of small business lending where the credit crisis has constrained the flow of capital in part because compatible parties are unable to find each other through the existing system. Although the credit crisis accentuates the divide between the parties, the disconnect predates the crisis and exists in all forms of commercial transactions. BoeFly is the match-maker that connects parties, quickly and efficiently to revolutionize the way deals get done,” added Tannenhauser. BoeFly’s ability to connect all parties in a commercial transaction is the site’s breakthrough compatibility scoring technology. The technology takes members through the completion of BoeFly’s SmartForm which collects the data important to potential lenders. The SmartForm automatically feeds information into the BoeFly deal management system where the member can upload supporting documentation. Once complete, BoeFly uses its compatibility scoring technology to identify the deals that match a lender’s criteria. “I turned to BoeFly to find prospective business owners searching for capital and immediately identified a borrower of interest,” explains Jack Miller, President and CEO of Public Savings Bank in Pennsylvania. “Even though the borrower, a fitness club franchisee, happened to be located within the bank’s footprint, I would never have connected with him without BoeFly. The documentation provided on the site gave my team all the information needed to determine that the application fit with our lending criteria and we were able to quickly move forward to complete the underwriting process.” BoeFly simplifies the process of buying and selling business loans on the secondary market. It allows lenders to increase their liquidity and fund additional lending activity. Anamika Singh is a contributing editor for TMCnet. To read more of Anamika's articles, please visit her columnist page. Edited by Patrick Barnard |