Stockton, California (PRWEB) May 14, 2014
BoeFly, the premier online marketplace connecting small business borrowers with lenders, announced today that Kanaiyala and Hina Upadhyay, Cozy Inn Motel owners, refinanced their loan through a connection made by BoeFly.
Kanaiyala and Hina Upadhyay, husband and wife team own and operate the motel in Stockton, California.
In their search to refinance their motel business, the Upadhyay’s worked with Michael Cordero, Principal of Cordero Capital Partners Inc., a company based in Pleasanton, California that offers help for entrepreneurs to get the financing they need for their small business or franchise.
“With 15 years of motel management experience we know that having available cash is important to operate our business successfully. We were looking to take advantage of the improved credit environment and free up cash and we wanted to take an efficient approach to refinancing our business at the best rates and terms,” said Kanaiyala Upadhyay. “That’s why we chose to work with Michael Cordero from Cordero Capital Partners Inc., who used BoeFly’s technology to secure our loan in an environment where banks are able to compete.”
Cordero posted the Upadhyay’s complete loan package on BoeFly, which included the necessary supporting documents.
"I use BoeFly to get my clients deals in front of a large audience, allowing me to negotiate the best rates and terms. I am able to create one loan package and securely control all of my clients’ information and connect with lenders I may not otherwise know in a very efficient way,” Cordero said.
The Upadhyay’s loan request received interest from several lenders, and after evaluating the offers, Cordero chose to connect with Tobias Halbmaier from Pacific Enterprise Bank, a lender based in Southern California.
“Pacific Enterprise Bank has found BoeFly’s service to be highly effective in streamlining the process of originating small business loans, and we continue to use BoeFly because we receive well packaged deals like the one Cordero posted,” said Halbmaier.
Mike Rozman, BoeFly’s co-president, views this success story as an uplifting solution to the widespread issue of small business credit access in the U.S.
“Kanaiyala and Hina’s story speaks to a common issue in today’s tight small business credit market, as many small business owners nationwide find challenges in efficiently accessing the capital they need,” said Rozman. “Fortunately, BoeFly has helped them and many others efficiently secure financing to start up or grow their businesses, and we look forward to continuing to work with reputable consultants such as Michael Cordero and lenders such as Pacific Enterprise Bank to help drive small business growth and create new jobs.”
BoeFly makes it easier to obtain small business loans by reducing the time, cost, complexity, inefficiency and frustration associated with small business lending. Its online proprietary matching technology connects small business borrowers with multiple lenders from among its more than 3,600 participating banks, based on the lending profiles provided by the banks and the information provided in the borrower’s loan request.
Before seeking a loan business borrowers can find out their fundability and may get prequalified for a business loan through bQual™ . The bQual™ report will deliver a business borrower’s FICO SBSS Small Business Credit Score (used by lenders nationwide and required for SBA loans), a personal consumer credit score and credit bureau report, and a detailed financing assessment of a borrowers fundability.
Integrating the bQual™ scores into the loan seeking process on BoeFly, borrowers can connect with multiple lenders quickly and easily, providing a greater probability of obtaining a loan, as well as more favorable loan terms resulting from the creation of a competitive marketplace. Lenders benefit by being presented with those loan requests that fit their lending profile, dramatically lowering their cost and time of origination. BoeFly is not a broker. Borrowers pay a small one-time fee and lenders pay an ongoing subscription fee.
BoeFly, now a strategic ally of the International Franchise Association to expand credit access within the franchise community offers a Franchise Solution bringing these benefits to the large and growing small business franchisee community and is the choice of more than 125 brands, including Dunkin’ Donuts, Carl’s Jr., and Kiddie Academy, among many others.
BoeFly was founded by small business owners and small business lending experts with extensive small business lending experience. The company is privately-held and is based in New York City. http://www.boefly.com.
Jessica Sarter/ BoeFly /800-277-3158/ jsarter(at)boefly(dot)com