Boat Finance LLC, an indirect recreational lender for RVs and boats, changed its name to RecFi LLC.
The company started by financing boats and outboard motors, but extended its operations in recent years to include RVs. RecFi plans on introducing powersports lending options in 2022. The new name reflects the company’s expansion to serving the greater recreational lending market.
Donald Schrama, RecFi CEO, said the lender wanted to be established in the general recreational space before rebranding to demonstrate its new service types and attract a wider audience.
“We are very excited about this transformation,” Schrama said.
One of RecFi’s capital partners, Blue Elephant Capital Management, stated support for the name change. JP Marra, Blue Elephant CEO, said his company has worked closely with RecFi since 2016.
“The new name and branding not only better fits with the scope of the company’s expanding verticals,” Marra said, “but as importantly, better reflects the now robust and dynamic fintech platform that they have painstakingly developed over many years.”
The name change comes with a logo rebranding and a relaunched website. RecFi has also added, and will be adding more, new positions, including internal marketing specialists, two more regional sales managers, additional underwriters and processors, portfolio manager and additional finance/accounting staff as well as promoting existing members. With the increase in staff and the geographical location of them RecFi is currently looking for space in Plano, Texas.
