My (bootstrapping) startup took a smallish f&f round. We took the money in the form of a convertible loan, which means that it can be converted to stock or repaid (as a normal loan would) at a certain date.

This got us the money easily, and left it more flexible for us to maneuver in the future.

Yes, it's a little less advantageous to the lender. But the f&f rounds are usually b/c your f&f want to see you succeed, not because they are actually shrewd business deals (although they certainly can be).