A husband and wife tried to renovate and expand their historic and beautiful Bed & Breakfast in Olympia, WA for years. They envisioned adding more rooms and a large event hall. With enough capital, the entrepreneurs calculated they could double their profit. Unfortunately, traditional banks did not share their vision.
With every decline, the couple grew more discouraged. They were about to give up on their dream, when one banker encouraged them to contact Radix for one last try.
While most traditional banks were scared off by the $440,000 in construction costs, Radix embraced the borrowers’ dream. We believed both the business’ projected cash flow and the value of its collateral would soar after the expansion.
Further, our concern over what would normally be big red flags — one borrower’s past bankruptcy, and the industry’s overall volatility — was mitigated by good credit scores and the projected cash flow. Instead of yet another decline, Radix was able to offer funds for the refinance, expansion, and consolidation of the business’ credit card debt all at once. In the borrower’s own words, “Radix made our dreams come true.”
To learn more about the various financing options we offer, contact a Radix representative today.