When a marble retailer wanted to refinance and consolidate a pair of high interest loans, multiple banks declined to help. Their disinterest was understandable: The borrower’s credit score was mediocre, he had a past foreclosure, and he did not have any real estate collateral to offer. In other words, he was perfect for Radix.
These issues aside, the borrower’s cash flow was strong, and would only improve if he could consolidate his high-interest loans. And though low, the borrower’s credit was just above the SBA minimum. Radix was not only able to refinance both his loans, but was even able to extend an additional $40,000 of working capital. Before the refinance, the business was paying $3,604 per month to service its debt. Working with Radix lowered those payments to just $848– a savings of over $2,500 per month!
To learn more about the different financing options we offer, contact a Radix representative today.