When an energy brokerage was unable to obtain traditional financing, it took out two high-rate, short-term loans. The company struggled to make the necessary large payments, and its owner quickly realized that the business needed a more affordable, long-term alternative.
Although Radix specializes in refinancing and consolidating high interest debt, this loan proved more difficult than most. The owner’s credit hovered just below SBA eligibility, and the company's revenue was on a downward trajectory. Nevertheless, Radix prevailed where many others had failed.
Most crucially, we worked with the borrower to help increase his credit past the SBA minimum threshold. Meanwhile, despite the company’s recent decrease in revenue, its overall profitability still allowed it to not only refinance its current debt but also secure an additional $100,000 of working capital.
Even with a higher overall debt burden, the brokerage went from paying $7,150 per month to just $2,246 overnight -- a savings of close to $60,000 per year!
Find out how you can cut your rates too. Contact a Radix representative today.