After a year of rapid growth, the owner of an RV rental company had a good problem: he had more customers than inventory. So he wanted to purchase additional motorhomes to satisfy the unexpected demand. Unfortunately, he had taken out an SBA loan just one year before, and his bank would not extend additional capital after having already lent so much so recently.
Although the borrower’s credit was low, there were no major marks against him. Despite a lack of real estate to use as collateral, the borrower had a fleet of RVs he could offer instead. In short, his was an easy case. We consolidated all of his debt into one SBA loan, adding $600,000 for the purchase of brand new RVs while lengthening his amortization. Thanks to Radix, his business was back on the road in no time.