When a husband and wife found the perfect commercial property to house their residential real estate firm’s new office, they encountered a familiar challenge: they could not secure a loan from any local banks.
For Radix, the decision was simple. While the business’ financials showed net losses, the loan could be fully collateralized by the property being purchased. Moreover, one owner has a pension plan that more than covers the annual costs of their loan. While the loan may have seemed risky at first glance, Radix was able to look past the company’s recent losses and take these additional factors into account. As a result, we were able to fund the loan through our SBA program, which will allow the couple to repay their loan over ten years, at just a 6.5% interest rate!