High interest rate lenders will promise that they can get business owners cash in only 48 hours. Of course, that kind of convenience comes at a cost.
When a husband and wife -- owners of a property management company with $75,000 in debt -- could no longer handle $644 in daily repayments, they contacted Radix. The business was SBA ineligible due to the couple’s recent bankruptcy, and multiple banks had unsurprisingly declined to refinance their debt. But for Radix, it was was an easy fit.
Radix was able to see past the challenges that understandably scared off more traditional lenders. Even while the owners struggled to come up with $644 in spare cash each and every day, their company maintained a strong positive income.
With a clear understanding of what the business could afford, Radix was able to refinance its $13,500 in monthly payments to only $3,780 by stretching out the six month amortization to two full years and by lowering the interest rates by over 15%. For a company strapped for cash, the new terms provided welcome relief.
To learn more about the various financing options we offer, contact a Radix representative today.