When a successful veterinarian needed to consolidate six business credit cards and a high interest loan into a single payment, he was declined by multiple banks. He had good credit, a long-standing practice, and his profits were high. He could not understand the problem and almost gave up on financing completely. Luckily, he received some Radix marketing material, and gave us a call to try his luck one more time
Radix was able to quickly identify the problem. Many banks prefer not to refinance borrowers with so much debt or move into second position behind an existing SBA loan. Radix, meanwhile, does not hesitate to do either. We love to consolidate debt for growing businesses and are happy to place a lien behind another SBA loan. This borrower was our ideal client and had very strong financials. Before our loan, the borrower was paying $7,400 per month toward his half-dozen credit cards and high-interest loan. After we helped him refinance and provided an additional $100,000 of working capital, his monthly payments were just $4,150. The veterinarian was thrilled to get out of what could only be described as a hairy situation.
Leave a Reply.