When the owner of a bicycle shop wanted to consolidate three debts, including two high-interest loans, into a single note, multiple banks declined to help. The reason: his credit score was just 630, thanks to multiple medical collections and a couple of credit card charge-offs stemming from a recent serious illness. Luckily, he came to Radix Financial Group before giving up hope.
Using real estate collateral to support this loan, Radix was not only able to help refinance all of the borrower’s debt, but we were also able to extend an additional $100,000 of working capital at the low rate of 6.75%. While multiple banks had declined the loan due to the borrower’s poor credit, Radix recognized that his illness – which tanked his credit – was a thing of the past. We saw that although his personal finances suffered during the sickness, business had picked right back up once he returned to work. While most banks avoid borrowers with low credit, Radix looks for the positive and does its very best to help them get back on their feet.
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