It is difficult to obtain financing without offering commercial real estate as collateral, especially when the loan in question is large. So when a restaurateur who runs two Dickey's BBQ restaurants out of rented spaces approached Radix to consolidate over $600,000 of debt into a single loan, we knew the job would be difficult. Fortunately, we were up to the task.
While it’s easy to zero in on the negatives of any loan application, we at Radix prefer to focus on the positives. Both restaurants enjoyed astonishing profitability, despite their owner paying $23,800 per month to service his various debts. More importantly, we believed in the owner. His ability to take on a lot of debt and still manage to turn a profit showed he is both savvy and experienced.
So we got to work. Radix consolidated all nine of the borrower's loans into a single monthly payment, and even managed to provide an additional $40,000 of working capital. The borrower's new monthly payment amounted to just $6,830 over a ten year term -- a savings of almost $17,000 per month! After two long and stressful years, this business owner was finally able to get back to what he does best: barbecue.
Find out how you too can cut your rates. Contact a Radix representative today.