When the owner of a repossession company contacted Radix to consolidate $350,000 in debt, he was paying nearly $11,000 to over a dozen lenders each month. The business needed a long-term alternative that would improve the owner’s cash flow and lower his monthly payments
Although the business was drowning in loans with short amortization terms and high rates, Radix knew just what to do. Despite the lack of real estate collateral, the borrower had cars and trucks he could pledge as security, and his business was very profitable. It was immediately obvious to us that this borrower would stand to benefit from our SBA program.
Not only were we able to consolidate all of the borrower’s loans into a single monthly payment, but we were also able to provide $100,000 of additional working capital at the same time. At a rate of only 6.25%, the borrower's new monthly payment was just $5,052 over a ten year term -- less than half his previous monthly bill.
Find out how you too can cut your rates. Contact a Radix representative today.