Radix Finances $210,000 for Gym

In early 2017, Radix funded a $350,000 SBA debt consolidation and working capital loan for a Health and Fitness Club. Eighteen months later, the club’s owner called and asked if we could help him apply for additional capital. Because Radix had previously funded the business on great rates and terms, even though he did not have collateral to offer, he did not even bother applying to his local banks before coming back to us.

BORROWER’S ISSUES​

• Recent First Position SBA loan
  
• No Real Estate Collateral
  

RADIX'S SOLUTION

Most banks would never consider lending a second position SBA loan to a business without collateral, especially so soon after it had obtained a first. But Radix was more than happy to tackle the challenge. The business was growing steadily, it was profitable, and the owner made all his payments on the first loan on time and maintained great personal and business credit. From our perspective, the first loan was such a success, it should not have been a barrier to additional financing. Unlike many other SBA loan providers, Radix is not afraid of second position SBA loans. Just because the borrower took out smart money once does not mean he should be barred from borrowing wisely again.

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