When a long-time convenience store manager decided to purchase a store for himself, he reached out to several different banks to help turn his dream into reality. He came away from those meetings discouraged. He only had enough money for a 10% down payment (most banks require at least 20%) and did not have any outside income to support him if his new business got off to a rocky start. Luckily, someone referred the manager to Radix, where we specialize in helping borrowers just like him.
Although the loan application had some obvious deficiencies, Radix prefers to focus on the positives of every potential client. The borrower had a successful history managing convenience stores and had demonstrated strong financial discipline by saving up for years to reach even the 10% down payment he could offer. In addition, because he was purchasing both a property and the business on top of it, the loan was collateralized. Despite the fact that so many local banks had refused to work with him, Radix was able to -- in the borrower’s own words -- make his “dreams come true.”