Radix Finances Autobody Shop With $400,000 Tax Lien

​When a bank turns a client down for SBA (Small Business Administration) Financing, that client understandably believes that no SBA lender can finance their deal. But with the correct structure, Radix can finance SBA loans that most banks won’t touch – even those that have been turned down a half dozen times, like one Seattle auto repair shop that came to us while trying to open a second location.
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Luckily, both the borrower’s commercial broker and one of the commercial lenders who had been unable to help, knew Radix’s expertise with hard-to-finance loans. Just another example of how Radix is able to finance many small businesses that most traditional lenders will not.

BORROWER'S ISSUES

• The State of Washington had a $400,000 tax warrant registered against the business.
• The borrower could only offer 10% down.
• Without financing, the borrower would not be able to open a second location, even though he had already enlisted numerous clients there.

RADIX'S SOLUTION

​Although this particular small-business owner was turned down for SBA financing by every financing institution he applied to, Radix knew that this was an SBA loan. While the borrower did have a large tax warrant levied against his business, there were also many positives to focus on – notably a very successful, well cash-flowing company.
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Without the tax warrant, this auto-repair shop, one of the best in the state, and a local landmark since the 1970’s, would have been a slam dunk for even the most conservative lending institution. Luckily, Radix was able to look outside the box and see this business for what it was. We were able to offer a loan amount of $1,207,000 at 90% LTV (Loan to Value) and a rate of 6%.

To learn more about the different financing options we offer, contact a Radix representative today.