When the owner of a boat rental company contacted Radix to consolidate nine separate high interest loans into one, he had already been declined by many local banks. His credit score was below 640, and he did not have any commercial real estate to offer as collateral.
Despite the trouble he encountered while trying to refinance, the borrower ran a very profitable business. In addition, his low credit score was mostly the result of having taken out so many loans and not because of anything more significant. Although he had been trying to refinance for years without any success, Radix was able to help consolidate all of his debts into a single term loan and lower his monthly payment from more than $15,000 a month to just $5,708. You might say that thanks to Radix, the borrower’s business can finally stay afloat.
To learn more about the different financing options we offer, contact a Radix representative today.