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Radix Finances Autoshop With Tax Lien for Second Time

2/17/2016

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Often, borrowers come back to Radix for seconds, and understandably so. Why spend time searching for financing when Radix has already proven to be a reliable and trusted source? When the owner of an auto repair shop, who had just financed an SBA (Small Business Administration) loan to open a second location, wanted to purchase new state-of-the-art equipment, he knew exactly where to turn: the same company that had helped him obtain that original SBA loan.

BORROWER'S ISSUES

  • The state of Washington has a $400,000 tax warrant registered against the business.
  • The business was highly leveraged with the cash flow of the first location supporting the mortgage of both.
  • The business had no collateral to offer, as the property was already leveraged at 90% LTV (Loan to Value).

RADIX'S SOLUTION

​While the business could not offer collateralization, it still enjoyed a positive cash flow. No bank would ever consider offering uncollateralized financing to a business with such a large tax warrant, and surprisingly, most non-traditional lenders would not either. Luckily, Radix was able to help yet again.
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We were able to offer the client $200,000 in working capital, uncollateralized, on a three year term at 11.19%, just two weeks after we started working with him again. With Radix’s help, the second auto repair shop location is now open for business and operating with the same state-of-the-art equipment as his original location. 

To learn more about the different financing options we offer, contact a Radix representative today.
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  • Home
  • Financing
    • Working Capital, Debt Refi and Consolidation
    • Commercial Real Estate
    • Equipment
    • Business Acquisition Financing
  • Recent Closings
  • Online Application