Radix Finances Car Restoration Business With Less Than Two Years of Financials

​When a friendly banker referred an auto-restoration shop that he had been forced to turn down to Radix, we knew that there was not a bank in the world that would finance the deal. Fortunately, Radix is not a bank.

BORROWER'S ISSUES

• The business incorporated less than two years prior to the financing request.
• The borrower could not offer collateralization.
• The business showed zero net profit.
• Auto restoration is considered a specialty business by banks, and is therefore more difficult to finance than other business types.

RADIX'S SOLUTION

​It is not easy for a business with less than two years of financial statements to find financing but at Radix we were able to move past the negatives and take a closer look at the positives!
Despite its young age, the business was rapidly expanding, grossing over a quarter of million in the previous year alone. Even more importantly, the borrower’s management had a plan --- they knew what they needed the money for and they were able to show how they would successfully put their working capital to use. Despite having even been rejected by some non-traditional lenders due to their industry type- Radix knew how to get it done. The business was funded in under two weeks.
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Thanks to our $35,000 infusion of capital, the auto facility will be able to add employees and increase the amount of contracts it is receiving. We expect it won’t be long before this business is generating over a million dollars in annual sales.

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