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

9/7/2015

5 Comments

 
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​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.
5 Comments
Company Formation Hong Kong link
1/3/2017 02:49:08 am

I really like your blog post very much.

Reply
Gabriel Noah
3/3/2018 02:17:00 am

Car restoration is important as this is the method which can do repair and replace the damage part of the car. And car restoration business is one of the best business. And if your car is not working properly then you for a auto repair shop and if you want best service then you can refer this https://markdouglasmotorworks.com/services/. If you want to open a car restoration business then you want financial support, and you really give this best tips how Radix finances car restoration gives financial support.

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Alexander Mirza link
4/21/2018 05:05:28 am

very interesting keep posting.

Reply
https://www.eliaandponto.com link
10/22/2018 03:02:01 pm

I gotta favorite this website it seems very helpful .

Reply
Lux Classic Car Restoration link
8/20/2021 07:34:06 am

Thank you. You've been added to our list of vendors for financing restoration projects.

Reply



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  • Home
  • Financing
    • Working Capital, Debt Refi and Consolidation
    • Commercial Real Estate
    • Equipment
    • Business Acquisition Financing
  • Recent Closings
  • Online Application