After her longtime tenant left, one restaurant property’s owner decided that instead of finding a new one, she would simply start her own Chinese buffet in the vacated space. Unfortunately, most banks are wary of lending to start-ups, and even the bank that had helped her purchase the property in the first place was reluctant to to renew her note when it came due. Thankfully, the bank knew what to do with a good client it couldn’t help: it referred her to Radix.
While the property owner had never owned a restaurant before, she had managerial experience in the industry and created a solid business plan with very profitable and well thought out projections. More importantly, she was able to demonstrate a track record of profitability during her first few months of operation, before she came to us for help. Radix was able to finance over 100% Loan to Value on the property for a total of $170,000 in working capital, which the business owner used to market the revitalized business and purchase much-needed furniture, fixtures and equipment. After having heard so many “no”s from half a dozen different banks, the borrower was thrilled to finally hear a “yes”.
To learn more about the different financing options we offer, contact a Radix representative today.