When a Seattle-based trustee wanted to cash-out of a commercial property to diversify the trust's assets, multiple banks turned him down because the beneficiaries could not personally guarantee the loan. Thankfully, one of those bankers told the trustee that Radix Financial Group specializes in loans that have been rejected by traditional lending institutions. With Radix's expertise in “tough to finance” loans, we were able to restructure the refinance just like the trustee wanted, without the need for a personal guarantee. Even better – we were able to drop the trust's interest rate from 7% down to 5%. BORROWER'S ISSUES
RADIX'S SOLUTIONThis was another case of looking outside the box. Although the recent vacancy and the brand new tenant scared off the half-dozen lenders who looked over the Trust’s financials before Radix, we knew not to be concerned, as the new tenant was a publically traded company signed to a 10-year lease.
Further, although there were no personal guarantors, the LTV was low enough to offset that risk. Finally, we knew that the lawsuit was related to another property and could not adversely affect the cash-out refinance. Therefore, while most traditional lenders would not even offer a simple refinance with so many variables in place, Radix was able to offer exactly what the borrower was looking for: a $900,000 refinance and a $400,000 cash out, for a total of $1,300,000— all at 5%! To learn more about the different financing options we offer, contact a Radix representative today.
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