When an SBA loan fell through just three days before a financing deadline, a local plumber looking to purchase a commercial property was shocked. With the appraisals and environmental already complete, he had assumed that the deal was set to close as scheduled, and did not anticipate any complications at such a late stage.
Had a friendly banker not given the plumber Radix’s contact information, the property purchase would have undoubtedly fallen apart.
SBA approval normally takes weeks -- if not months. Thankfully, Radix has the experience and know-how to move quickly.
Working closely with the borrower, Radix packaged all of the necessary documentation over the course of the first day, and we managed to send the loan into underwriting by day two. Not only was the loan approved before the end of day three, but we were also able to appropriate an additional $30,000 for property improvements. The borrower was thrilled that Radix was able to demonstrate its expertise and commitment to closing the deal on such short notice.
To learn more about the various financing options we offer, contact a Radix representative today.