Radix Reduces Weekly Loan Payments by $20K for Restaurant With Past SBA Default

When a business owner defaults on a government backed loan, he is never again eligible for future government funding unless he brings the past default current. But what happens when that business owner needs to borrow working capital in the future? Is he stuck on daily and weekly
payments forever? A restaurant owner who had defaulted on a government loan twenty years earlier could not find funding anywhere. He had $300,000 of high-rate loans on weekly payments. He needed to consolidate to a monthly payment but was turned down everywhere he applied due to the 20 year old default.

Borrower’s Issues

• Past Government Loan Default
• Not SBA eligible

Radix’s Solution

Our borrower had great credit and an even better company. The restaurant showed great profitability— its owner only needed a lender to believe in his business and stabilize his debt. Luckily he found Radix. We took all of his debt, termed it onto a 5 year non-SBA term loan, and lowered his monthly payment by over $20,000. The business could finally breathe thanks to Radix.

Terms:
Funded: $300,000

Monthly Payment: $7,780
Interest Rate: 18.99%
Funding Time: 2 weeks

Learn more about Non-SBA Term Loan.