Four SBA Loans Already — And We Still Found Room Behind Them

Q: Can I get an SBA loan if I already have one or multiple SBA loans in place?

A: Through one of our partner SBA preferred lending banks, Radix Financial Group was able to secure a new loan behind a manufacturer’s four existing SBA loans — refinancing $254,000 in high-cost debt including credit cards at 28%, a line of credit, and a 31% loan — while the SBA loans stayed senior.

Here’s how it worked…

A manufacturer of bespoke inflatable yacht slides, pools, and docks had already built its business on four SBA loans — combined balances around $860,000. Those loans weren’t going anywhere.

But on top of them, the business was carrying the expensive stuff: $180,000 in credit card balances at 28%, a fintech line of credit costing more than $11,000 a month, and a short-term loan at 31% costing another $8,000 a month. Just those two lenders alone were pulling more than $19,000 a month out of the business.

Through one of our partner SBA preferred lending banks, Radix Financial Group was able to refinance all of it, the cards, the line, the short-term loan, into a single loan positioned behind the existing SBA loans. The SBA loans stayed senior, exactly where they were. The punishing payments went away.

If your business is stacked with expensive debt sitting on top of SBA loans, the answer isn’t always to touch the SBA loans. Sometimes the fix goes in behind them. Talk to us at radixfinancialgroup.com.