Radix Funds $450,000 for Local Seafood Company

When the owner of a local seafood company needed funding, he was referred to Radix by another satisfied customer. He needed $450,000 to purchase inventory, but he didn’t want to swamp himself with paperwork, or have a lien put on his house.

Borrower’s Issues

• Borrowing business had low profitability.
• Borrower did not want any liens on his house.
• Borrowing businesses needed quick funding.

Radix’s Solution

This borrower was the perfect fit for our SBA Express loan. We don’t need a company with profitability. We don’t take personal liens. We can fund in
only 2 weeks. Radix funded $150,000 on an SBA Express Loan, and that was enough to tide him over for 90 days, at which point he applied for a second draw. In addition to that second draw, Radix set the borrower up on a $150,000 line of credit, which totaled the $450,000 he needed. By breaking the loan into three parts Radix was not only able to successfully fund him, but we were able to avoid all personal liens, creating yet another happy Radix customer.

Terms:
Funded: 3 loans of $150,000 each

Monthly Payment: Interest Only $1,690 for the LOC and $4,304 for the 2 SBA Express loans combined
Interest Rate: 8.99%+ SOFR (currently 14% total) and 3.75% + prime (currently 12% total)
Funding Time: 2 weeks for each SBA Express and one week for the Line of Credit

Learn more about our Line of Credit.
Learn more about our SBA Express Loan.