Alianza Perspective: Evaluate the Complete Non-SBA Acquisition Capital Stack

Alianza Partners’ October 24 perspective examines how buyers can evaluate non-SBA acquisition financing without relying on a universal leverage ceiling. Don McClain distinguishes senior loan-to-value from total transaction leverage and separates project costs from the costs a provider will finance. The analysis considers seller debt, senior obligations, and genuine equity together, including repayment priority and ownership implications. SBA business-buying guidance supplies general diligence context, not non-SBA financing rules. The next step is to identify the controlling constraint, then compare a revised structure, additional genuine equity, changed deal economics, or a pause.

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