Hello community,

It has been nice reading so many posts and seeing people be so helpful to each other. I hope to be helpful over time however I can.

My partner and I have been using our own capital to build and buy recurring-revenue businesses in niches with a domain expertise requirement (insurance services, benefits, and similar).

We are buying an adjacent business from two older operators. $6.5m of run-rate revenue, $3.5m EBITDA. We agreed to a payment schedule (paid $1.3m of our own capital in October) with most due on 12/31. The sellers were disorganized with their reporting, which slowed the QOE down. This delayed our close on a $10m term loan from a $220m institutional lender.

We're still set for that loan (close sometime in February), but one of the two sellers is impatient. We agreed to make a progress payment by Jan 15.

We are raising $2m on a bridge loan. Our term lender authorized us to give 30% on cash, or 1.3x MOIC. The note says six months, but we anticipate retiring it in under 90 days (the term loan will take you out). Any failure will convert you to equity, pro rata to your participation in the bridge loan.

We have $1.3m committed from six parties in the past week, with $500k coming from a family office in New York we know well. That family is happy to be a reference for parties writing $100k or more.

Please DM or comment with your email, we have a data room as well as the loan note available for your review.