I'm relatively new to searching, so I'd love your perspective on what I'm missing here.

I am searching for a B2B services business in a specific industry, and have identified a business for sale that's squarely in my wheelhouse. I found it on a broker's website, and had a phone call with the broker less than a week and a half ago to get initial information about the company. After the call, they sent me the detailed information about the business, as well as a Deal Room with detailed financials, documented policies, etc.

After reviewing the materials (within 2 business days of the broker call), I emailed the broker with some follow up questions and a request to speak with the business owner. I was told that there were two other offers already made so the business owner would likely not be interested in speaking to me, and referring me to the Deal Room content for my questions. After reviewing that content in further depth (for the record, it did not answer my questions), I sent an IOI later that evening based exclusively on the Deal Room data.

After radio silence for a week, I reached out to follow up, and the broker responded that the two other offers are "working with a lender", so my offer was de-prioritized by the seller. I am totally confused. Does it make sense that two other potential buyers would both be actively seeking a loan without an exclusive LOI? I am in a position where I would be able to fund the deal without a loan, so I'm considering offering that as an option, but I don't know if there's something else that I'm not seeing here.

I should mention that based on the deal room documents, it looks like this business has been on the market for over 6 months. I haven't been searching that long so it's possible it was listed, de-listed, and re-listed. Thanks!