I wanted to share an anonymized case study from a deal we recently helped get across the finish line. The full write-up (PDF) is here: redacted The buyer was a CPA with more than a decade of public-accounting experience acquiring an established, largely virtual accounting, tax, and advisory practice through an asset purchase. It was a strong professional fit, but the financing path was anything but smooth. What happened: - Early June: A conventional lender introduced by the broker passed, and the seller became reluctant to move forward without stronger evidence that financing was available. - June: We organized the buyer's package, reviewed the cash-flow model, clarified the client relationship the seller was keeping, and introduced additional lenders. By late June, two of them had delivered a preapproval or proposal. - Early July: The buyer's preferred SBA lender declined over two concerns: repaying the home-equity borrowing used for his equity injection after leaving his salaried job, and his liquidity after closing. - July: We got the decline reasons in writing and put both issues in front of the replacement lender early, with the supporting income and liquidity detail. The purchase price was renegotiated, and the lender required a full quality-of-earnings review and a business valuation. - August: The replacement lender issued a $2.715 million SBA 7(a) commitment (10-year term, Prime plus 2.00%), with two $165,000 seller notes, one on full standby.- September: Closing work included entity documents, tax verification, purchase-agreement redlines, a tax-clearance holdback and escrow solution, and finding a third-party closing agent. At the end of September, the lender released funds. A few takeaways for searchers:- Line up alternative lenders before you need them. The backup options were already in hand when the preferred lender said no.- When a lender declines, get the reasons in writing and address them directly with the next lender.- Approval is not closing. Tax clearance, escrow, and settlement mechanics can stall a fully approved loan. If you're contemplating ETA, I'd love to connect. You can grab time with me here: redacted SmithPioneer Capital Advisory