Conversation with a lender this week:

"So you are seeking $1.95M at close of the transaction?

"Yes"

"What assets does the business have"?

"Little to none, it is obviously a service based business like we discussed previously"

"Ok, we will need $1.95M in collateral in the form of cash"

"I understand. So you require $1.95M in cash so that you can loan me $1.95M to close the transaction?"

"Yes"