Your acquisition debt provider will want senior position to all assets (tangible and otherwise) plus your signature on the dotted line. Hence its quite problematic to carve out collateral for other WC lenders. I would be surprised if a lender would underwrite a deal without running the numbers on WC and capex, then including your needs on your term sheet. What they are doing is solving for total indebtedness then partitioning WC and TL for capex. Proper capital planning protocol.

@redacted‌ not in SaaS myself (I'm in the trades/industrial lane), so I'll skip the Pipe vs. Capchase comparison and let the folks who've drawn on those facilities speak to it. But one thing from my own working-capital legwork that surprised me and might save you a scramble: There's a widely repeated rule that banks won't extend a line of credit to a newly acquired business until it has two years of operating history under the new owner. I went in assuming that was a hard wall. It isn't, at least not everywhere. My primary bank, the one that already holds the existing relationship on the business I'm pursuing, was willing to line up a LOC right around the close rather than making me wait the two years. The key was that they already knew the business and its cash flow patterns. An incumbent bank that has watched the deposits and the billing cycle for years can underwrite the new entity far faster than a cold lender applying the generic seasoning rule. So if the target has an existing banking relationship, that bank is often your fastest and best-priced path to a day-one line, and worth approaching before you go shopping outside. The catch I ran into: even when they're willing, the line typically can't be fully committed until close, because the bank wants to see the final executed deal and any subordination in place first. So the realistic window is commitment-to-closing, not before. Plan for that. Get the conversation started early, get as close to a binding commitment as you can, and treat the line being in place as a closing condition rather than a "we'll set it up after" item. The failure mode is closing with a verbal promise and then funding an integration cost or a payroll out of pocket in month two while the paperwork drags. Congrats on getting to close.