Just funded. $1M SBA 7(a) for a Southeast air ambulance brokerage firm acquisition.

Three real challenges on this one. First, the add-backs. The seller's earnings leaned on add-backs no underwriter would take on faith. We arranged a Quality of Earnings engagement to substantiate them independently, which gave the lender a defensible cash flow to credit instead of the owner's word for it. Second, eligibility. The buyer is a lawful permanent resident, a green card holder, and we were just opening the placement when the SBA revised its guarantor and borrower eligibility guidance. That is the kind of mid-process change that quietly kills deals. We moved early and placed it with a lending partner that had genuine appetite for the profile and could get SBA approval done inside the window, before the change foreclosed the structure. Third, the collateral. The primary collateral was a co-op, which is personal property the lender could not perfect a security interest against. Rather than let that stall the file, we arranged a collateral swap and walked the lender through why the substituted position protected them just as well. They got comfortable, and the deal closed. Funded May###-###-#### AWG Capital Advisory served as exclusive SBA debt advisor to the buyer. Buyer's legal counsel: @Hal Stanton