Non-SBA Debt Financing for Institutional Sponsor Acquiring HVAC Business

Lenders - I have a sponsor that is acquiring a $1mm EBITDA HVAC business.

Business meets all the criteria HVAC consolidators are looking for.... purely residential, maintenance service agreements, multi-decade performance history, and management team staying in place.

Because of this, the asset will trade at a high multiple, likely 8.0x.

The Sponsor is a new fund with $20 - $50 million in equity commitments, run by an experienced buyside professional.

For this acquisition, he is seeking 2.0x of leverage, so ~$2mm of debt financing, non-SBA.

Is there a non-SBA lender that would place into this structure? I think the rationale is that it's a great business with a low leverage profile with solid governance from an institutional player.

Please let me know if anyone has a contact that could facilitate a transaction like this. I told him he could expect a 12% rate and 5-year term.