I have 2 deals very close to being under LOI with combined ~$1m of EBITDA for ~$5m. In each transaction the seller will be rolling ~20% equity and signing post close employment agreements. Without getting into too much detail.. these are businesses with physical locations and 2 locations just opened and are not reflected in EBITDA. I think mature/steady-state EBITDA is closer to $1.5m+. The businesses are in CA Given the seller equity roll, I think this deal is not eligible for SBA and I would also avoid like to avoid a PG. Does anyone know any lenders that might look at this? I personally would write a significant equity check into the deal (5-10% of purchase price)