I am looking for some feedback on a potential private credit deal that has been proposed to me as a possible alternative to SBA 7a lending. Here are the suggested terms: 1. 100% financing ($0 down) 2. Prime + 5.25% rate with an 11% floor 3. 5 year loan term with year 1 interest only and years 2-5 on a 15 year amortization 4. 25% equity warrant for creditors 5. PG but excludes primary residence Personally, I like the appeal of easier cash flow, especially earlier in the deal, because of the interest only and 15 year amortization, and I think it more than evens out with the higher interest rate. Obviously the biggest appeals over SBA are no down payment required, not including my primary residence in the PG, and a much quicker and easier underwriting process. They are also offering more help to their buyer-operators than a bank could or would ever offer. Am I missing something in thinking that this is a great deal? Would you take these terms? If not, what changes would you want to see to the terms to get you on board?