SENIORITY OF SBA LOAN VS. SELLER NOTE
I am a bit confused on this and would appreciate answers. I believe SBA loan is senior to the Seller Note. Wouldn't there be a conflict then between these two funding sources since the loan payback period (say 10 years) is in most cases longer than the note terms (say 3 years)? Would the SBA loan covenants prevent me from paying off the Seller Note earlier?