Does anyone have experience with USDA B&I loans or have a lender contact that specializes in USDA loans that they’d be willing to share? I’m particularly interested in learning more about two items I haven’t seen discussed here before:

1. Personal Guarantee: My understanding is that, unlike the SBA programs, the USDA B&I program does not require a personal guarantee. I'm told a corporate guarantee can suffice or, for strong projects, the lender can request a waiver. Has anyone successfully avoided a PG with a USDA loan? Any info on the strength of the business or corporate guarantor would be helpful.

2. Seller Note: My understanding is that the USDA allows seller notes, though you still need 10% “tangible balance sheet equity”. It would be great to hear if anyone has had success (or not) including a seller note with USDA loans (and whether it can potentially count towards tangible balance sheet equity).