Structure A
Senior cash-flow term loan
Institutional senior debt secured by the target's assets and cash flow. Amortizing or bullet, covenant-lite where warranted.
- Rate
- SOFR + 450-650 bps
- Leverage
- Up to 4.0x TTM EBITDA
Program 02: FlexMost placed
When SBA won't,
Flex will.
Speed-first institutional and private credit from $750K to $10M for buyers who don't fit inside SBA: foreign operators, roll-ups, holdcos, and speed-critical closes where every day of exclusivity matters.
4structures
Senior, unitranche, ABL, deferred draw
$750K to $10M
Check size on senior and unitranche
No PG
Required on most Flex structures
100+
Institutional lenders in the Flex network
Why Flex
exists.
The gap between what SBA can do and what the deal needs.
Every week we turn away buyers who would have closed a great acquisition inside SBA, if the deal had cooperated. The seller was a UK citizen. The target was a Cayman-domiciled Amazon aggregator with three operating subsidiaries. The buyer was a holdco on its fourth roll-up and had already burned through the $5 million SBA 7(a) cap across prior acquisitions. The LoI expired in 30 days and a strategic was circling. None of those deals fit the 7(a) box. All of them needed to close.
Flex is the product we built for those transactions. We placed the file with institutional term lenders and private credit funds that underwrite cash flow, not citizenship, that are willing to move inside an exclusivity window, that don't require a personal guaranty on every structure. The result is a facility that costs more than SBA and closes in less than half the time. For the right deal, that trade is the deal.
Foreign operators. Complex deal structures: earn-outs, seller rollovers, management buy-ins. Speed-critical closes. Holdcos and roll-ups stacking acquisitions. Post-SBA incremental debt for borrowers already at the 7(a) cap. If any of that describes the transaction on your desk, Flex is built for you.
Four structures,
one program.
We pick the structure to match the deal: senior, unitranche, ABL, or a delayed draw for what's coming after close.
Structure B
Private credit unitranche
One-lender solution collapsing senior and sub-debt into a single facility. Faster close, cleaner intercreditor, higher leverage.
- Rate
- SOFR + 600-800 bps
- Leverage
- Up to 5.0x TTM EBITDA
Structure C
Asset-based line + term
Revolver against receivables and inventory for working-capital-heavy targets, paired with an acquisition term loan.
- Rate
- SOFR + 350-550 bps
- Leverage
- Advance rates 80% A/R, 50-65% inventory
Structure D
Seller accelerator / deferred draw
Day-one senior plus a committed deferred draw for earn-outs, add-ons, and working capital in the first 24 months post-close.
- Rate
- SOFR + 525-750 bps
- Leverage
- Delayed draw sized to 1.0-1.5x EBITDA
Terms at a
glance.
Indicative parameters across the Flex book. Final pricing and structure are negotiated deal-by-deal.
- Check size
- $750K to $10M per transaction
- Leverage
- Up to 4.0-5.0x TTM EBITDA, structure-dependent
- Rate
- SOFR + 450-800 bps, typically fixed at close for 12-24 months
- Tenor
- 3-7 years, bullet or amortizing
- Amortization
- 5-15% per year, with cash sweep on excess cash flow
- Personal guaranty
- Not required on most senior and unitranche structures
- Covenants
- Negotiated. Leverage and FCCR most common; covenant-lite on stronger files.
- Origination fee
- 1.5-2.5% of facility, paid at close
- Close speed
- Deal-dependent. Driven by seller, counsel, and diligence scope.
- Use of proceeds
- Acquisition, refi, recap, earn-outs, working capital, add-on M&A
The Flex
sprint.
A disciplined sprint from prequal to wire. Here is what each phase looks like.
- Step 01Phase 01
Prequalify
You submit deal thesis, CIM, and three years of seller financials. We return a written read on Flex fit, indicative pricing, and leverage.
- Step 02Phase 02
Term sheet
We shop the file to the two or three Flex lenders most likely to win it and deliver a signable term sheet with pricing, leverage, and covenant package.
- Step 03Phase 03
Diligence
QoE, legal, background, and lien search run in parallel. A dedicated Flex closer coordinates data room traffic so the lender's credit committee has everything it needs.
- Step 04Phase 04
Docs circulated
Credit agreement, security documents, and intercreditor (if any) arrive redlined. Our closing team drives comments to final so signature pages are ready for execution.
- Step 05Phase 05
Close
Wires sent, UCCs filed, keys handed over. Close speed depends on how fast the seller, counsel, and credit committee can move. We run the process to remove every avoidable delay.
Is Flex the right
program?
We only recommend Flex when it's actually the best fit. When it isn't, we tell you.
A fit for Flex
You should be here if…
- Foreign buyers: non-US operators acquiring US targets, or US buyers acquiring foreign sellers
- Roll-ups and holdcos stacking acquisitions inside a single platform entity
- Deals with meaningful earn-outs, seller rollover equity, or management buy-ins
- Speed-critical closes with exclusivity windows under 45 days and competing bidders
- Post-SBA incremental: borrowers already at the $5M SBA 7(a) cap
- Complex targets: multi-entity, international, or Amazon aggregator portfolios
- Sponsors and searchers who want to preserve personal balance sheet
Better handled elsewhere
You're probably not here.
Try SBA 7(a) instead
If you're a US buyer, the target is US-based, the deal is under $5M, and you're willing to sign a personal guaranty for the lowest rates in the market, SBA wins on cost. Plan for a 100+ day close.
Explore SBA 7(a)↗Escalate to Capital Access
Above $10M, or when you need layered senior + mezz + preferred equity across a single closing, Capital Access assembles the full institutional stack with our sponsor-grade lender relationships.
Explore Capital Access↗A recent
close.
Anonymized. Representative of Q1 2026 book.
A US holdco came to us with a signed LoI on a UK-based Amazon aggregator: three DTC brands, $2.1M TTM EBITDA, £5.2M ask. SBA wouldn't touch the foreign seller. The buyer had 34 days of exclusivity and a strategic had just re-engaged the seller in parallel. We placed $4.8M of senior cash-flow debt with a specialty private credit fund plus an $800K seller note behind it. No personal guaranty, SOFR + 625 bps, five-year bullet. Wires went out on day 98.
- Purchase price
- $6.4M
- Senior placed
- $4.8M
- Seller note
- $800K
- Close speed
- 98 days
- Rate
- SOFR + 625
- Personal guaranty
- None
Questions we
hear often.
Quick answers. If yours isn't here, a senior advisor will pick up once you prequal.
Q01
Is Flex more expensive than SBA 7(a)?
Yes, meaningfully. SBA prices to Prime + 2.75-3.00%; Flex prices to SOFR + 450-800 bps, so the all-in cost is typically 3-5 points higher. The trade is speed, flexibility, and no personal guaranty. On deals that can't live inside SBA, Flex isn't more expensive. It's the only answer.
Q02
Can foreign buyers access Flex?
Yes. This is one of the reasons Flex exists. Our institutional and private credit lenders underwrite the target's cash flow, not the buyer's citizenship. We regularly place debt for Canadian, UK, EU, and APAC buyers acquiring US ecommerce and SaaS operators.
Q03
What collateral do Flex lenders take?
Standard package: all-asset UCC on the operating company, stock pledge of the acquired entity, assignment of key contracts, and deposit account control agreements. On ABL structures, specific liens on A/R and inventory. Real estate is carved out unless it's material to the deal.
Q04
Does the rate float, and can I hedge it?
Most Flex facilities float off 1-month Term SOFR. We negotiate a fixed period at close (typically 12-24 months) on senior paper, and on unitranche we can structure a SOFR cap at 4-5% for 150-250 bps upfront. Interest-rate swaps are available on facilities over $5M.
Q05
Can I refinance Flex into SBA later?
Often, yes. Once the borrower has 24 months of operating history under the new ownership and the target is under the $5M SBA cap, we can take out Flex with a 7(a) refi and drop the rate by 250-400 bps. About one in five Flex files we close eventually refinance to SBA.
Q06
How much equity do I need to bring?
Equity checks range from 10-30% of the purchase price depending on structure. Unitranche at 5.0x can get you to 85-90% total debt with a seller note; senior-only at 4.0x typically requires 20-25% sponsor equity. Seller rollover counts toward equity in most deals.
Q07
What's the minimum EBITDA you'll look at?
Institutional appetite starts around $750K TTM EBITDA. Below that we can sometimes place through private credit funds that specialize in lower-middle-market ecommerce, but pricing and covenants tighten. Above $2M EBITDA, we'll run a limited auction and deliver 3-5 competing term sheets.
Program 02: Flex
The fastest path
to close.
Submit the file and we'll return a written Flex read: pricing, leverage, and fit. If Flex isn't right, we'll say so and point you to the program that is.
Indicative terms only · Final pricing subject to credit approval