We are not seeing decreases in multiples per se, but we are seeing a shift with buyers using less term debt and more seller notes, ROE and earnouts. We encourage our clients to think about seller notes because they can get a higher rate than what they can get in the bank, yet it is less than what the buyer would pay to a bank. So, long as there is solid security, and if the seller doesn't need the money right away, it can be a win win for both.

From one lender’s view, not seeing LMM multiples changing much. So many buyers competing for deals keeping prices same. More equity and more creative seller note are helping to keep multiples in the same ranges even with higher rates.

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