Looking for feedback — franchise equity lending model

I'm working on something in the franchise lending space and wanted to share it here to get some honest feedback from people who know this world better than I do. The idea is called Project Liquid — a hybrid lending marketplace focused exclusively on franchise transactions. Rather than traditional debt, we structure investments as equity positions in the franchise itself: 10–20% of the business value, in exchange for a share of future appreciation at exit. No monthly payments for the operator. A defined return tied to business performance for the investor. Deal parameters we're working with: — Franchise values between $500K and $1.5M — Capital deployed per deal: $50K–$300K — Term: 5–7 years, or at exit/sale — LP return: share of appreciated franchise value at settlement The franchise angle matters here because the underwriting is more grounded than general SMB lending — proven brand economics, franchisor accountability, and historical performance data that actually exists. It's a segment of the market that I think is underleveraged from a private capital perspective. I'm in the early stages of building out an LP base and am genuinely looking to connect with people who have experience in alternative credit, private credit, or SMB lending — not to pitch, but to pressure-test the model and hear where the gaps are. If this is relevant to your work or you have thoughts on the structure, feel free to comment or reach out directly. Happy to share more and equally happy to just have a conversation. — Henry