A founder is in the process of purchasing their company back with a $1.5M cash raise and a $1.5M convertible note from a VC firm.

However, this is the VC firm’s first raise, and they are awaiting their LP capital injection, which is currently delayed due to bank clearance in an Asian bank. This clearance is expected to take between 3 to 6 weeks.

We are looking to raise a 3-month term, $3M bridge for the company purchase and prepare for a re-assignment of the VC injection to the bridge holder. The bridge will hold the first lien on all assets and the company, including a $1.8M SRED return in September.

If anyone has experience with similar scenarios or capital for this scenario, please reach out.