Hi all ! I have a resi/hvac plumbing business under LOI and am looking for intel on terms for an equity raise. The Company did ~$5M rev and ~$800k SDE in 2025 and will probably be at $5.5M / $1M SDE by the time I complete a QoE through July since they just recently added 4 technicians and interim financials are showing a lot of growth. It's a great business with an attractive upside opportunity: no marketing to date, owner likes to be in the field so hasn't spent much time at all professionalizing the back office, they are turning down calls because they are too busy, they don't offer drain and sewer services which are high margins. The owner will be sticking around for a year to work / help with the transition so it limits the risk from that angle as well. I am planning to be full time to run the business and drive growth. On top of that, I worked in PE/IB on services deals like this + spent some time operating at a portco, so have direct experience that I believe will be attractive to an investor. PP is roughly $4M I am going to contribute $250k. Seller will finance some. I am planning to raise ~$1M and am trying to understand the market for bringing in investors. I know that there is a pref rate and a step up. I have heard everything from 1x - 2.5x step up, and pref from 6-14%. I would be greatful if anyone could share terms that they have seen transact for a deal like this in the past few months. I am happy to provide more intel on the deal, but I am also trying to keep it intentionally vague. Thanks in advance!