Sale Leaseback with SBA Financing in a Tertiary Market – Structuring, Timeline & Challenges

I’m exploring a potential sale leaseback transaction in a tertiary market, and considering the use of SBA 504 financing as part of the structure. I’d appreciate insight from anyone who’s executed or evaluated a deal like this—particularly around: • The process and timeline when SBA financing is involved • Key due diligence steps unique to this type of deal • How to position the leaseback structure to an existing owner-operator (we’re considering having them remain post-closing on a short-to-mid term lease, without spooking them mid-negotiation) • Challenges in securing investor interest in tertiary markets, and what makes these deals pencil out • Any gotchas to be aware of with SBA involvement, especially from a compliance or eligibility perspective I’m still early in structuring this, but would welcome any experiences, war stories, or practical tips. Open to connecting directly if you’ve done something similar.