Seller note hopes and desires

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by a searcher from Harvard University
in Toronto, ON, Canada

2yrs ago

Seller note hopes and desires

Has anyone been recommended by seller and their reps to have seller note at first position?
Are banks even considering seller note at first position?

I recently was suggested this and I kept my head straight with a poker face because I felt the parties were wasting their own time by even proposing such an innovative out of the world structure.

Bankers - any response for above will be appreciated.

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reply by a searcher 2yrs ago
in Rindge, NH 03461, USA

Tell the seller that they absolutely can (and should) have first position lien on all company assets, BUT to get it they have to finance the entire deal so there is no need for a bank. Smile! You actually WANT them to be in first position! ha ha (because that means they financed the entire deal for you.

reply by a searcher 1yr ago
from Northern Alberta Institute of Technology in Edmonton, AB, Canada

Seller's tend to have this position...they're suffering from parallax error. Often the vendors on founder led businesses (who, presumably don't currently answer to the bank) can't understand that the bank would have any say on their rights or what happens with their business. But it's a new day when they sell their company.