Where is investor capital actually closing SBA deals right now?

The structure is well-known: investor enters as a lender to the holdco, covers the injection gap, takes a subordinated note at a higher rate, and stays out of equity. Borrower PGs solo. SBA lender sits senior. If DSCR holds after servicing both notes, many will sign off. What I want is the real picture. Who's approving this, who's pushing back, and what's making the difference at the finish line. Where are SBA lenders drawing the line on subordinated debt? Rate ceiling, term limits, structural requirements? For those who've actually closed this way, what got your lender comfortable enough to proceed? If my assumption is wrong, what model is working?