Seller just came back with a counter and they’re willing to carry 15%. I like seeing that because it’s not just “creative”—it’s real stack leverage and it tells me the seller is motivated and aligned enough to keep some skin in the game post-close.
Now I’m tightening the terms and protecting the downside: rate/term/balloon on the carry note, making sure DSCR stays healthy, and confirming the numbers still hit with conservative assumptions. If this gets papered the right way, it’s a clean path to contract.
If you want to compare notes on structuring seller carry / capital stack, here’s a quick 15-min coffee chat: