I am commercial lender with 25 years experience in the real estate and financial arena. I have financed business acquisitions without collateral. Given you have experience in the industry of the business you are trying to acquire, I would recommend a SBA 7a loan. I would also recommend you go thru a lender that is approved as a SBA Preferred Lender because they will typically add their requirements on top of the base SBA loan criteria. The SBA 7A will finance non-real estate business acquisitions such as franchises or business like this one where you are purchasing an established book of business. I financed the purchase of a manufacturing representative firm. The only assets the company owned over $1,000 was a laser printer. Through a combination of seller financing and a SBA 7a loan, we facilitated a $4M purchase with a $250K down payment from my borrower. Book a call with me if you need more info or want to explore other options.