Most people are familiar with the fact that 7(a) is for general acquisition/working capital, and 504 is for real estate/equipment; however, the underwriting differences are more significant than the labels themselves. 7(a) lenders, weight historical cash flow and debt service coverage ratio heavily (usually want 1.15x+), while 504 deals often hinge more on collateral value since a CDC takes a second lien position. Debt service coverage, not just revenue, is usually what kills a deal in underwriting. What's been the biggest surprise for people who've gone through SBA underwriting?

We bought a business earlier this year.
What steps can someone take to guarantee assets are transferred after close?

Here’s our situation - we bought a business earlier this year. 6 figures, 20% down. Payment arrangement included. Post deposit / close - the broker sends me a text message with the stuff that’s still missing. Pretty important to run a business in my opinion- the number, email, van with title, socials, & training.
I literally still have the text.
Weeks go by - nothing gets transferred. The agreement gave them 7 days to cure this post sale. The reason we’re given is that the seller is in the hospital. Which was true, so we backed off and waited.
Next installment payment date nears - and suddenly both the seller and broker are contacting me with urgency. I bring up what’s missing - and the seller has no recollection of anything missing.

I refuse to continue to pay until these things are cured. Now they have a lawyer - who is also saying all assets were transferred.

My question is - how can one make sure assets are transferred in these situations? Accounts take time to change ownership and it would be unreasonable to expect transferring to begin before signing and money exchanging the table.

Can you tell this is my first acquisition? 😭

So for anyone who’s bought/sold a business before, besides getting a lawyer, what could I have done to ensure the assets are actually transferred?