I have a client who is a W-2 employee for an IT Consulting company (Company is Microsoft Certified). The owner of this company is going to retire and would like to sell the company to my client for $1.5MM. The business is profitable, established in 1994 and shows $2.8MM in revenue for 2016. Books through Nov 2017 have the revenue at $2.9MM+. The business has $0 debt and has $250k in receivables that will roll over to my client when he purchases the company. The owner is willing to hold a note for $1MM at a low-interest rate. The client has a 680 credit score, earns ~$240k annually and has over 20 years in the industry (17 with this company). Looking for a direct lender with decent rates. Business and client have minimal collateral besides 401k (personal) and outstanding receivables (business). No equity in Real Estate to speak of and no equipment to put up.

Thanks for any recommendations!