An equity guy I know just emailed me with a request form a state-licensed lender who is looking for $2mm to replace private debt, and will be convertible to equity pretty soon. They have good financials, 75% returns, up to $2000 loans for 10-12 month terms. (This is not a payday lender.)

Current private lender in first position is charging them 17.5%, they want 12% and stay in first position.

Anyone know a fund that may be interested?