Hard money won't work with a cross collateralized purchase money loan unless the merchant can come up with at least 30% down. One option would be $240k cash out on existing business to put down on the new business.

If the merchant doesn't have the means to come up with at the very least 25% of the purchase price in cash then don't chase a ghost.

Scotsman Commercial loan finder is a good tool. http://www.scotsmanguide.com/default.asp?ID=2120