Is it 11% an APR or some BS 11% CoC? What industry of clients? If commercial, u need to go to a bank that factors, such as Kevin Henry’s bank (assuming these are factor-able invoices). If government, I know Breakout can help on that or u can go to government factors. But I agree with others, your WACC is going to above 8% without a full refinancing, and with a factor, that would require a substantial amount of their revenue generated via invoices from AAA-credits.

Why can’t he refinance with a bank loan?