This is outside my arena. I would have recommended the SBA Capline, or a ABL with someone like Crestmark or Presidential; but you said he does not want to put up collateral or his AR. If he changes his mind and is willing to put up his AR, then 11% range is possible. The most competitive would be the SBA Capline, and then the other 2 are probably similar in pricing. Wish you the best of luck, and I am sure others on this site will be able to give you a better direction than I can.