Obvious question that hasn't been asked or answered: Is there any other debt on the balance sheet? If they have Senior Debt finding subordinating debt in the single digits WILL be a problem.

A firm doing $3M per month without any debt at all is rare.

If it is completely clean- I agree with my esteemed colleagues: Definitely do-able. If they are seeking a second (which is what they are likely looking for) I think you will have to alert them that the rates will be higher because the risk to the Lender is greater.