Lower middle market · $1M–$20M
Debt capital for business owners and commercial real estate sponsors
When the deal needs more than a standard loan.
An acquisition, refinance or expansion may need a different structure, a different lender, or more than one financing source. We work through the cash flow, collateral and terms with you, then shape the request and approach lenders that fit. Bring us in while those choices are still open, or when the financing already on offer leaves questions unanswered.
Through the Blue Heron Greenfield Alliance, Blue Heron leads origination, with a particular focus on deals that involve both equipment and commercial real estate. Greenfield leads the capital markets work, structuring the financing and coordinating lender outreach. The Alliance focuses on financing requests of $3 million to $35 million.
Book a call Send us an outline
Introducing a client? See the update an adviser received
Lenders often pay our placement fee in full. In that case, you owe Greenfield no additional placement fee. When the lender does not pay our fee, our typical success fee is 0.5% to 2%, payable at closing. How our fees work.
What to expect when we work together
Start with your story
We talk through what you’re buying, building, or refinancing. Then we look at the financials with you to understand how much you need, when you need it, and what’s already in place.
You get a financing outline that identifies the gap and the questions still open.
Agree on the lender approach
We structure the request and screen lenders against it. Before we reach out, we agree with you on who should see it and check where conversations are already underway.
You know what we’re sending and who will receive it.
Make sense of the responses
If a lender can cover only part of the request, we ask what it can offer, which assets it needs, and what that leaves available for the rest of the deal.
You can compare lender feedback and decide which path to pursue.
Coordinate the path to closing
Once you choose a path, we coordinate with the lenders and keep you and your adviser updated on outstanding items, timing, and decisions.
Each update tells you what changed, who has the next step, and what still needs to happen before closing.
See a redacted lender package and the updates we shared with an adviser.
When to bring us in
Bring us in when the financing starts to change the deal.
Could equipment help fund the purchase? Could the seller carry part of the price? Could you refinance one property without pledging the next?
Greenfield’s typical focus is $1M–$20M across business financing and commercial real estate.
For the first call, bring whatever terms you already have, even if they’re preliminary.
From the capital markets desk · November 2026
A sample of current assignments
Equipment-backed acquisition
A buyer wants to use equipment to help finance a business purchase. The immediate question is how much of the price the assets can support. We’re waiting on diligence before taking that figure to a lender.
Property refinance
The first lender can cover part of the request. Greenfield and Blue Heron are exploring financing for the balance. The owner needs to see what both loans would cost and which properties the existing bank would release.
Construction financing
A bank reconsidered a revised request and asked who would stand behind the loan. Greenfield and Blue Heron reviewed the lender feedback with the sponsor and adviser and agreed who would make the next calls.
Seller financing in an acquisition
When one source of junior debt fell away, the buyer still had a gap. Could the seller carry more of the purchase price and take repayment behind the senior lender?
Expansion backed by property
A business owner wants to refinance property to fund expansion. We’re looking at what the remaining properties could support if one comes out of the collateral pool.
Growth capital and owner liquidity
A profitable business wants capital to grow and a partial payout for its owners. We’re looking at whether one loan can cover both needs and what the business can offer as collateral.
November 2026 snapshot. Some requests are in early review. Lender interest is not a financing commitment.
The Blue Heron–Greenfield Alliance
Blue Heron brings us equipment and commercial real estate deals, along with experience in equipment finance and sale-leasebacks. On one acquisition, the buyer’s adviser brought the deal to Blue Heron. Blue Heron identified a lender. Greenfield asked a question on the buyer’s behalf: Could the buyer borrow more than expected against the equipment and unpaid invoices?
Experience behind the decisions
Capital markets and the work of building a firm
Ed Sikorski, CFA brings 30 years of commercial and capital markets experience. He co-founded Hexagon Securities and helped build it to more than 40 people. He brings that operator’s perspective to a practical question for owners: how much cash will the business have after the loan closes?
Equipment and asset-finance experience
Joe Upson brings more than 35 years in corporate leasing and finance, including leadership roles at Heritage Global Capital and Align Business Finance.
Which piece do you want to keep?
On selected joint assignments, the Blue Heron and Greenfield teams look at the property, equipment and operating-cash needs together. We agree who will lead each conversation before outreach.
Equipment and receivables lenders
Keep the equipment financing. Find a mortgage partner.
The owner also needs a property loan. We review the property, existing liens and your collateral requirements to see how a mortgage could work beside your facility.
Property lenders
Keep the mortgage. Find financing for the rest.
You want the building loan, while equipment or operating cash remains open. We start with the piece you can cover and the conditions another lender would need to meet.
See how one lender agreed in principle to keep part of a refinance.
When your client turns to you about financing
An acquisition may have financing for the purchase price while the building, equipment or cash needed on day one remains unresolved. We put the proposed sources beside the uses of cash so the buyer and adviser can see which assumptions still need an answer.
See how introductions and referral updates work.
Will a larger invoice line put more cash into operations?
Illustrative work sample / For discussion. No lender commitment or transaction outcome is represented.
Your client is considering replacing an invoice-finance facility. The proposed line looks larger. Will it actually put more cash into operations? We compare eligible invoices, reserves, the current payoff and costs before asking the owner to change facilities.
What we ask for. An invoice aging, the amount due to the current finance provider, and any claims against the invoices. We also ask who has already seen the request, so the adviser can coordinate the next conversation.
What we put on one page. We separate invoices a lender might count from disputed or overdue amounts. From potential availability, we subtract the existing payoff, likely reserves and closing costs. That gives the owner a way to compare usable cash with the headline size of the line.
Where judgment changes the next step. If a lender’s likely advance would barely cover the payoff, we revisit the structure with the adviser. If there is room, we identify which type of lender fits and the one question that could rule it in or out before the owner prepares a full package.
What the adviser receives. “The open question is how much cash remains after the existing facility is repaid. Could you confirm the payoff and send the latest invoice aging? I’ll compare the two and come back to you before we decide whether to approach a lender.”
Greenfield is not a lender. This is an illustration of advisory work.
A closer look at overlapping equipment liens
Referral partner update · Illustrative deal
Two lenders need the same machines as collateral
Stage Structure review · Before lender outreach
The owner wants to refinance equipment and keep the bank line available for payroll. The bank’s collateral schedule includes the same machines an equipment lender would need as security.
Identify the pledged machines and confirm the payoff.
Find out which machines the bank would release and on what terms.
Weigh the cash freed against the borrowing capacity left for payroll.
Inside the deal write-up
Decision for the owner. Would refinancing the machines free enough cash to justify the change? Compare estimated proceeds with the payoff, costs and any reduction in bank availability. Keep the release terms open until the bank confirms them.
Inside the lender database
Capital source type. Equipment finance provider.
Collateral fit. Identifiable machinery with a documented value.
Question before outreach. Can the provider finance the specific machines if the bank releases its lien? Verify current criteria and lien requirements with the provider.
Fictional details illustrate the work. No lender or client is identified.
Greenfield focuses on financing requests of $1 million to $20 million. Explore our financing solutions.
Where does your financing stand?
I need financing
You are buying, refinancing or growing a business or property. The structure needs to leave room for the business to operate.
Explore financing situationsI am introducing a client
What will my client hear after I introduce you?
See the redacted update an adviser received on their referrals.
How we work with advisersI can finance part of it
You want to keep the loan that fits your institution. The owner needs another capital source for the remaining piece.
See how the pieces can fitStart with the question that is still open
Tell us what the business needs to do, how much financing is involved and when an answer matters. We start with the current debt, collateral and lender conversations, then work out with you which issue needs attention first.
We’re serving clients nationwide from our home base in the beautiful state of Georgia.
Greenfield and Blue Heron are independent firms. Greenfield advises on financing and commits no capital. Financing remains subject to the provider’s underwriting, approval and documentation.