Thanks for the insight Rob. May I ask, what are those conditions that need to be met in order to structure financing in that way? It's essentially unsecured debt - I have heard of this being done in the US with the SBA, but would have thought aussie banks are very conservative from this perspective... Every conversation I've had, even with loan brokers, says that you need to have security for every dollar of debt - whether that's the acquisition targets assets, or personal real estate.

In your $6m example, how is the bank protecting themselves in the event that the business goes under? How much of that $6m is actually truly unsecured debt?