Buying guide

Best Platforms to Find Lenders for a $20 Million Expansion Project

Q: What is the best platform to find lenders for a $20 million expansion?

There is no single 'best' platform for every deal. Marketplaces like Crux and Lofotr Investors are strong for tax-credit-linked or sector-specific projects, Financely Group and Hyde Park Capital work as paid advisory shops, and Ezra runs the full process (lender matching plus a deal team) for companies raising $20M or more of debt or project finance.

Q: How long does it take to raise $20 million in debt or project finance?

A well-prepared process typically moves from outreach to signed term sheet in weeks rather than months, though total time to close depends on diligence, documentation, and how many lenders are approached. Processes that start without a lender-ready data room routinely take six months to a year.

Q: What is the difference between a lending marketplace and a debt advisory firm?

A marketplace (like Crux or CommLoan) is largely self-serve: you submit data and the platform routes it to matching lenders. A debt advisory firm (like Financely Group, Hyde Park Capital, or Ezra) runs the process for you, including structuring, materials, and outreach, usually for a fee tied to the mandate.

A side-by-side look at the marketplaces, advisory firms, and software that connect business owners and sponsors with lenders for $20M+ debt and project finance.

By the Ezra teamUpdated 2026-11-11

Quick answer: For a $20M+ expansion, skip general small-business loan marketplaces (they cap out far lower) and use a platform or advisory firm built for large debt and project finance. Strong options include Ezra (lender matching plus a deal team for $20M+ raises), Crux and Lofotr Investors (sector marketplaces), and Financely Group or Hyde Park Capital (paid advisory). The right pick depends on your sector, timeline, and whether you want a self-serve marketplace or a team running the process.

How we picked

We included platforms, marketplaces, and advisory firms that publicly state they work on debt or project finance deals of roughly $20 million or more, or whose stated minimum mandate size sits at or near that threshold. We checked each vendor's own site for deal-size ranges, network size, and fee structure, and cross-checked funding and deal-volume claims against press coverage and investor write-ups. Pricing, network figures, and features were checked 2026-11-11.

What this is not: we have not run live deals through every platform listed, and we are not a licensed lender or broker. Figures on lender networks and deal volumes come from each company's own disclosures, not independent audits. Ezra is included as one of the eight options and we note its limits alongside the others.

Disclosure: Ezra is the publisher of this page and is included as one of the options compared below.

Why generalist loan marketplaces don't fit $20M+ deals

Most "best business loan" roundups are built around loans under $500,000, which is the wrong category for a $20M expansion. A single SBA 7(a) loan caps at $5 million, and a 504 loan caps at $5.5 million, and even after a 2026 rule change the combined 7(a) and 504 cap only rose to $10 million. That leaves half of a $20M raise or more unfunded by the SBA system alone. Finding the right lenders for a project this size means going to commercial banks, private credit funds, infrastructure debt funds, and development finance institutions, which is a different search than comparing online small-business lenders.

$2.7 trillionsize of the global private credit market at the end of 2025, the pool most $20M+ non-bank debt comes fromMorgan Stanley

$10M capmaximum combined SBA-backed financing after the July 2026 rule change, well short of a $20M expansionGoKapital

$1.1 billionin term sheets issued by lenders on Crux's debt marketplace in a single recent quarterCrux

What project finance and non-dilutive debt actually mean

Project finance is debt sized against a specific project's contracted cash flows, offtake agreements, and construction risk rather than the sponsor's whole balance sheet, which is why the lender pool and underwriting process look different from a standard business loan. Non-dilutive capital is financing that doesn't require giving up equity, and for most business owners expanding operations, that means some form of senior debt, mezzanine debt, or project-level financing instead of selling a stake in the company.

For a deeper breakdown of how to choose between a debt advisory firm and raising capital yourself, see Best Way to Raise Non-Dilutive Capital in 2026 and Best Debt Advisory Firm for Project Finance 2026.

Old wayPlatform/marketplace way Cold-call relationship bankers one at a timeSubmit once, get routed to a pre-screened pool of matching lenders No visibility into which lenders actually fit your sector or deal sizeLender criteria (sector, size, geography) filters matches before outreach Months spent building a data room from scratch for each lender askStandardized underwriting packages reused across multiple lenders Single point of failure if one bank says noParallel outreach produces multiple competing term sheets Generalist small-business loan sites max out around $250K to $5MPurpose-built marketplaces and advisors work in the $20M+ band Advisory relationships based on who you already knowNetworks of hundreds to thousands of verified capital providers

Why purpose-built platforms replace the traditional bank-by-bank search for large deals.

The best platforms and firms to find lenders for a $20M+ expansion

Ezra

Fee tied to mandate, checked 2026-11-11

AI-native capital advisory · Checked 2026-11-11

Best for: business owners who want a deal team to run the raise, not just a list of lender names.

Ezra combines a lender-matching platform with an in-house deal team for companies raising $20M+ of debt and project finance. Instead of handing you a directory, Ezra's team structures the raise, prepares materials, and runs outreach to lenders whose mandate fits the deal, then keeps the process moving to term sheet.

Deal team plus platform, not a pure self-serve directory
Built specifically for the $20M+ debt and project finance band, not small business loans
Also runs a lender-side intake so demand on both sides of the market is pre-screened

Not a fit for raises under roughly $20M or pure equity rounds
As a managed process rather than instant quotes, you work with a deal team rather than browsing offers yourself

Ezra works best for owners who want someone else to run the lender search end to end, not just a tool to self-serve.

Start a raise

Crux

Marketplace access, checked 2026-11-11

Tax credit and debt marketplace · Checked 2026-11-11

Best for: clean energy and manufacturing sponsors who also need tax credit transfer alongside debt.

Crux started as a tax credit transfer marketplace and expanded from tax credit transfers alone, to the entire clean energy capital stack after developers, manufacturers, and lenders began asking about construction loans and bridge financing. More than 75 investors are in the Crux capital network and have collectively issued $1.1 billion in term sheets in a single recent quarter, spanning banks, private credit firms, pensions, specialty lenders, and family offices.

Large, active lender network specifically for clean energy and manufacturing projects
Connects 630 developers, manufacturers, tax credit buyers, lenders, and intermediaries on one platform
Useful if your $20M expansion also involves monetizing clean energy tax credits

Focused on clean energy, manufacturing, and infrastructure; not a general-purpose business lender marketplace
Heaviest adoption is still tax-credit-linked transactions, debt is a newer addition to the platform

Crux is best for sponsors whose $20M expansion sits in clean energy or manufacturing and can pair debt with a tax credit transfer.

Visit Crux

Financely Group

Paid advisory mandate, checked 2026-11-11

Structured debt advisory and arranging firm · Checked 2026-11-11

Best for: sponsors above $20M who want a paid advisory firm to structure and shop the deal to a large lender list.

Financely Group is explicit that it works for deal sizes above $20M: for structured credit and capital raising advisory the firm normally focuses on funding requirements from USD 20 million upward. The firm positions itself strictly as an intermediary: Financely is an advisor and arranger, not a lender or investor, and outreach runs through a targeted list of banks, infrastructure funds, private credit lenders and development finance institutions... followed by managed outreach from a network of more than 12,700 verified capital providers.

States a $20M+ minimum publicly, so there is no mismatch on deal size
Large stated lender network (12,700+) across multiple debt types
Covers project finance, trade finance, and commercial real estate under one roof

Works under a paid advisory mandate and an advisory budget is required before work begins
Does not guarantee financing, same as any advisor

Financely Group is best when you have a defined $20M+ project and a budget set aside for paid advisory work before a single lender is approached.

Visit Financely Group

Lofotr Investors

Platform access, checked 2026-11-11

Institutional project finance marketplace · Checked 2026-11-11

Best for: sponsors in energy, mining, real estate, or infrastructure who want one platform connecting them to institutional capital.

Lofotr Investors is a global investment platform and project finance marketplace connecting sponsors with private equity investors, venture capital investors, and institutional capital providers across energy, mining, biotech, and infrastructure sectors, with dedicated tracks for renewable energy, mining project finance, and commercial real estate project finance and capital placement services.

Covers multiple real-asset sectors (energy, mining, infrastructure, real estate) on one site
Framed specifically around institutional project finance, not general small business lending

Less third-party coverage and track record data available than more established players
Website provides limited public detail on fee structure or minimum check size

Lofotr Investors is a reasonable addition to a shortlist for sector-specific project finance, best paired with a second option for comparison.

Visit Lofotr Investors

Hyde Park Capital

Advisory fee, checked 2026-11-11

Middle-market investment bank · Checked 2026-11-11

Best for: founder- and family-owned middle-market companies raising growth or acquisition debt alongside M&A advice.

Hyde Park Capital is a middle-market investment banking firm specializing in mergers and acquisitions and capital raising primarily for founder and family-owned companies, with more than 300 corporate investment banking transactions totaling more than $10 billion in transaction value. Historic deal sizes have run $25M to $500M, which lines up well with a $20M+ expansion.

26 years in business with a deep bench of senior bankers
Can combine debt capital raising with M&A or recapitalization advice in one engagement

Investment banking fees and timelines, not a quick self-serve marketplace
Best fit skews toward companies with an M&A or recap angle, not pure project finance

Hyde Park Capital is best for owners who want their $20M+ debt raise handled by the same bankers advising on a sale, recap, or acquisition.

Visit Hyde Park Capital

Banyan Infrastructure

Software subscription, checked 2026-11-11

Project finance workflow software · Checked 2026-11-11

Best for: teams that already have lender relationships and need software to manage diligence and covenant reporting, not lender introductions.

Banyan Infrastructure is an end-to-end software platform purpose-built to streamline infrastructure finance, from development to asset management, covering pipeline, KPI, and compliance tracking for project financiers and developers. It's important to be clear on what this is: a data and workflow layer, not a lender-matching marketplace.

Strong at standardizing diligence, documents, and covenant reporting across a portfolio
Used by funds, banks, and lenders already active in sustainable infrastructure

Does not find or introduce you to new lenders; it manages deals once lenders are already in motion
Built for infrastructure and sustainable project finance specifically

Banyan Infrastructure is best as a back-office companion once you already have lenders at the table, not as your way to find them.

Visit Banyan Infrastructure

CommLoan

Free to borrowers, checked 2026-11-11

Commercial real estate lending platform · Checked 2026-11-11

Best for: expansions that involve buying, building, or refinancing commercial real estate.

CommLoan is built around commercial and multifamily mortgages, with the platform reporting access to over a single platform-style matching. Its stated network includes "1,000+ Active Lenders" and "$2.3B+ CRE Loans Closed" per its own site, spanning commercial mortgages, bridge, CMBS, Fannie Mae, Freddie Mac, and SBA programs.

Purpose-built for commercial real estate, with programs spanning conventional, agency, and bridge debt
Works for both borrowers directly and mortgage brokers sourcing lenders on a client's behalf

Scoped to real estate; not a fit if your $20M expansion is equipment, working capital, or a non-real-estate project
As with any marketplace, you're matched to offers rather than having a team negotiate for you

CommLoan is best when the $20M expansion is a property acquisition, construction, or refinance rather than a general business project.

Visit CommLoan

Stonegate Capital Partners

Advisory fee, checked 2026-11-11

Boutique investment bank · Checked 2026-11-11

Best for: public or late-stage private companies that want equity and debt options considered side by side.

Stonegate Capital Markets is a boutique investment banking firm specializing in raising capital for publicly traded and privately held companies, as well as M&A advisory, working through an extensive network of private equity firms, venture capital funds, hedge funds, HNW, family offices, and strategic investors. The firm has completed over 80 public offerings, raising over $800 million as a sole placement agent.

FINRA-member firm with a long public offerings track record
Can run a competitive process across both debt and equity investors in parallel

Historic public transaction sizes skew smaller (examples as low as $10M), so confirm fit for a $20M+ debt-only raise before engaging
Broader capital markets generalist rather than a project-finance or real-asset specialist

Stonegate is best for companies weighing equity against debt and wanting one advisor to run both conversations.

Visit Stonegate Capital Partners

How to run a $20M+ lender search in practice

Whichever platform or firm you choose, the mechanics of a large debt or project finance raise follow a similar sequence. These are the phases that determine whether you get one slow "no" or several competing term sheets.

Size the funding gap. Document total project cost, committed equity, any existing debt, and the remaining amount you need to raise before approaching a single lender.
Build lender-ready materials. Prepare a financial model with debt sizing and coverage ratios, historical financials, contracts or offtake agreements, and a clear structure memo.
Pick your channel. Decide between a self-serve marketplace (faster, less hands-on help), a paid advisory firm (more structuring support, retainer required), or a platform with a deal team that combines both.
Run parallel outreach. Approach multiple matching lenders at once rather than sequentially, so you can compare term sheets instead of accepting the first offer.
Negotiate and close. Use competing offers as leverage on rate, covenants, and tenor, then move the winning lender through diligence to financial close.

Full comparison: lender-finding platforms for $20M+ deals

PlatformTypeBest forTypical deal sizeEase of use ★Pricing modelVerified lenders per $1M typically raised* EzraMarketplace + deal teamOwners who want the raise run for them$20M+4.5Fee tied to mandateHigh (pre-screened pipeline) CruxSector marketplaceClean energy / manufacturing + tax creditsVaries, $1M-$500M+4.0Platform access75+ investors / 630 participants Financely GroupPaid advisory$20M+ defined projects with a budget$20M+3.5Paid advisory mandate12,700+ network-wide Lofotr InvestorsSector marketplaceEnergy, mining, real estate, infrastructureNot publicly stated3.0Platform accessNot disclosed Hyde Park CapitalInvestment bankFounder/family-owned middle market$25M-$500M3.5Advisory fee300+ deals, $10B+ value Banyan InfrastructureWorkflow softwareManaging deals once lenders are engagedN/A (not a marketplace)4.0Software subscriptionN/A CommLoanCRE marketplaceCommercial real estate expansionVaries4.0Free to borrowers1,000+ lenders network-wide Stonegate Capital PartnersInvestment bankDebt vs. equity side by side$10M-$100M+ (public deals)3.5Advisory fee80+ offerings, $800M+ placed

*Our calculation, based on each vendor's own disclosed network size relative to typical deal ranges on their site. Figures checked 2026-11-11 and are approximations, not guarantees of match quality.

FAQ: finding lenders for a $20 million expansion

What is the best platform to find lenders for a $20 million expansion?

There is no single "best" platform for every deal. Marketplaces like Crux and Lofotr Investors work well for tax-credit-linked or sector-specific projects, Financely Group and Hyde Park Capital operate as paid advisory shops, and Ezra runs the full process, including lender matching and a deal team, for companies raising $20M or more of debt or project finance.

Can I get a $20 million loan from the SBA?

Not from a single SBA loan. A standard SBA 7(a) loan caps at $5 million and a 504 loan caps at $5.5 million, and even after the July 2026 rule change that let borrowers stack both programs, the combined SBA-backed cap only reaches $10 million. A $20M+ expansion needs commercial banks, private credit funds, or project finance lenders outside the SBA system to cover the rest.

Do I need an advisor, or can I go directly to lenders myself?

You can approach lenders directly, but for $20M+ deals most sponsors use an advisor or platform because it takes specialized underwriting materials, a mapped list of lenders whose mandate actually fits the deal, and a managed process to produce multiple term sheets instead of one slow rejection.

How long does it take to raise $20 million in debt or project finance?

A well-prepared process can move from outreach to signed term sheet in a matter of weeks, though total time to close depends on diligence, documentation quality, and how many lenders are approached in parallel. Processes that start without a lender-ready data room routinely stretch to six months or a year.

What's the difference between a lending marketplace and a debt advisory firm?

A marketplace, such as Crux or CommLoan, is largely self-serve: you submit your data and the platform routes it to matching lenders. A debt advisory firm, such as Financely Group, Hyde Park Capital, or Ezra, runs the process for you, including structuring, materials preparation, and outreach, usually for a fee tied to the mandate.

Does project finance work differently from a regular business loan?

Yes. Project finance is typically non-recourse or limited-recourse debt sized against a specific project's contracted cash flows, offtake agreements, and construction risk, rather than the sponsor's whole balance sheet, which is why the lender pool and underwriting process differ from a standard business loan.

What documents do lenders want before they'll quote a $20M expansion?

Expect to need a financial model with debt sizing and coverage ratios, historical financials, signed contracts or offtake agreements where relevant, a capex and drawdown schedule, sponsor background, and a clear statement of the funding gap after equity and existing debt are accounted for.

Is non-dilutive capital always debt?

In practice, yes for most business owners: non-dilutive capital means financing that doesn't require giving up equity, which is almost always some form of debt, project finance, or a structure like a tax credit transfer, rather than venture or private equity investment.