No. Actual security affects the capital analysis and should be disclosed.
Follow the real financing arrangement
Personal-asset-secured or unsecured loans may qualify; enterprise-asset-secured debt does not qualify as invested capital. Completed payment does not erase the collateral terms.
The firm already operates, which helps: three years of its tax returns, its payroll showing crews employed, its equipment list with titles and any financing, its contracts in progress and its licences and bonding show a real business. Ownership and funding history, the purchase or formation agreements, and the specific terms governing any loan or escrow arrangement, together with evidence of what the business actually does. Trace each one to a lawful origin with statements, sale documents or loan agreements, and identify what secures any borrowing, because collateral affects how borrowed funds are viewed. Obtain the executed note, amortization schedule, security agreement, purchase contract, capitalization records, and statements tracing each buyer-funded payment. The first proves the business exists and earns: tax returns as filed, monthly revenue by trip type, deposits already taken for next season, the guides' payroll and their licences, and a fixed-asset list with titles for each boat, motor and trailer.