Part of it may. Amounts already paid in cash count; the financed portion counts only if the investor is personally liable and the debt is not secured by the assets of the business being acquired.
The security clause decides the number
Hypothetical example: In a vendor-financed sale the buyer typically pays a cash portion at closing and signs a note for the balance, and the seller usually wants the business itself as security. That structure protects the seller but it means the buyer has not placed the financed amount at personal risk, because a default costs the buyer the business rather than personal assets. If the same balance is secured by a mortgage on property the investors own personally, or by a personal guarantee supported by assets outside the enterprise, the analysis changes. The practical step is to have the note reviewed before signature, so that a commercial term can be negotiated with the requirement in view rather than discovered afterwards when renegotiation is impossible.
The opening review needs to map the investor's nationality, ownership percentage, commitment documents and forecast in a single chronology. Hypothetical example: A Canadian independent-cinema owner signs to acquire a U.S. theatre with a refundable deposit. The purchase agreement and escrow instructions decide whether the funds are truly committed, while the operating plan must show the theatre is more than a personal livelihood. Calling the deposit an investment does not answer either point.
Resolve gaps before filing by obtaining the governing agreement or financial record. A later explanation rarely carries the same weight as a contemporaneous document.