That sounds like a Rapid offer. Only way to reduce the cost would be a shorter term.. Funds So Fast, VitalCap and others have good programs in the 1.28 - 1.38 range. Negotiate for an agressive early pay discount.
After funding, I would try an SBA loan at 11.5% on a 10 year term and get this and the other debt refinanced. Add on some working capital for marketing and whatever else is needed to help them reduce costs and improve the other areas.

The accounting services that Steve mentioned would be very smart to do too. Always good to get the financials in tip top shape to make the best impression to underwriting.