What a difference an election makes.

Two months after President Trump rolled back Obama administration limits on how much debt private equity firms can load onto leveraged buyouts, KKR & Co. is prepping a bid that will take advantage of the higher limits, The Post has learned.

The New York buyout shop is putting together a bid for Envision Healthcare that could top $11 billion and mark the return of highly leveraged mega-buyouts, sources said.

Henry Kravis’ firm is arranging financing equal to 7.25 times Envision’s earnings before interest, taxes, depreciation and amortization, or Ebitda, a source close to the situation said.

In 2014, President Obama limited debt on LBOs to six times a company’s Ebitda. That would have made the Envision deal impossible to do, sources said.

Since 2014, the number of LBOs has dropped substantially, according to a 2018 report from Bain & Co.

“The leverage limits really hurt larger deals,” said a lawyer who advises PE firms — and noted the dearth of $10 billion-plus deals since 2008.

But that slowdown may soon be ending.

“There is no question we are seeing more deals above six times leverage in 2018 than anytime in the past 10 years,” the lawyer said.

But not one of these so far has been a buyout that included more than $2 billion in debt, he said.

In March, Joseph Otting, comptroller of the currency, said banks have the “right” to do the leveraged lending desired as long as it doesn’t mar their “safety and soundness.”

In LBOs, private equity firms like to put down around 30 percent of the purchase price in cash — and have the companies they acquire borrow the rest. In the Envision deal, putting 30 percent in cash and borrowing at a six-times multiple would not get one near Envision’s current trading price, a source close to the deal noted.

This year’s rollback of the Obama guidelines is the only reason the deal is possible, the source said.

Shares of Nashville, Tenn.-based Envision Healthcare — which supplies physician services, primarily in the areas of emergency-department and hospital services — have gained 10 percent in the last two trading days in the wake of solid quarterly results released Tuesday.

Envision said it is studying a sale, but has not yet decided when to complete the review.

KKR declined to comment.