By Daniel Smith, MAI · Updated November 11, 2026

Daniel Smith, MAI: everything he signs, page 2

Methodology series

Gym and Fitness Center Underwriting Method: Membership Penetration, Attrition and the Class's SBA Record
Hotel Underwriting Method: Fair Share Demand, RevPAR Evidence and the Class's SBA Record
How the Loan Analytics SBA Loan Dataset Is Built: Six FOIA Files Reconciled to SBA's Year-End Reports
How to Read a Loan-Outcome Page: Counts, Floors, Ranks and the Keys Behind Every Figure
Marina Underwriting Method: Slip Demand, Boat Registrations, Submerged Land Leases and the Class's Record
Multifamily Underwriting Method: Rent Evidence, Absorption and an SBA Record That Almost Stops
Operating Expense Evidence: Building an Expense Budget a Credit Officer Can Trace
Owner-Occupied Retail Underwriting Method: Sales Capture, Occupancy Rules and the Retail Loan Record
RV Park Underwriting Method: Site Nights, Seasonality and the Class's SBA Record
RV and Boat Storage Underwriting Method: Registrations, Space Demand and the Self-Storage Code It Shares
Ramp-Up and Absorption: How Long a New Project Takes to Stabilise, and How a Study Proves It
Reading Rejection From the Loan Outcomes: Where SBA Approvals Cancel, Where Loans Fail, and What the File Cannot Say
Restaurant Underwriting Method: Seats, Turns, Check Averages and the Full-Service and Limited-Service Record
SBA 504 Method: The Job Test, the Project Split and What a Study Must Show the CDC
SBA 7(a) Method: What 13 CFR 120 Tests and How a Feasibility Study Answers Each Test
Self-Storage Underwriting Method: Square Feet per Capita, Lease-Up and the Class's SBA Record
Sensitivity and Stress Testing: Break-Even Points, Shock Sizes and What a Lender Should See
Short-Term Rental Underwriting Method: Nightly Rates, Local Registration Rules and Why the SBA Record Is Silent
Supply and Comparable Analysis: Counting Competitors, the Pipeline and the Properties a Study Leans On
The Approval-Cohort Charge-Off Floor: Why a Published SBA Loss Rate Can Only Understate
Trade Area and Demand Methods: Capture Rates, Penetration Rates and Gravity Models
USDA B&I Guarantees Under 7 CFR 5001: What the Agency Tests and How a Study Answers
USDA Business and Industry Loans in Public Data: What USAspending Shows and What It Hides
What the SBA Loan File Cannot Tell You: The Limits of FOIA Data in Underwriting
Why a Rate on Fewer Than 30 Loans Is Withheld: Small Samples and the Suppression Rule

State by asset class data

Start with the data.