Medical Office Feasibility Study in New Hampshire

Fewer physician loans than the nation would imply

New Hampshire's physician office lending is a small record: 29 SBA loans and $11.3 million across FY2017 to FY2026. On the league table the state is 39 of 53 for the class, which comes 13 of 39 among New Hampshire classes, and the location quotient of 0.41x shows physicians' offices take well under half the share of state lending that they do nationally. A developer arguing for strong demand in this niche has to look elsewhere than SBA history for support.

Loan size is the distinguishing metric

The median loan of $167,000 is 0.49x of the median that class draws nationwide, and the middle band runs from $100,000 to $338,000. That points to practice start-ups, equipment and tenant improvements, not building purchases. The 29 loans split 18 to SBA 7(a) and 11 to SBA 504, so fixed-asset financing is not negligible. No franchise loans appear, a franchise share of 0.00%.

Where and who

Rockingham County accounts for 13 loans and Hillsborough for 7, with Merrimack and Strafford at 3 each, Carroll at 2 and Sullivan at 1. Granite State Economic Development Corporation is the one lender named, with 8 SBA 504 loans worth $2.1 million. SBA reports the current holder of each loan, and the figure describes that body's book rather than how it underwrites.

Years and unpublished floors

Approvals ran from 4 loans in most years to 1 in FY2022, and FY2026 shows none recorded yet. Cancellation and charge-off rates are withheld; the cohorts are too small, and neither rate should be read as zero. No coding limit is attached to this cell, so the physicians' offices category here is a clean one.

Testing a New Hampshire practice project

Planning a New Hampshire medical office, a study should test the patient base by town, insurer mix and referral patterns, the recruitment of physicians in a state where the SBA record is thin, and the build-out cost per treatment room against a ticket that rarely exceeds $338,000. Coverage should be shown at the visit volume a new practice reaches by its second year, and the appraisal should consider how a medical fit-out affects value to the next occupant. If the project is real estate led, it should show why a 504 structure fits better than a 7(a).