From NAICS Code to Asset Class: How SBA Loans Are Assigned, and Where Two Industries Share One Code

An SBA loan count for hotels, car washes or gas stations is a translation. The SBA's loan files never record a property type. They record one six-digit industry code per approval, and the Loan Analytics dataset turns those codes into 39 asset classes through a fixed table called the asset map. This article explains how that table works, where it is exact, where it blurs because one code holds two or more kinds of business, and how a feasibility study should read a class that rests on such a code. It deals with the mapping only. Loss and cancellation rates are treated in The Approval-Cohort Charge-Off Floor, and the site's older post ranking charge-off rates across 416 NAICS codes works at the level of single industries rather than property types.

What a NAICS code records, and what it leaves out

The North American Industry Classification System sorts establishments, which OMB defines as individual business locations, by the type of economic activity carried on there ^[1]. The organising idea is the production process. Establishments that make a good or deliver a service in a similar way are grouped into one industry, the scheme reaches every kind of economic activity, and the 2022 United States edition holds 20 sectors and 1,012 industries ^[2].

A code is read from left to right, each digit narrowing the one before. The first two digits name the sector; the third marks the subsector, the fourth the industry group, the fifth the NAICS industry and the sixth the national industry ^[3]. Take the hotel code. The leading 72 places it in accommodation and food services, 721 narrows that to accommodation, and the full six digits, 721110, name the U.S. industry of hotels and motels other than casino hotels ^[4]. Each step down excludes more businesses, but even the sixth digit describes an activity, never a building.

The manual that defines the system is candid about its purpose. It says the classification may be used for administrative, regulatory and taxation work, but that the needs of agencies using it that way played no part in its development or revision ^[5]. That sentence is worth holding onto through the rest of this article. SBA uses NAICS to administer loan programs, and every boundary the system draws was drawn for counting economic activity, not for sorting collateral.

The unit being classified is the establishment, and the manual takes care to separate it from the property. Its own example is the shops inside a hotel: they are separate establishments classified in Retail Trade, while the hotel itself sits in the Accommodation subsector ^[6]. One building can hold businesses in two industries. The reverse is just as true, and it is the problem this article keeps returning to: one industry can occupy buildings that a lender would never put in the same comparison set.

An establishment with several activities is classified by its primary one ^[7]. The manual describes the ideal measure as share of production costs and capital, then admits that in practice revenue, shipments or employment often stand in ^[8]. A few combinations are common enough to be defined as industries of their own, and the manual's example is the gasoline station with a convenience store ^[9]. So a code is a statement about the main line of business. It is not an inventory of what happens on a site, and it does not change when a borrower adds a second activity that stays smaller than the first.

Who puts the code on an SBA loan, and what it describes

SBA works in NAICS because its size rules are written in NAICS. Under 13 CFR 121.101, size standards are set by type of economic activity, generally under the NAICS structure ^[10], and the table of standards in 13 CFR 121.201 applies to all SBA programs unless part 121 provides otherwise ^[11]. The code on a loan is therefore, first of all, the industry SBA's size test reads.

That test classifies the business, not the asset. Under 13 CFR 121.107, SBA identifies the primary industry of a concern, alone or with its affiliates, by weighing where its receipts, its staff and its operating costs fall among the industries it works in ^[12]. The measurement period is the most recently completed fiscal year, and SBA may also weigh the spread of patents, contract awards and assets ^[13]. Paragraph (a) of 13 CFR 121.301 frames the industry test as two criteria for SBA business loans other than 7(a) loans, and for disaster loans other than physical disaster loans ^[14]. On its own, without affiliates, the applicant must stay within the size standard of the industry it is primarily engaged in ^[15]; counted together with its affiliates, it must stay within the higher of two standards, the one for its own primary industry and the one for the primary industry of the whole group ^[16]. A 7(a) or 504 applicant reaches the same two criteria by a different door, paragraph (b)(1) of the section ^[17].

There is a second route, and it matters for how much weight the code can bear. Paragraph (b) gives a 7(a) or 504 applicant a choice, so it may satisfy the alternative standard in (b)(2) instead of the industry criteria ^[18]: tangible net worth of no more than $20 million and average net income after federal income taxes of no more than $6.5 million over the two preceding fiscal years, affiliates included ^[19]. When a borrower qualifies under the alternative standard, nothing in the size review depended on the precise code, so nothing in that review forced the code to be exact. A study should treat the code as a reasonable statement of the borrower's main business, recorded for program administration, rather than as a finding someone tested.

The code follows the operating business. A loan secured by a motel carries the hotel and motel code because the borrower runs the motel, and the collateral happens to be the building it runs. For most owner-occupied commercial lending those two things line up, because SBA lends to businesses that use what they finance. 13 CFR 120.110(c) bars a passive business whose developer or landlord owners do not themselves use or occupy the financed assets, and makes an exception for Eligible Passive Companies ^[20]. Among the conditions in 13 CFR 120.111, an Eligible Passive Company must put loan proceeds into property, refinancing included, "that it leases to one or more Operating Companies for conducting the Operating Company's business" ^[21]. Section 120.111 also allows a change of ownership among the company's existing owners, and some further uses by an Operating Company that joins the loan as co-borrower ^[22].

That exception is where the code and the property can come apart. The SBA files carry one industry code per approval. Where one entity holds title and rents the premises to the company operating there, the file does not say whether the code on that approval describes the occupying business or the landlord entity. Most of the time the answer is visible from the code itself: a dental practice code on a building loan almost certainly describes the practice. The exception is the set of lessor codes in real estate, and the sections on rulings and on reading a class return to them.

The FOIA files show the code each approval carries; they do not show who selected it or how it was checked. The dataset takes that code as filed on each approval in the 7(a) and 504 files and never edits it. It does not read borrower names, loan descriptions or franchise brands to second-guess an industry, because doing so would replace a public record with a private judgment. What the dataset adds is a translation of the code's vintage, which the section on concordances explains, and only then does it ask which class, if any, the loan belongs to.

From codes to classes: how the asset map is drawn

The asset map is a table of 72 rows. Thirty-nine are classes that hold loans. Fourteen are topics folded into a class because they have no code of their own or share one, from memory care and inpatient hospice to truck washes, truck parking, RV and boat storage and the former winery class. Five are topics with no NAICS identity at all: EV charging, condominiums, agritourism, special-purpose property and event venues that do not cater. The last fourteen are large SBA industries the map leaves out on purpose, because they are construction trades, trucking fleets, professional offices and other businesses without a property type. Every class is written in 2022 NAICS codes, so a class means the same thing whatever the approval year.

The classes came from four places. Ten match property types the site's archived service pages already covered, such as gas stations, car washes, RV parks, self storage, hotels and assisted living. A further group comes from a list of specialist property topics drawn from the wider feasibility market, among them skilled nursing, cold storage, dialysis, dental, veterinary and life science space. Four are topics both sources share, including marinas, data centers, medical offices and fitness centers. The remainder were added by a fixed rule that ranked every industry by FY2017 to FY2026 loans and dollars and took the leaders that no class already covered: full-service and limited-service restaurants, child care centers, liquor stores, beauty salons, coffee shops and grocery stores. The same rule surfaced the fourteen industries the map declines.

Membership was set and committed before any class figure existed. Later changes renamed classes or applied the ruling discussed below; none moved a loan to improve a result. That order matters to anyone using the classes as evidence. A map drawn after looking at outcomes could be tuned to make a class look safer or larger, and this one was not.

A loan joins a class by one rule. Its code is first translated to 2022 NAICS. If every 2022 code it translates to lies inside one class, the loan joins that class. If any of them lies elsewhere, the loan stays out of every class. There is no partial membership, no weighting by likely share, and no reading of the loan's purpose or the borrower's name. A loan is in a class on the strength of its code alone, or it is not in a class.

Within the window, 647,329 ^[23] SBA 7(a) and 504 approvals form the universe, and 182,784 ^[24] of them fall inside a class. Table 1 sets out the split: 28.2 percent of approvals sit in a class and 71.8 percent do not. The low share is the design working, not a gap in the data. The approvals outside go largely to businesses such as contractors, professional offices, carriers, manufacturers and retailers whose code says nothing about a property type, and forcing them into classes would make every class less true.

The approvals outside the classes fall into four groups. By far the largest carries codes that no class claims. A few thousand carry split codes, meaning an older code that the 2022 revision divided among several new ones: some of those have one target inside a class, others have every target outside. A handful carry a code that no concordance step connects to 2022 NAICS. None of these loans is assigned by guesswork, and none appears in a class count.

Loan Data Behind This Article

Every figure in this table comes from the Loan Analytics loan dataset, analytics-loan-data freeze-3 (commit 360c856), and carries its key. SBA rates are approval-cohort floors and are withheld when fewer than 30 loans stand behind them.

Where two industries share one code

NAICS draws its lines around production processes, and some processes run straight across categories a lender treats as different property types. Where that happens the map cannot split the code. It either names the class for everything the code holds, as with hotel and motel, or it accepts that a topic lives inside a broader class, as truck washes live inside car wash. The ruling that fixed the map accepted these shared-code classes on one condition: every page about such a class, and every cell file behind it, states the shared code.

Truck stops inside a gas station code. The 2022 manual defines 457120 as gasoline stations without convenience stores together with truck stops ^[32], and its alphabetical index sends truck stops there while general truck repair shops go to 811111 ^[45]. The gas station class therefore joins 457110 and 457120. It can say how many gas station and truck stop borrowers SBA approved; it cannot say how many of them ran a travel center with diesel lanes, truck parking, showers and a restaurant. Because every truck stop sits in the class, the class count is an upper bound on truck stop lending, and nothing more precise than that. A study of a travel center that quotes the class count as truck stop activity has overstated its evidence. The site's worked example of an SBA 7(a) gas station study in Tennessee sits on the gas station side of the class.

Car washes and everything that cleans a vehicle. Code 811192 covers cleaning, washing and waxing passenger cars, trucks, vans and trailers ^[46], and its examples run from detail shops and mobile washes to self-service bays ^[33]. An express tunnel on an acre of land, a four-bay self-serve lot, a detailer in a strip unit and a mobile operator working from a van are one class. Truck washes are folded in because they share the code. The cost structures and the real estate behind those businesses barely overlap, so a lender reading a car wash count should picture the whole spread, not only tunnels. The site's SBA 504 express car wash example in Maryland sits at one end of it.

Hotels and motels. Code 721110 holds short-term lodging in hotels, motor hotels, resort hotels and motels ^[4]. Limited-service, select-service, extended-stay, full-service and resort properties all carry it, and no field in the SBA file separates them. The dataset's franchise share says how many hotel approvals carried a franchise code; it does not sort them by service level. A class median for hotels is a median across a very wide product range.

RV parks and campgrounds. Code 721211 covers sites for campers and their equipment, from tents and tent trailers to travel trailers and RVs ^[34]. A full-hookup RV resort with paved pads and a tent campground in a state forest share it. Lessors of residential mobile home sites are elsewhere, in 531190, which is why the manufactured housing class sits on a different code.

Urgent care and surgery centers. Code 621493 lists freestanding ambulatory surgical centers, freestanding emergency and trauma centers and urgent medical care centers among its examples ^[35]. A walk-in clinic on a retail pad and a licensed surgery center with operating rooms have different buildings, payers and licensing paths, yet the file cannot tell them apart. The class carries both topics in its name for that reason.

Senior care, split by nursing. Here NAICS divides by whether nursing care is on site, which cuts across how operators market their buildings. Nursing homes, inpatient hospices and assisted living with nursing care share 623110 ^[36]; the index sends inpatient hospices there and in-home hospice care to 621610 ^[47]. Continuing care retirement communities include assisted living with on-site nursing facilities ^[37]. Only assisted living without nursing care has its own code, 623312 ^[48]. Memory care has no code at all. The assisted living class is therefore the without-nursing slice of what the market calls assisted living. A study of a senior housing project, such as the site's SBA 7(a) assisted living example in Utah, should first establish whether the building will provide nursing care, because that decides which class is the comparison.

Caterers and banquet halls. Code 722320 describes businesses that generally carry meals to events or cook off premises, and it also includes banquet halls with catering staff ^[38]. A hall rented out without catering is coded as a nonresidential lessor, 531120 ^[40]. An event venue is therefore split across two codes that each hold other businesses, which is why event venues are a topic with no identity in the map.

Rounded as shown; lines may not foot by one unit in the last place.

Six of the shared-code classes hold enough loans to show the scale of the issue. Table 4 adds up the approvals of both programs for each of them, and Table 5 lists the program cell behind every input. Together the six account for 14.4 percent of all approvals inside the classes, with hotels and motels alone the largest single block. In each of them, the class count describes everything the shared code holds.

Old codes on newer loans: concordances, split codes and unmatched codes

NAICS is revised on a five-year cycle, and SBA moves its size table to each revision at the start of a fiscal year. SBA adopted NAICS 2012 effective October 1, 2012 and NAICS 2017 effective October 1, 2017 ^[58]. It adopted NAICS 2022 effective October 1, 2022, noting that it is not itself a statistical agency ^[59]; for federal statistics, the 2022 codes govern establishment data for reference years from January 1, 2022 ^[60]. A loan window from FY2017 to FY2026 therefore spans at least two code vintages, and some approvals in it carry codes from editions older still.

Most revisions renumber rather than redefine. In 2022 the gas station codes moved: 447110 became 457110 and 447190 became 457120, with the six digits changed and the titles left alone ^[61]. The Census matching table marks 457120 as a new 2022 code fed by 447190 ^[62]. Some codes merged. Specialized automotive repair, 811114, was formed from 2017 codes 811112, 811113 and 811118 ^[63], which matters to the automotive mechanical repair class because it is built on 811111 and 811114. And some codes outlived their edition on loans approved years later. When SBA adopted NAICS 2012 it removed the 2007 restaurant codes 722110, 722211, 722212 and 722213 from its table ^[64] and matched new code 722511 for full-service restaurants to old code 722110 ^[65]. Most of that revision renumbered or redefined 2007 codes without changing their size standards ^[66]. For a borrower the change was invisible, which is consistent with older codes still turning up on approvals long after 2012.

The links between editions are published by the Census Bureau. The 2022 manual prints matching tables between 2022 and 2017 codes, changes only, in both directions ^[67], and SBA's own rule sends readers to the Census Bureau for the complete relationship ^[68]. The dataset chains those tables. A code found on a loan is traced forward edition by edition, from 2002, 2007, 2012 or 2017, until it reaches 2022 NAICS, and the crosswalk records which edition each code entered from. The restaurant control is one of the checks run on it: 722110, 722211 and 722213 must arrive at 722511, 722513 and 722515, and 447110 and 447190 must arrive at 457110 and 457120.

Renumbering is harmless. Splitting is not. The 2022 revision created 111 new industries by reclassifying, combining or splitting 156 industries of the 2017 edition ^[69], and nine of those 2017 industries were divided between two or more new ones ^[70]. Much of the change was in retail: OMB explained that the internet had stopped being a specialised activity and become a generic way to deliver goods and services ^[71], so the old practice of giving online sellers their own code was dropped. The 2017 code for electronic shopping and mail-order houses, 454110, was distributed across 42 retail trade industries ^[72], one of them the 2022 code for beer, wine and liquor retailers ^[73].

Consider what that means for an online wine shop approved in FY2019 under 454110. Its 2022 targets include 445320, the code behind the liquor store class, but also furniture, apparel, pharmacies and dozens of others. Nothing in the file says which one the shop would be today. The map's rule therefore keeps the loan out of the liquor store class, even though one target lies inside it. The same logic holds for a 2012 research and development code that the 2017 edition divided between nanotechnology research and other physical and life science research, only the second of which sits in the life science lab class, and for an older real estate investment trust code that points at several lessor codes at once. These are the split-code loans, and the map leaves every one of them unassigned.

A simple renumbering into one new code is a different case. The 2017 code for beer, wine and liquor stores, 445310, became part of the 2022 liquor retailer code 445320 ^[74]; since every store loan under 445310 lands on that one target, those loans join the liquor store class in full. The test is never whether a code changed. It is whether the change leaves more than one possible destination.

The rule costs a little coverage and buys exactness. Every loan counted in a class belongs there on its code alone. The price is that classes receiving part of a split code, such as liquor stores, life science labs and the lessor classes, are counted slightly low, never high. A handful of approvals in the window carry a code that no concordance step reaches at all; they sit outside every class with the split-code loans.

The rulings that shaped the map

A ruling dated 10 November 2026 settled five questions about the map, and each changes how a class should be read.

Manufacturing narrowed to beverages. Before the ruling, one class held every manufacturing code except wineries, a span of hundreds of codes from sawmills to semiconductor plants. A class like that says nothing about any one building. The ruling narrowed it to beverage manufacturing: breweries, which brew beer, ale, lager, malt liquors and nonalcoholic beer ^[75]; wineries, which grow grapes and make wine, make wine from fruit grown elsewhere, or blend wines and brandies ^[76]; and distilleries, which distil potable liquors other than brandy and blend or mix liquors ^[77]. The former winery class folded into it, since winery is one of its three codes. In the window the narrowed class holds 3,278 ^[28] 7(a) approvals and 642 ^[29] 504 approvals. The class records that the borrower makes beer, wine or spirits. It does not record whether there is a taproom, a tasting room or an event business on the same site, and those can shape the real estate as much as the production floor does.

The two lessor classes kept, with a warning. The multifamily class is built on 531110, lessors of residential buildings such as single-family homes, apartment buildings and town homes ^[78]. The nonresidential lessor class is built on 531120, lessors of buildings that are not residences, other than miniwarehouses and self storage ^[39]. The ruling kept both and required every page to say plainly that SBA lending in these classes almost stops from FY2024. Table 6 shows the 7(a) series behind that statement, with the manufactured housing class, which rests on the third lessor code, beside them.

The dataset does not explain the drop, and a study should not invent an explanation for it. What can be said is that thin lessor classes are consistent with the program's rules: passive ownership by developers or landlords who stay out of the financed property disqualifies the business, the Eligible Passive Company structure being the exception ^[20]. A lessor code on an SBA approval is therefore a flag in itself. It may record a holding entity leasing to an operating company, a borrower whose rental income outweighs its operations, or simply a coding choice, and the file cannot say which. From FY2024 the classes are nearly empty, so their recent counts should not be read as a signal about apartment, office or retail demand. The manufactured housing class shows the same shape in the table, though the ruling did not address it, and the same caution applies.

Caterers kept without pages. The caterer class stays in the data, and it gets no pages of its own. Every loan in it carries 722320, a code whose definition describes businesses that mostly serve events off premises and also takes in banquet halls that employ catering staff ^[38]. Publishing it as if it were an event venue class would misdescribe what the code mostly holds. Event venues remain a topic without a NAICS identity.

Shared codes accepted, disclosed. The ruling accepted the shared-code classes described above: hotels and motels, urgent care and ambulatory surgery, RV parks and campgrounds, and truck stops inside the gas station code. Each page discloses its shared code, and the cell files carry the same note in a dedicated field.

Industries without a property type stay out. The fourteen large industries the ranking surfaced, among them residential remodelers, truckload carriers, plumbing and electrical contractors, insurance agencies and law offices, remain outside the map. Their borrowers need premises, but the code says nothing about what kind.

What the map leaves out, and why that is useful

Seven in ten approvals in the window sit outside every class, as Table 1 shows. That figure tells a reader something about the SBA book itself: most of it goes to businesses whose code is not a property type. NAICS covers the whole economy across 1,012 industries ^[2], and only a few dozen of them map cleanly onto a building a feasibility study would examine.

Some property topics cannot be built from codes at all. RV and boat storage has no code of its own; a facility of that kind is coded as self storage or as other warehousing depending on how it operates, so the self storage class holds part of the topic and the rest sits in the warehouse class among general storage businesses. The site's SBA 504 RV and boat storage example in New Jersey is a project of exactly that kind, and a study of one should say which code the operator would carry. The 2022 index has no entry for vehicle charging. Condominiums appear only as builders, property managers and owners' associations, never as the property. Agritourism is coded by crop or livestock. Special-purpose property is a lending concept, not an industry.

Owner-occupied retail is the clearest case of a property type with no class. A retail building is occupied by a retailer of something specific, and that retailer is coded by what it sells, so the building's lending history is spread across dozens of retail codes that the 2022 revision itself reorganised. The site's SBA 504 owner-occupied retail example in Michigan illustrates the point: the evidence for such a project comes from the tenant business and the local market, and a class figure would add little.

None of this makes the remaining classes weaker. A smaller map with honest edges is more useful to a lender than a large one that pretends every loan has a property type. The asset-class data hub lists the classes that carry pages, and the ruling requires each class page to state its limitation in the words the map uses.

How a study should read a class built from a shared code

A class figure is evidence about a population of SBA borrowers. Used well, it frames a project against the lending history of its industry. Used carelessly, it lends a precise-looking number to a comparison that does not hold. The checks below follow from how the map is built.

Start with the subject's own code. Before quoting any class, a study should work out how the subject business would be coded. The question SBA asks is where the concern's receipts, employees and costs fall across its activities ^[12], and the same question decides which class the subject belongs to. A car wash that earns most of its revenue from fuel is a gas station for this purpose. A winery whose event business outearns its wine sales may not be coded as a winery at all. If the subject's main activity points to a different code, the class is the wrong comparison, however close the name sounds.

Read the definition, not only the title. Code titles are short and definitions are long. The title of 811192 says car washes; the definition covers trucks, vans and trailers ^[46]. The title of 457120 says other gasoline stations; the definition names truck stops ^[32]. A study that cites a class should cite the definition behind it as well, so the reader can see what the count includes.

Read the disclosure line. Every page and cell file for a shared-code class names what the code also holds. That line is not boilerplate. It tells the reader which sub-type the count cannot isolate, and a study should repeat it next to any class figure it uses.

Treat the class as borrowers, not buildings. A class count is a count of SBA approvals to businesses in an industry. It is not a count of properties, and it is not a count of financings of one property type. Two approvals can finance one building, and one approval can finance a business that operates in leased space.

Bound a sub-type; do not estimate it. When a project is a sub-type inside a shared code, such as a travel center inside the gas station class or a surgery center inside the urgent care class, the class count is the most lending the sub-type could have received, not an estimate of what it did receive. Any share applied to split the class is an assumption and has to be labelled as one, with its source.

Mind the vintage. Approvals before October 2022 were made under earlier editions, and some carry codes retired well before the approval date. The dataset translates them, so a class means the same thing in every year. A study that pulls its own SBA extract should do the same, or its year-by-year comparisons will break at each revision.

Remember the split-code gap. Classes that receive part of a split code are counted slightly low. For liquor stores, life science labs and the lessor classes, the true industry lending is somewhat larger than the class figure. The gap is small, but it runs in one direction, and it should be stated when a class figure is close to a decision threshold.

Ask about the ownership structure. For any project financed through a holding entity that leases to the operating business ^[21], a study should state which entity's industry it is describing, and should not use the lessor classes as a stand-in for the operating business's industry.

Pair the class with the market. A class figure says how much SBA lending reached an industry and how it was spread across states and programs. It says nothing about whether a particular trade area can absorb another facility. That is the work of the market and financial analysis, and the class is context for it. Outcome figures for each class carry their own limits, which the series covers in the articles on loss floors and on why rates on fewer than 30 loans are withheld.

Keep the code out of value. A class figure describes lending to an industry. It is not a measure of what a property is worth, and a feasibility study is not an appraisal. A study that moves from a class count to a statement about the subject's value has stepped outside both the data and its own scope.

Read this way, the asset map gives a study something the raw SBA files do not: a fixed, written translation from industry codes to property types, with its blind spots written down. The reader always knows which code a class rests on, what else that code holds, and which loans were left out because their code could not be placed with certainty.

Related Pages on Loan Analytics

• The Loan Analytics methodology series (all articles)
• How a feasibility study is done: the Loan Analytics methodology
• SBA feasibility studies (7(a) and 504)
• Loan data by state
• Loan data by asset class
• Worked examples (case studies)
• Worked Example: SBA 7(a) Assisted Living Feasibility Study in Utah
• Worked Example: SBA 504 Express Car Wash Feasibility Study in Maryland
• Worked Example: SBA 7(a) Gas Station Feasibility Study in Tennessee
• Worked Example: SBA 7(a) Gym Feasibility Study in Hawaii
• Worked Example: SBA 504 RV and Boat Storage Feasibility Study in New Jersey
• Worked Example: SBA 504 Owner-Occupied Retail Feasibility Study in Michigan
• SBA Loan Default Rate by Industry: Charge-Off Rates for 416 NAICS Codes
• 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

Commission a Feasibility Study

Loan Analytics prepares lender-grade feasibility studies for SBA 7(a), SBA 504, USDA Business and Industry, conventional and EB-5 financing, built on the methods this series sets out. A study is not an appraisal: it tests whether a project's market, costs and cash flow can carry the debt a lender is asked to approve. To discuss a study for your project, contact Loan Analytics.

Daniel Smith, MAI, Loan Analytics