Port 51 Lending LLC: SBA Lending Record

Port 51 Lending LLC in the SBA files

Port 51 Lending LLC is credited with 618 loans and $984.7 million approved in gross dollars over the FY2017 to FY2026 window. The record is entirely SBA 7(a), without any SBA 504 loan, and SBA lists NY for Port 51 Lending LLC. The page reports loans SBA shows the company holding or having held, and for 618 loans the loans carry SBA's guarantee. It says nothing about how the company decides.

Hotels lead the named classes

Class detail is absent for 324 of the 618 loans. Hotels and motels lead the rest with 90 loans, ahead of the full-service restaurant at 49, the limited-service restaurant at 19, the fitness center at 17 and automotive repair at 14. The states are spread: California 148, Texas 57, Florida 54 and Oregon 30.

After approval: cancellations and charge-offs

Cancellations, FY2017 to FY2024 approvals: 9.7% at least, and 9.7% again when undisbursed loans count as cancelled. The FY2017 to FY2021 cohort has 51 loans. 0.00% is its charge-off floor so far, and 0.00% was charged off within five years. Loans stay open at Port 51 Lending LLC, so both rates may climb.

A hotel study first

With 90 hotel and motel loans, a hotel study comes closest to this record. It should show occupancy, average rate and cost per room, then the franchise terms, the renovation reserve and a slower year, since revenue per room drives everything else. The appraisal has to come in at a value that covers the cost. For a restaurant, ask about sales per seat, table turns and what rent the site can bear. Given 324 unclassified loans, other property types lean on their own evidence. California holds the most loans, but the list runs through many states, so a borrower anywhere can find some local precedent, though a thin one. Show debt service coverage in both a base case and a weaker case.

The spread across states

The state table stretches further than the class table: California 148, Texas 57, Florida 54 and Oregon 30 are the largest of many. That breadth means a borrower in a state outside those four may still find a few comparable loans, though the file will be thin there. The 0.00% charge-off figures rest on 51 loans, enough to print but too few to trust, and the 9.7% cancellation floor is the sturdier of the two outcome measures.