Worked Example: SBA 504 Hotel Feasibility Study in Washington
A worked example of the feasibility study a lender would read for a hotel project in Washington, financed with an SBA 504 loan.
Feasibility Study Data for the Seattle-Tacoma-Bellevue, WA Metro Area
What SBA's own loan files show about lending in the Seattle-Tacoma-Bellevue, WA Metro Area, every asset class together, and what a feasibility study for a project there has to test.
Seattle-Tacoma-Bellevue: the size of the record
The Seattle-Tacoma-Bellevue metropolitan area logged 9,636 approved loans and $6.00 billion in FY2017 to FY2026. Seattle-Tacoma-Bellevue sits at 14 of 928 among areas ranked by loans. Seattle-Tacoma-Bellevue loans center on $256,750, the median. Seattle-Tacoma-Bellevue middle half: $59,800 to $720,000. Against the national median, Seattle-Tacoma-Bellevue comes to 1.23x. Program mix for Seattle-Tacoma-Bellevue: 9,036 7(a), 600 504. 9.6% of the loans in Seattle-Tacoma-Bellevue carry a franchise brand. $6.00 billion is the Seattle-Tacoma-Bellevue dollar total.
Seattle-Tacoma-Bellevue: classes and counties
In Seattle-Tacoma-Bellevue, full-service restaurant leads at 694 loans. Limited-service restaurant follows with 440. Gas station and truck stop follows with 257. That is the Seattle-Tacoma-Bellevue class lead. Next in Seattle-Tacoma-Bellevue comes fitness center at 210 loans. Outside every class stand 6,424 Seattle-Tacoma-Bellevue loans, so each Seattle-Tacoma-Bellevue project is judged on its own facts. SBA assigns Seattle-Tacoma-Bellevue loans mostly to King County, WA (5,512), Pierce County, WA (2,243), and Snohomish County, WA (1,881).
Seattle-Tacoma-Bellevue: the lender side
These Seattle-Tacoma-Bellevue tables show SBA's holders, not verdicts. Seattle-Tacoma-Bellevue 7(a) holders include U.S. Bank, National Association with 989 loans ($317.8 million) and KeyBank National Association with 853 loans ($380.6 million). Seattle-Tacoma-Bellevue lists, for 504, 276 loans at Evergreen Business Capital ($301.0 million), 208 loans at Northwest Business Development Association ($255.3 million), and 110 loans at Ameritrust CDC ($150.6 million). For a Seattle-Tacoma-Bellevue borrower, the rows are context only. Nothing in Seattle-Tacoma-Bellevue rows states what a holder requires.
Seattle-Tacoma-Bellevue: what the floors can say
Cancelled in Seattle-Tacoma-Bellevue: 11.4% of FY2017 to FY2024 approvals, as a floor. Treating undisbursed Seattle-Tacoma-Bellevue loans as cancelled gives 12.3%, the ceiling. Charged off to date in Seattle-Tacoma-Bellevue: 4.2%, a floor, across 3,963 disbursed loans of FY2017 to FY2021. Within five years of approval, Seattle-Tacoma-Bellevue stands at 2.1%. Seattle-Tacoma-Bellevue rates are floors. Loans season, and Seattle-Tacoma-Bellevue events can still raise them. County names place the Seattle-Tacoma-Bellevue loans. The July 2023 delineation defines Seattle-Tacoma-Bellevue. Seattle-Tacoma-Bellevue omits loans with no county match. Seattle-Tacoma-Bellevue totals count loans outside the tracked classes.
Seattle-Tacoma-Bellevue: study points
Seattle-Tacoma-Bellevue volume ranged from 787 loans in FY2022 to 1,276 in FY2025, the latter for $701.7 million. The first year, FY2017, shows 900 loans and $516.0 million for Seattle-Tacoma-Bellevue. The latest year, FY2026, shows 1,082 loans and $723.9 million for Seattle-Tacoma-Bellevue. A Seattle-Tacoma-Bellevue study weighs local demand against King County, WA competitors, not national patterns. The Seattle-Tacoma-Bellevue median is $256,750. Set Seattle-Tacoma-Bellevue budgets beside it; nationally it is 1.23x. For Seattle-Tacoma-Bellevue, the sponsor's case is not the base case. Seattle-Tacoma-Bellevue floors set the stress. Cost and value meet at the Seattle-Tacoma-Bellevue appraisal. Seattle-Tacoma-Bellevue readers see one set of local numbers. Absorption near King County, WA is tested for Seattle-Tacoma-Bellevue on a slow case. Beside King County, WA findings, the Seattle-Tacoma-Bellevue study lists what it could not test.
SBA loans in the Seattle-Tacoma-Bellevue, WA Metro Area
| Loans approved, FY2017 to FY2026 | 9,636 |
|---|---|
| Gross dollars approved | $6.00 billion |
| Median loan | $256,750 |
| Middle half of loans, from | $59,800 |
| Middle half of loans, to | $720,000 |
| SBA 7(a) loans | 9,036 |
| SBA 504 loans | 600 |
| Franchise share of loans | 9.6% |
| Rank among metro and micro areas by loans | 14 of 928 |
| Median loan against the national median | 1.23x |
Cancellation and charge-off
| Cancelled after approval, FY2017 to FY2024 approvals (a floor) | 11.4% |
|---|---|
| The same, counting loans still undisbursed as cancelled (a ceiling) | 12.3% |
| Charged off to date, FY2017 to FY2021 disbursed loans (a floor) | 4.2% |
| Charged off within five years of approval | 2.1% |
| Loans in that cohort | 3,963 |
Both rates are floors. SBA withholds the status of open loans, so a loan counts as charged off only once SBA reports it; a rate needs at least 30 loans in its cohort and is otherwise not reported.
SBA loans approved in the Seattle-Tacoma-Bellevue, WA Metro Area, by fiscal year
| Fiscal year | Loans | Dollars |
|---|---|---|
| FY2017 | 900 | $516.0 million |
| FY2018 | 946 | $513.9 million |
| FY2019 | 902 | $510.1 million |
| FY2020 | 800 | $522.9 million |
| FY2021 | 919 | $757.9 million |
| FY2022 | 787 | $539.6 million |
| FY2023 | 881 | $554.8 million |
| FY2024 | 1,143 | $659.0 million |
| FY2025 | 1,276 | $701.7 million |
| FY2026 | 1,082 | $723.9 million |
Loans by asset class
| Asset class | Loans |
|---|---|
| Not in any of the 39 asset classes | 6,424 |
| Full-service restaurant | 694 |
| Limited-service restaurant | 440 |
| Gas station and truck stop | 257 |
| Fitness center | 210 |
| Automotive mechanical repair (car and truck) | 178 |
| Assisted living (without nursing care) | 173 |
| Coffee shop and snack bar | 163 |
| Child care center | 154 |
| Beauty salon | 139 |
| Dental office | 134 |
| Hotel and motel | 132 |
| Medical office (physicians) | 76 |
| Grocery store | 70 |
| Rehabilitation and therapy clinic | 65 |
| Beverage manufacturing (breweries, wineries, distilleries) | 56 |
| Caterers (includes banquet halls with catering staff) | 50 |
| Veterinary clinic | 37 |
| Car wash | 26 |
| Nonresidential lessor (flex, office and retail investor buildings) | 24 |
| Skilled nursing | 23 |
| Liquor store | 22 |
| School (elementary and secondary, including charter) | 16 |
| Data center | 14 |
| Warehouse and distribution | 10 |
| Behavioral health and addiction treatment | 10 |
| Life science lab (research and development) | 10 |
| Self storage | 8 |
| Continuing care retirement community | 6 |
Classes with 5 or more loans; smaller ones are withheld, and more where a small one could be derived.
Most active SBA lenders
| Lender | Loans | Dollars |
|---|---|---|
| Evergreen Business Capital | 276 | $301.0 million |
| Northwest Business Development Association | 208 | $255.3 million |
| Ameritrust CDC | 110 | $150.6 million |
| Lender | Loans | Dollars |
|---|---|---|
| Columbia Bank (OR) | 1,059 | $353.4 million |
| U.S. Bank, National Association | 989 | $317.8 million |
| KeyBank National Association | 853 | $380.6 million |
| Banner Bank | 578 | $148.7 million |
| Wells Fargo Bank National Association | 313 | $134.6 million |
Lenders with 5 or more loans here; a lender with fewer is not listed, and loans SBA or a receiver holds are counted but never listed as a lender.
Where the loans are, by county
| County | Loans |
|---|---|
| King County, WA | 5,512 |
| Pierce County, WA | 2,243 |
| Snohomish County, WA | 1,881 |
Counties with 5 or more loans; smaller ones are not listed.
Metro is the CBSA (metropolitan or micropolitan statistical area) of the loan's project county, July 2023 delineation (OMB Bulletin 23-01). The county is matched by name (manifests/ld2/county-cbsa-map.csv); a loan whose county cannot be placed in a 2023 CBSA is left out of every metro.
All assets: every 7(a) and 504 approval in the metro, including those outside the 39 asset classes.
A value marked withheld rests on fewer than 5 loans, or is withheld so that such a figure cannot be derived from other published figures.
Source: U.S. Small Business Administration, 7(a) and 504 loan-level FOIA files (data.sba.gov), as of 2026-09-30; areas from the U.S. Census Bureau CBSA delineation, July 2023 (OMB Bulletin 23-01); Loan Analytics metro cell MT-42660.
Related feasibility study pages
- Feasibility study data and consultants for Washington
- Feasibility Study Data by Metro Area
- SBA feasibility study consultant
- Feasibility Study Data for the Spokane-Spokane Valley, WA Metro Area
- Feasibility Study Data for the Olympia-Lacey-Tumwater, WA Metro Area
- Feasibility Study Data for the Kennewick-Richland, WA Metro Area
- Feasibility Study Data for the Bellingham, WA Metro Area
- Feasibility Study Data for the Bremerton-Silverdale-Port Orchard, WA Metro Area
- Feasibility Study Data for the Yakima, WA Metro Area
- Feasibility Study Data for the Mount Vernon-Anacortes, WA Metro Area
- Feasibility Study Data for the Moses Lake, WA Micro Area
Feasibility study data by asset class in the Seattle-Tacoma-Bellevue, WA Metro Area
- Full-service restaurant
- Limited-service restaurant
- Gas station and truck stop
- Fitness center
- Automotive mechanical repair (car and truck)
- Assisted living (without nursing care)
- Coffee shop and snack bar
- Child care center
- Beauty salon
- Dental office
- Hotel and motel
- Medical office (physicians)
- Grocery store
- Rehabilitation and therapy clinic
- Beverage manufacturing (breweries, wineries, distilleries)
- Veterinary clinic
- Car wash
Worked examples
Loan Analytics prepares the feasibility study a lender reads before it commits: for a commercial project in the Seattle-Tacoma-Bellevue, WA Metro Area, financed under SBA 7(a), SBA 504, USDA Business and Industry or a conventional bank loan. Tell us the project and the lender's deadline, and we reply with scope, timeline and fee.
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