Scientific Capital arranges a 7.3 million combined loan for the acquisition of the two Extended Stay Americas with the conversion to Suburban Extended Stay in Columbus, OH. The project was financed with an 80% loan-to-cost (LTC) including the cost of the installation of solar panels in each hotel. The purchase of the two hotels was structured as two separate transactions and two separate SBA 504 loans. Since the buyer had already exhausted his SBA allocation of $5 million, the two transactions had to be structured under the SBA 504 Green. This program allows a maximum of $16.5 million in total allocation for all borrowers’ affiliates. Although Scientific Capital selected the CDC to process this loan, all SBA 504 loans are approved by the SLPC (Sacramento Loan Processing Center). The CDC proposes the loan structure, coordinates this structure with the lender, and underwrites and approves the loan internally within the CDC loan committee. Once approved, the CDC sends the request for approval to the SLPC. The SLPC approval turn-around for these two requests was 7 business days. The total processing time for an SBA 504 loan depends on many factors, such as the CDC’s and the lender’s loan volume and the processing timeframes, the third-party report turn-arounds (i.e., appraisal, Phase 1, survey, and the energy audit), the franchise approval, and the borrower’s responsiveness in providing the required information. In general, we consider 75 to 90 days for the completion of these projects.