For a refinancing project without expansion the CDC documents in its credit memorandum that every condition is met: Qualified Debt (at least 75% of proceeds, or of the original loan's, used for Eligible Fixed Assets and the rest for the business; fully disbursed at least 6 months before application; secured by those assets at least 6 months; a federally guaranteed loan only with 10 business days' notice to its lender and a substantial benefit in lower installments, and other agencies' consent); a business operating for the full 2 years before application (with a New Business analysis after a change of ownership); Eligible Business Expenses itemized and certified; Other Secured Debt secured 6 months and paid current for 12 months; funding split among TPL, 504 and Borrower as 13 CFR 120.882(g)(5) requires; any deficiency on the old debt forgiven, paid or put on a subordinated note; the loan-to-value cap of the Refinancing Project; the job-based loan cap where no economic development objective is met; occupancy at application; the supplemental annual fee; disbursement within 9 months. It obtains the TPL's commitment letter certifications (use of proceeds; no loss shifting on Same Institution Debt), a transcript of account for each Qualified Debt with its loss-shifting determination, lien evidence at application, appraisals within 12 months of approval before closing and SBA Form 2288R, and never refinances debt owed to an Associate, SBIC or NMVCC, or a creditor positioned to shift a loss to SBA; PCLP authority is not used for same-institution debt.
The graph holds this control, the 0 it maps to, and the evidence behind each claim, over MCP and REST.