The CDC obtains a USPAP-compliant real estate appraisal, dated within 12 months before application, from an independent state-licensed or (for higher values) state-certified appraiser with no conflict, naming SBA as client or intended user (never an appraisal prepared for the Applicant), where the project property's estimated value exceeds SBA's threshold or, below it, where equity in land held 2 years or more is contributed, the property is the TPL's OREO, the parties are closely related, the seller carries back part of the contribution, the project is a change of ownership or credit judgment requires it; otherwise it obtains an evaluation consistent with the interagency guidelines. New construction or substantial renovation is appraised at completion value with a post-construction statement of only minor deviations (or SLPC permission), existing buildings as-is, going concern values allocated among components, special purpose property by an industry-experienced appraiser. The appraisal is approved by SLPC before closing (except delegated loans); a value under 90% of the estimate reduces the debenture or needs added collateral or contribution, or strong cash flow; non-arm's length and change of ownership projects must appraise at 100% with price limited to the lesser of value or price. Used equipment bought from a non-dealer or refinanced needs an independent on-site equipment appraisal within 12 months.
The graph holds this control, the 0 it maps to, and the evidence behind each claim, over MCP and REST.