Printable report

Origination file · 7(a) Standard · $1,200,000.00 · SBA loan number issued October 6, 2026 · before closing

Rules used: SOP 50 10 8.1, eff. 2026-10-01, incl. Technical Updates (Notice 5000-882227).

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Missing · MAJOR: A packager fee is mentioned but no compensation agreement (Form 159) is in the file

Found: Fee mentioned: "A packager fee of $15,000.00 will be paid by the borrower to the loan packager at closing.". No Form 159 in the file.

Where: Credit_Memo_Harbor_Line.docx, paragraph 5

Fix: Obtain SBA Form 159 and the engagement letter for the packager. Re-run the review.

Rule: M1-FEE-002 · 13 CFR 103.5 (applicant and agent must execute a compensation agreement; SBA may deem compensation unreasonable and require reduction/refund); 13 CFR 103.4 (fees without a necessary and reasonable relationship to services rendered are good cause for suspension); 13 CFR 120.221(a) (lender packaging fees must be reasonable and customary; applicant told in writing it need not buy unwanted services); the $2,500.00 / 1% thresholds are SOP 50 10 8 (unread)

Missing · MAJOR: A packager fee is mentioned but Form 159 is missing

Found: Fee mentioned: "A packager fee of $15,000.00 will be paid by the borrower to the loan packager at closing.". No Form 159 in the file.

Where: Credit_Memo_Harbor_Line.docx, paragraph 5

Fix: Obtain SBA Form 159 signed by the applicant, the packager and the lender, with the fee amount. Check the fee is within SBA limits and not charged to the borrower improperly. Add Form 159 to the file and re-run the review.

Rule: M1-FORM-004 · SOP 50 10 8 Section A Ch.4 ¶D.8 (Disclosure of Fees, SBA Form 159), PDF p.70 (signatures; lender signs twice); Section A Ch.4 PDF p.65 (Lender fees over $2,500.00); Section B Ch.5 closing documents PDF p.321 (Form 159 for Lender fees over $2,500.00 and for any Agents); 13 CFR 103.5

Needs attention · CRITICAL: An owner is not shown as a US citizen or national

Found: The ownership chart lists: Ren Kalloway — 15% indirect via Tidewater Holdings LLC, shown as Lawful Permanent Resident. Loan-number date 2026-10-06.

Where: Ownership_Chart.docx, table 0, row 4, column 0; Ownership_Chart.docx, table 0, row 4, column 1; Ownership_Chart.docx, table 0, row 4, column 4

Fix: Confirm the owner's status from a passport, birth certificate or naturalization certificate. If the owner is not a citizen or national, the only cure is complete divestiture before the loan number is issued (see M1-ELIG-005); record it with an updated ownership chart. Re-run the review after the ownership chart and Form 1919s are updated.

Rule: M1-ELIG-004 · Policy Notice 5000-876441

Needs a person: Add-backs with no support in the file exceed 10% of EBITDA

Found: Unsupported add-backs 113,000 are 28% of 2025 EBITDA. Coverage with all add-backs: 2.18x. Coverage without the unsupported ones: 1.74x. Both rows are shown in the workbook's DSCR sheet. Basis: PRACTICE. Method: add-backs with no document in the file are totalled and compared with the latest year's EBITDA; the flag is more than 10%. The only SBA anchor is the DSCR floor for this loan's type, 1.15x within two years of funding (SOP 50 10 8 Ch.1 C.2.a.ii.b; Notice 5000-876777).

Where: Historical_Financials.xlsx, sheet Income Statement, cell D9; Historical_Financials.xlsx, sheet Income Statement, cell D7; Historical_Financials.xlsx, sheet Income Statement, cell D8; Historical_Financials.xlsx, sheet Add-backs, cell D4; Historical_Financials.xlsx, sheet Add-backs, cell D5

Fix: Attach a document for each add-back, with a one-line reason. Show coverage with and without the unsupported add-backs in the credit memo. A credit officer decides whether the remaining cash flow supports repayment.

Rule: M1-CRED-001 · 13 CFR 120.150 (applicant must be creditworthy; loans so sound as to reasonably assure repayment; prudent generally accepted commercial credit analysis consistent with the lender's similarly-sized non-SBA loans); credit-memorandum element list is SOP 50 10 8 §A Ch.4 (unread); LGPC checklist Tab 2

Needs a person: No Associate may be "currently incarcerated, serving a sentence of imprisonment imposed upon adjudication of g

Found: Present: SBA Form 1919. Presence only; content not tested in v0. Not checked in v0: court/indictment records if disclosed.

Where: SBA_Form_1919_Ashgrove.docx; SBA_Form_1919_Harbor_Line_LLC.docx; SBA_Form_1919_Vantreese.docx

Fix: A person reviews the content against the rule.

Rule: M1-ELIG-017 · 13 CFR 120.110(n) as amended by 89 FR 34094 (2024-04-30; eff. 2024-05-30; verbatim read on federalregister.gov): incarcerated, serving a sentence of imprisonment, or under indictment for a felony or a crime involving financial misconduct or a false statement; probation/parole ground removed; Form 1919 character questions

Needs a person: Proceeds may not be used for: payments, distributions or loans to Associates

Found: Present: credit memo. Presence only; content not tested in v0. Not checked in v0: use-of-proceeds table.

Where: Credit_Memo_Harbor_Line.docx

Fix: A person reviews the content against the rule.

Rule: M1-USE-001 · 13 CFR 120.130(a)-(g) (restrictions on uses of proceeds); 13 CFR 120.201 (7(a)-specific restrictions, not fetched); SOP 50 10 8 §A Ch.3 ¶B refinancing/MCA detail (unread)

Needs a person: Early default triggers full guaranty review

Found: Present: credit memo. Presence only; content not tested in v0.

Where: Credit_Memo_Harbor_Line.docx

Fix: A person reviews the content against the rule.

Rule: M1-CRED-011 · OIG Report 19-22; Windsor summary

Needs a person: Credit elsewhere: SBA assists only applicants for whom the desired credit is not otherwise available on reason

Found: Present: credit memo, personal financial statement. Presence only; content not tested in v0.

Where: Credit_Memo_Harbor_Line.docx; PFS_413_Ashgrove.xlsx; PFS_413_Vantreese.xlsx

Fix: A person reviews the content against the rule.

Rule: M1-ELIG-014 · 13 CFR 120.101 (credit not available elsewhere; lender certification and file substantiation); personal-resources clause is SOP 50 10 8 §A Ch.1 ¶H (unread, UNVERIFIED sub-clause)

Ready: Guarantees: every holder of at least a 20 percent ownership interest generally must guarantee the loan)

Found: Present: personal financial statement. Presence only; content not tested in v0.

Where: PFS_413_Ashgrove.xlsx; PFS_413_Vantreese.xlsx

Rule: M1-COLL-007 · 13 CFR 120.160(a) (holders of at least a 20 percent ownership interest generally must guarantee the loan; SBA or the lender may require others); SOP 50 10 8 §A form editions and "direct or indirect owner" wording (unread); Forms 148/148L

Ready: IRS transcripts match the tax returns

Found: Transcripts for 2023, 2024, 2025 match the returns within 1% / $1,000.00.

Where: Tax_Returns_2023-2025.xlsx, sheet Returns, cell B3; IRS_Transcripts_4506C.csv, row 2, column 3; Tax_Returns_2023-2025.xlsx, sheet Returns, cell B5; IRS_Transcripts_4506C.csv, row 2, column 4; Tax_Returns_2023-2025.xlsx, sheet Returns, cell C3; IRS_Transcripts_4506C.csv, row 3, column 3; Tax_Returns_2023-2025.xlsx, sheet Returns, cell C5; IRS_Transcripts_4506C.csv, row 3, column 4; Tax_Returns_2023-2025.xlsx, sheet Returns, cell D3; IRS_Transcripts_4506C.csv, row 4, column 3; Tax_Returns_2023-2025.xlsx, sheet Returns, cell D5; IRS_Transcripts_4506C.csv, row 4, column 4

Rule: M1-CRED-006 · SOP 50 10 8 Section A Ch.5 ¶B.1-B.4, PDF p.90-92 (Form 8821 designee rules p.91-92)

Ready: Business type is not on the ineligible short list

Found: Description "Wholesale and retail marine hardware, rigging and boat supplies", NAICS 423910: no match on the v0 short list.

Where: Harbor_Line_Loan_Export.csv, row 2, column 10; Harbor_Line_Loan_Export.csv, row 2, column 9

Rule: M1-ELIG-008 · 13 CFR 120.110(a)-(s) (letters k,l not returned by fetch)

Ready: CAIVRS is clear

Found: 3 results, all clear.

Where: CAIVRS_Results.txt, line 3; CAIVRS_Results.txt, line 5; CAIVRS_Results.txt, line 7

Rule: M1-ELIG-015 · 13 CFR 120.110(q) (prior Federal loan default causing a loss makes the business ineligible unless waived); CAIVRS search mechanism is SOP 50 10 8 (unread)

Ready: Form 1919 is present for every required party

Found: 3 parties, each with a signed 02/2025 Form 1919.

Where: SBA_Form_1919_Harbor_Line_LLC.docx, paragraph 1; SBA_Form_1919_Harbor_Line_LLC.docx, paragraph 3; SBA_Form_1919_Harbor_Line_LLC.docx, paragraph 6; SBA_Form_1919_Vantreese.docx, paragraph 1; SBA_Form_1919_Vantreese.docx, paragraph 3; SBA_Form_1919_Vantreese.docx, paragraph 6; SBA_Form_1919_Ashgrove.docx, paragraph 1; SBA_Form_1919_Ashgrove.docx, paragraph 3; SBA_Form_1919_Ashgrove.docx, paragraph 6

Rule: M1-FORM-001 · SBA Form 1919 page (edition 2025-03-19, OMB 3245-0348 — read on legacy.sba.gov); LGPC checklist v2.0 Tab 1

Ready: Rules used: SOP 50 10 8.1, eff. 2026-10-01, incl. Technical Updates (Notice 5000-882227)

Found: Date used 2026-10-06 (application received date, else loan-number date); SOP 50 10 8.1, eff. 2026-10-01, incl. Technical Updates (Notice 5000-882227) applies.

Where: Loan_Authorization_Harbor_Line.docx, paragraph 2

Rule: M1-VER-002 · SOP 50 10 8.1; Information Notice 5000-882227 (eff. 2026-10-01) 'will apply to all applications received by SBA on or after that date'; Information Notice 5000-880695

Ready: Insurance binder names the lender as loss payee

Found: Loss payee: Keystone Test Bank, N.A., its successors and/or assigns, as lender loss payee.

Where: scan_0042.docx, paragraph 4

Rule: M1-COLL-004 · SOP 50 10 8 §A Ch.5 ¶Insurance 1 (Hazard Insurance) PDF p.92-93, citing 13 CFR 120.160(c)

Ready: Historical and current financials: income statement and balance sheet dated within 120 days of submission

Found: Present: historical financial statements. Presence only; content not tested in v0.

Where: Historical_Financials.xlsx

Rule: M1-CRED-009 · LGPC 7(a) Loan Submission Checklist July 2026 p.1-2, Tabs 6-7 (not for Small Loans; 120 days of submission to SBA; FYE statements or returns for the last 3 years)

Ready: Owner Financial Statement for each 20%+ owner and each proposed guarantor except Supplemental Guarantors, sign

Found: Present: personal financial statement. Presence only; content not tested in v0.

Where: PFS_413_Ashgrove.xlsx; PFS_413_Vantreese.xlsx

Rule: M1-CRED-010 · LGPC 7(a) Loan Submission Checklist July 2026 p.1, Tab 4

Ready: A separate Form 1919 is completed and signed for each Co-Borrower

Found: Present: SBA Form 1919. Presence only; content not tested in v0.

Where: SBA_Form_1919_Ashgrove.docx; SBA_Form_1919_Harbor_Line_LLC.docx; SBA_Form_1919_Vantreese.docx

Rule: M1-FORM-002 · SOP 50 10 8 Section B Ch.1, SBA Form 1919 (PDF p.143); SBA Form 1919 (02/2025) pp.1-2

Ready: Tax return transcripts obtained and the Applicant's financial data reconciled to them before first 7 disbursem

Found: Present: IRS tax transcripts (4506-C). Presence only; content not tested in v0.

Where: IRS_Transcripts_4506C.csv

Rule: M1-FORM-006 · SOP 50 10 8 Section A Ch.5 ¶B.4 (tax return transcripts and reconciliation), PDF p.91-92; Section B Ch.5 required closing documents (IRS Form 4506-C or Form 8821), PDF p.321