Printable report

Origination file · 7(a) Standard · $480,000.00 · SBA loan number issued July 14, 2026 · closed

Rules used: SOP 50 10 8 (as amended).

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Needs a person: A credit officer must judge repayment ability

Found: Credit memo present. Whether it covers every SOP-required element is a judgment, not a mechanical check. The appended workbook gives the DSCR, stress and add-back tests to support that review.

Where: Credit_Memo_Pinecrest.docx

Fix: A credit officer reads the memo against the SOP's required elements and signs off. Use the workbook's DSCR, Stress and Add-backs sheets as the tie-out.

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_Brightwater.docx; SBA_Form_1919_Linwood.docx; SBA_Form_1919_Pinecrest_Inc.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: settlement sheet (Form 1050), credit memo. Presence only; content not tested in v0. Not checked in v0: use-of-proceeds table.

Where: SBA_Form_1050_Settlement_Sheet.docx; Credit_Memo_Pinecrest.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_Pinecrest.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_Pinecrest.docx; PFS_413_Brightwater.xlsx; PFS_413_Linwood.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: Borrower and guarantor signatures appear on the Note and Guarantee forms themselves, not only on addenda. No S

Found: Present: SBA Note (Form 147), guaranty (Form 148). Presence only; content not tested in v0.

Where: SBA_Note_Form_147.docx; SBA_Form_148_Guaranty_Brightwater.docx; SBA_Form_148_Guaranty_Linwood.docx

Rule: M1-CLOSE-001 · Instructions for SBA Forms 148 and 148L (06/25) ¶J, signature block only; the addenda point has no SBA source

Ready: Loan closing documents are completed in line with the E-Tran Terms and Conditions: the Note and Guarantees are

Found: Present: SBA Note (Form 147). Presence only; content not tested in v0. Not checked in v0: E-Tran Terms and Conditions, closing checklist.

Where: SBA_Note_Form_147.docx

Rule: M1-CLOSE-002 · SOP 50 10 8 §B Ch.5 ¶D.4-D.5, PDF p.320-322; Instructions for SBA Forms 148 and 148L (06/25) ¶C, ¶E, ¶F

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

Found: Present: guaranty (Form 148), personal financial statement. Presence only; content not tested in v0.

Where: SBA_Form_148_Guaranty_Brightwater.docx; SBA_Form_148_Guaranty_Linwood.docx; PFS_413_Brightwater.xlsx; PFS_413_Linwood.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: All owners are US citizens or nationals

Found: 2 natural-person owners, all shown as US citizens with US residence.

Where: Ownership_Chart.docx, table 0, row 1, column 4; Ownership_Chart.docx, table 0, row 2, column 4

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

Ready: Business type is not on the ineligible short list

Found: Description "Companion-animal veterinary clinic", NAICS 541940: no match on the v0 short list.

Where: Pinecrest_Loan_Export.csv, row 2, column 10; Pinecrest_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_Pinecrest_Inc.docx, paragraph 1; SBA_Form_1919_Pinecrest_Inc.docx, paragraph 3; SBA_Form_1919_Pinecrest_Inc.docx, paragraph 6; SBA_Form_1919_Linwood.docx, paragraph 1; SBA_Form_1919_Linwood.docx, paragraph 3; SBA_Form_1919_Linwood.docx, paragraph 6; SBA_Form_1919_Brightwater.docx, paragraph 1; SBA_Form_1919_Brightwater.docx, paragraph 3; SBA_Form_1919_Brightwater.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 (as amended)

Found: Date used 2026-07-14 (application received date, else loan-number date); SOP 50 10 8 (as amended) applies.

Where: Loan_Authorization_Pinecrest.docx, paragraph 2

Rule: M1-VER-001 · SOP 50 10 8 (eff. 2025-06-01); SBA SOP 50 10 versions page

Ready: The closing retention set is present

Found: All required retention documents found. Borrower certifications are not a document class in v0 and were not checked.

Where: SBA_Note_Form_147.docx; SBA_Form_1050_Settlement_Sheet.docx; IRS_Transcripts_4506C.csv; SBA_Form_148_Guaranty_Brightwater.docx; SBA_Form_148_Guaranty_Linwood.docx; SBA_Form_159_Fee_Disclosure.docx

Rule: M1-CLOSE-003 · LGPC loan-closing page

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: Insurance_Binder_Pinecrest.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_Brightwater.xlsx; PFS_413_Linwood.xlsx

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

Ready: Equity injection must be verified: 3 months of statements preceding injection, explanation of large deposits,

Found: Present: bank statements. Presence only; content not tested in v0. Not checked in v0: gift letters, cancelled checks/wires.

Where: Bank_Statement_Pinecrest_2026-08.csv

Rule: M1-EQ-003 · Lender practice; SOP equity-verification paragraph UNVERIFIED

Ready: No agent fee is mentioned; compensation rules not triggered

Found: No document mentions a packager, agent or broker fee.

Where: not in the file

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)

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_Brightwater.docx; SBA_Form_1919_Linwood.docx; SBA_Form_1919_Pinecrest_Inc.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: Form 159 is in the file

Found: Form 159 present.

Where: SBA_Form_159_Fee_Disclosure.docx

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

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

Ready: The Lender may use its own Note and guaranty forms or SBA Forms 147, 148 and 148L

Found: Present: SBA Note (Form 147). Presence only; content not tested in v0. Not checked in v0: executed Guarantees.

Where: SBA_Note_Form_147.docx

Rule: M1-FORM-007 · SOP 50 10 8 §B Ch.5 ¶D.4, PDF p.320-321; Instructions for SBA Forms 148 and 148L (06/25) ¶A-¶C

Ready: Every 1050 line ties to an authorization line

Found: 1050 uses total 480,000; authorization lists 480,000.

Where: SBA_Form_1050_Settlement_Sheet.docx, table 0, row 1, column 2; SBA_Form_1050_Settlement_Sheet.docx, table 0, row 2, column 2; SBA_Form_1050_Settlement_Sheet.docx, table 0, row 3, column 2; Loan_Authorization_Pinecrest.docx, table 0, row 1, column 1; Loan_Authorization_Pinecrest.docx, table 0, row 2, column 1; Loan_Authorization_Pinecrest.docx, table 0, row 3, column 1

Rule: M1-USE-003 · SOP 50 10 6 Part 2 §B Ch.F ¶D.3 (superseded citation); no matching sentence in SOP 50 10 8 or 8.1 in texts/ (the 20% / $50,000.00 working-capital allowance is not found)