{
  "dataset": "Matthews Hotel Markets Hotel Loan Rate Sheet September 2026",
  "publisher": "Matthews Hotel Markets",
  "url": "https://matthewshotelmarkets.com/rates",
  "permalink": "https://matthewshotelmarkets.com/rates/2026-09",
  "edition": "2026-09",
  "published": "2026-09-17",
  "modified": "2026-09-18",
  "corrections": [
    {
      "date": "2026-09-18",
      "text": "Corrected September 18, 2026: Prime moved to 7.00% on September 17 after the Fed's September 16 decision, so the SBA 7(a) maximum is 10.00%; SOFR printed 3.85% for September 17.",
      "sources": [
        "fomc-2026-09",
        "bny-prime-2026-09",
        "pnc-prime-2026-09",
        "fred-dprime",
        "fred-dfedtaru",
        "sba-7a-terms",
        "nyfed-sofr"
      ]
    }
  ],
  "nextRefresh": "2026-10-05",
  "license": "https://creativecommons.org/licenses/by/4.0/",
  "citation": "Matthews Hotel Markets. \"Hotel Loan Rate Sheet, September 2026.\" https://matthewshotelmarkets.com/rates. Published 2026-09-17.",
  "readme": "Every cell carries a `basis`. basis=published means a public benchmark or a written program rule with a source id. basis=observed means a figure this desk saw in live quotes that month. basis=pending means there is no figure and `value` is the literal string 'Not yet published'. Do not coerce a pending value to a number.",
  "benchmarksFetchedAt": "2026-09-18T15:00:00.000Z",
  "benchmarks": [
    {
      "key": "prime",
      "label": "Prime rate",
      "percent": 7,
      "asOf": "2026-09-17",
      "seriesId": null,
      "source": "Prime rate announcements by BNY and PNC, effective September 17, 2026 (FRED series DPRIME has not yet printed a post-hike value; its last observation is 6.75% on September 15, 2026)",
      "sourceUrl": "https://www.prnewswire.com/news-releases/bny-increases-prime-lending-rate-to-7-00-302881066.html"
    },
    {
      "key": "sofr",
      "label": "SOFR",
      "percent": 3.85,
      "asOf": "2026-09-17",
      "seriesId": "SOFR",
      "source": "Federal Reserve Bank of New York, Secured Overnight Financing Rate",
      "sourceUrl": "https://www.newyorkfed.org/markets/reference-rates/sofr"
    },
    {
      "key": "ust5",
      "label": "5-year Treasury",
      "percent": 4.78,
      "asOf": "2026-09-17",
      "seriesId": "DGS5",
      "source": "U.S. Department of the Treasury, Daily Treasury Par Yield Curve Rates",
      "sourceUrl": "https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_yield_curve"
    },
    {
      "key": "ust7",
      "label": "7-year Treasury",
      "percent": 4.86,
      "asOf": "2026-09-17",
      "seriesId": "DGS7",
      "source": "U.S. Department of the Treasury, Daily Treasury Par Yield Curve Rates",
      "sourceUrl": "https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_yield_curve"
    },
    {
      "key": "ust10",
      "label": "10-year Treasury",
      "percent": 4.94,
      "asOf": "2026-09-17",
      "seriesId": "DGS10",
      "source": "U.S. Department of the Treasury, Daily Treasury Par Yield Curve Rates",
      "sourceUrl": "https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_yield_curve"
    },
    {
      "key": "sba504",
      "label": "SBA 504 debenture, 25-year",
      "percent": 6.54,
      "asOf": "2026-09-10",
      "seriesId": null,
      "source": "SBA 504 debenture pricing published by NADCO and republished by CDC lenders (SomerCor, CDC Small Business Finance)",
      "sourceUrl": "https://somercor.com/september-2026-sba-504-interest-rates/"
    }
  ],
  "index": {
    "name": "Matthews Hotel Debt Index",
    "abbreviation": "MHDI",
    "definition": "The indicative all-in fixed coupon, in percent, on a 10-year permanent first mortgage for a stabilized, branded select-service hotel in a top-50 U.S. market, at 65% loan to value, 1.35x debt service coverage, 25-year amortization, non-recourse, from a conventional bank or credit union lender, as quoted to Matthews Hotel Markets during the calendar month.",
    "rules": [
      "One structure only. If a quote does not match the definition, it does not go in the index.",
      "Median of the quotes received that month, not an average. One outlier quote should not move a monthly series.",
      "Minimum three independent quotes from three separate lenders, or the month publishes as no reading.",
      "No lender is named, on the page or in the underlying file. The index reports the market, not a relationship.",
      "No client, property, or transaction detail is published, ever.",
      "History is never backfilled. The series starts the month it starts, and the page says so.",
      "A revision is published as a revision, with the date and the reason, not edited in place."
    ],
    "period": "2026-09",
    "percent": null,
    "quoteCount": null,
    "note": "First publication month. The series starts here. We do not have a quote log going back before this page existed, and we are not going to reconstruct one from memory, so there is no history to show yet.",
    "backfilled": false
  },
  "rows": [
    {
      "key": "sba-7a",
      "lenderType": "SBA 7(a)",
      "summary": "Government-guaranteed bank loan for an owner-operator. Prime-indexed, fully amortizing.",
      "indexLabel": "Prime",
      "indexKeys": [
        "prime"
      ],
      "notes": "Best fit for an owner-operator buying a single hotel. The $5 million cap is the binding constraint on most hotel deals.",
      "spread": {
        "basis": "published",
        "value": "Prime + 3.00% maximum",
        "note": "SBA's maximum allowable spread on a variable-rate 7(a) loan over $350,000. It is a ceiling set by the agency, not a quote, and a good lender prices inside it.",
        "sources": [
          "sba-7a-terms"
        ],
        "quoteCount": null
      },
      "all_in_coupon": {
        "basis": "published",
        "value": "10.00% maximum allowable",
        "note": "Prime 7.00%, effective September 17, 2026, as announced by BNY and PNC after the FOMC raised the target range 25 basis points on September 16, plus the 3.00% cap. The Federal Reserve's DPRIME series had not yet printed a post-hike value on September 18, 2026; its last observation is 6.75% on September 15. Corrected September 18, 2026: this cell first read 9.75%, on the 6.75% Prime.",
        "sources": [
          "sba-7a-terms",
          "bny-prime-2026-09",
          "pnc-prime-2026-09",
          "fred-dprime",
          "fomc-2026-09"
        ],
        "quoteCount": null
      },
      "max_ltv_ltc": {
        "basis": "pending",
        "value": "Not yet published",
        "note": "SBA publishes no LTV cap for 7(a). The working ceiling is the lender's, and only live quotes show it.",
        "sources": [],
        "quoteCount": null
      },
      "dscr_floor": {
        "basis": "pending",
        "value": "Not yet published",
        "note": "SBA publishes no 7(a) coverage floor. Lender-set, and only live quotes show it.",
        "sources": [],
        "quoteCount": null
      },
      "term_amortization": {
        "basis": "published",
        "value": "Up to 25 years, fully amortizing",
        "note": "SBA's published maximum maturity for real estate, plus any additional period needed to complete construction.",
        "sources": [
          "sba-7a-terms"
        ],
        "quoteCount": null
      },
      "recourse": {
        "basis": "published",
        "value": "Recourse",
        "note": "SBA loans carry a personal guaranty from the principals of the borrowing entity. The ownership threshold and the guaranty form are set in SBA's SOP 50 10, linked in the sources below. We link the governing document rather than paraphrase the clause, because the SOP is on its 8.1 edition effective October 1, 2026 and the threshold is the kind of detail that moves between editions.",
        "sources": [
          "sba-sop-50-10"
        ],
        "quoteCount": null
      },
      "minimum_loan": {
        "basis": "pending",
        "value": "Not yet published",
        "note": "Lender-set. SBA publishes a $5 million program maximum, not a minimum.",
        "sources": [],
        "quoteCount": null
      }
    },
    {
      "key": "sba-504",
      "lenderType": "SBA 504",
      "summary": "Bank first lien plus a fixed-rate CDC second lien funded by a monthly debenture sale.",
      "indexLabel": "SBA 504 debenture",
      "indexKeys": [
        "sba504"
      ],
      "notes": "The fixed-rate second lien is the reason to look at 504 instead of 7(a): it locks up to 35% of a hotel's capital stack (40% on an ordinary property) for 25 years at a published rate.",
      "spread": {
        "basis": "published",
        "value": "Not spread-priced",
        "note": "The CDC second lien is priced by the monthly debenture sale, not as a spread over an index. The bank first lien prices separately and is not published anywhere.",
        "sources": [
          "nadco-504-debenture"
        ],
        "quoteCount": null
      },
      "all_in_coupon": {
        "basis": "published",
        "value": "6.54% on the 25-year debenture",
        "note": "Priced September 10, 2026. Includes the CDC, SBA and central servicing agent fees, so it is the all-in effective rate on the CDC portion for the life of the loan. The 20-year debenture priced at 6.53% and the 10-year at 6.60%. This is the only fully published all-in coupon on the sheet.",
        "sources": [
          "nadco-504-debenture",
          "cdcloans-504-debenture"
        ],
        "quoteCount": null
      },
      "max_ltv_ltc": {
        "basis": "published",
        "value": "85% of project cost",
        "note": "SBA's SOP 50 10 8 lists hotels as Limited or Special Purpose Property, so 13 CFR 120.910 requires a borrower contribution of at least 15%. If the operating business is also under two years old, the contribution rises to 20% and the ceiling falls to 80%.",
        "sources": [
          "cfr-120-910",
          "sba-sop-50-10"
        ],
        "quoteCount": null
      },
      "dscr_floor": {
        "basis": "pending",
        "value": "Not yet published",
        "note": "Set by the CDC and the first-lien bank, not by regulation. Only live quotes show it.",
        "sources": [],
        "quoteCount": null
      },
      "term_amortization": {
        "basis": "published",
        "value": "10, 20 or 25 year debenture, fully amortizing",
        "note": "The bank first lien runs on its own term, which is usually shorter.",
        "sources": [
          "sba-504-program"
        ],
        "quoteCount": null
      },
      "recourse": {
        "basis": "published",
        "value": "Recourse",
        "note": "Same guaranty requirement as 7(a). Section A of SOP 50 10 covers core requirements for both programs.",
        "sources": [
          "sba-sop-50-10"
        ],
        "quoteCount": null
      },
      "minimum_loan": {
        "basis": "pending",
        "value": "Not yet published",
        "note": "CDC-set. SBA publishes a $25,000 minimum debenture and a $5 million maximum for a hotel, not a minimum total loan.",
        "sources": [],
        "quoteCount": null
      }
    },
    {
      "key": "bank-conventional",
      "lenderType": "Bank and credit union, conventional",
      "summary": "Balance-sheet lender, usually local or regional, usually with a deposit relationship attached.",
      "indexLabel": "Prime or 5-year Treasury",
      "indexKeys": [
        "prime",
        "ust5"
      ],
      "notes": "The most common source of hotel debt under $15 million and the structure the Matthews Hotel Debt Index measures.",
      "spread": {
        "basis": "pending",
        "value": "Not yet published",
        "note": "Spread over the index on bank and credit union, conventional quotes received this month.",
        "sources": [],
        "quoteCount": null
      },
      "all_in_coupon": {
        "basis": "pending",
        "value": "Not yet published",
        "note": "Resulting coupon range on bank and credit union, conventional quotes received this month.",
        "sources": [],
        "quoteCount": null
      },
      "max_ltv_ltc": {
        "basis": "pending",
        "value": "Not yet published",
        "note": "Highest leverage actually quoted by bank and credit union, conventional lenders this month.",
        "sources": [],
        "quoteCount": null
      },
      "dscr_floor": {
        "basis": "pending",
        "value": "Not yet published",
        "note": "Coverage test actually applied by bank and credit union, conventional lenders this month.",
        "sources": [],
        "quoteCount": null
      },
      "term_amortization": {
        "basis": "pending",
        "value": "Not yet published",
        "note": "Term and amortization actually offered by bank and credit union, conventional lenders this month.",
        "sources": [],
        "quoteCount": null
      },
      "recourse": {
        "basis": "pending",
        "value": "Not yet published",
        "note": "Recourse actually required by bank and credit union, conventional lenders this month.",
        "sources": [],
        "quoteCount": null
      },
      "minimum_loan": {
        "basis": "pending",
        "value": "Not yet published",
        "note": "Smallest loan bank and credit union, conventional lenders quoted this month.",
        "sources": [],
        "quoteCount": null
      }
    },
    {
      "key": "cmbs",
      "lenderType": "CMBS",
      "summary": "Fixed-rate, non-recourse, securitized. Priced as a spread over the matched-term Treasury.",
      "indexLabel": "5- and 10-year Treasury",
      "indexKeys": [
        "ust5",
        "ust10"
      ],
      "notes": "Defeasance or yield maintenance on prepayment. The 10-year Treasury on this sheet is the index a CMBS quote is struck against.",
      "spread": {
        "basis": "pending",
        "value": "Not yet published",
        "note": "Spread over the index on cmbs quotes received this month.",
        "sources": [],
        "quoteCount": null
      },
      "all_in_coupon": {
        "basis": "pending",
        "value": "Not yet published",
        "note": "Resulting coupon range on cmbs quotes received this month.",
        "sources": [],
        "quoteCount": null
      },
      "max_ltv_ltc": {
        "basis": "pending",
        "value": "Not yet published",
        "note": "Highest leverage actually quoted by cmbs lenders this month.",
        "sources": [],
        "quoteCount": null
      },
      "dscr_floor": {
        "basis": "pending",
        "value": "Not yet published",
        "note": "Coverage test actually applied by cmbs lenders this month.",
        "sources": [],
        "quoteCount": null
      },
      "term_amortization": {
        "basis": "pending",
        "value": "Not yet published",
        "note": "Term and amortization actually offered by cmbs lenders this month.",
        "sources": [],
        "quoteCount": null
      },
      "recourse": {
        "basis": "pending",
        "value": "Not yet published",
        "note": "Recourse actually required by cmbs lenders this month.",
        "sources": [],
        "quoteCount": null
      },
      "minimum_loan": {
        "basis": "pending",
        "value": "Not yet published",
        "note": "Smallest loan cmbs lenders quoted this month.",
        "sources": [],
        "quoteCount": null
      }
    },
    {
      "key": "life-company",
      "lenderType": "Life company",
      "summary": "Insurance company balance sheet. Lowest coupons, lowest leverage, the most selective on asset quality.",
      "indexLabel": "5-, 7- and 10-year Treasury",
      "indexKeys": [
        "ust5",
        "ust7",
        "ust10"
      ],
      "notes": "Rarely competitive on select-service under $10 million. Worth a call on a full-service or resort asset in a market a life company already knows.",
      "spread": {
        "basis": "pending",
        "value": "Not yet published",
        "note": "Spread over the index on life company quotes received this month.",
        "sources": [],
        "quoteCount": null
      },
      "all_in_coupon": {
        "basis": "pending",
        "value": "Not yet published",
        "note": "Resulting coupon range on life company quotes received this month.",
        "sources": [],
        "quoteCount": null
      },
      "max_ltv_ltc": {
        "basis": "pending",
        "value": "Not yet published",
        "note": "Highest leverage actually quoted by life company lenders this month.",
        "sources": [],
        "quoteCount": null
      },
      "dscr_floor": {
        "basis": "pending",
        "value": "Not yet published",
        "note": "Coverage test actually applied by life company lenders this month.",
        "sources": [],
        "quoteCount": null
      },
      "term_amortization": {
        "basis": "pending",
        "value": "Not yet published",
        "note": "Term and amortization actually offered by life company lenders this month.",
        "sources": [],
        "quoteCount": null
      },
      "recourse": {
        "basis": "pending",
        "value": "Not yet published",
        "note": "Recourse actually required by life company lenders this month.",
        "sources": [],
        "quoteCount": null
      },
      "minimum_loan": {
        "basis": "pending",
        "value": "Not yet published",
        "note": "Smallest loan life company lenders quoted this month.",
        "sources": [],
        "quoteCount": null
      }
    },
    {
      "key": "bridge",
      "lenderType": "Bridge and debt fund",
      "summary": "Floating-rate, short-term, for a hotel that is not stabilized: a PIP, a repositioning, a lease-up.",
      "indexLabel": "SOFR",
      "indexKeys": [
        "sofr"
      ],
      "notes": "Almost always requires a purchased rate cap. The cap strike and its cost are part of the real cost of the loan and belong in any honest comparison, so this row will carry them once the team publishes.",
      "spread": {
        "basis": "pending",
        "value": "Not yet published",
        "note": "Spread over the index on bridge and debt fund quotes received this month.",
        "sources": [],
        "quoteCount": null
      },
      "all_in_coupon": {
        "basis": "pending",
        "value": "Not yet published",
        "note": "Resulting coupon range on bridge and debt fund quotes received this month.",
        "sources": [],
        "quoteCount": null
      },
      "max_ltv_ltc": {
        "basis": "pending",
        "value": "Not yet published",
        "note": "Highest leverage actually quoted by bridge and debt fund lenders this month.",
        "sources": [],
        "quoteCount": null
      },
      "dscr_floor": {
        "basis": "pending",
        "value": "Not yet published",
        "note": "Coverage test actually applied by bridge and debt fund lenders this month.",
        "sources": [],
        "quoteCount": null
      },
      "term_amortization": {
        "basis": "pending",
        "value": "Not yet published",
        "note": "Term and amortization actually offered by bridge and debt fund lenders this month.",
        "sources": [],
        "quoteCount": null
      },
      "recourse": {
        "basis": "pending",
        "value": "Not yet published",
        "note": "Recourse actually required by bridge and debt fund lenders this month.",
        "sources": [],
        "quoteCount": null
      },
      "minimum_loan": {
        "basis": "pending",
        "value": "Not yet published",
        "note": "Smallest loan bridge and debt fund lenders quoted this month.",
        "sources": [],
        "quoteCount": null
      }
    },
    {
      "key": "construction",
      "lenderType": "Construction",
      "summary": "Ground-up or substantial renovation, funded on draws, sized to cost rather than to value.",
      "indexLabel": "Prime or SOFR",
      "indexKeys": [
        "prime",
        "sofr"
      ],
      "notes": "Sized on loan to cost with a completion guaranty. Recourse burns off at stabilization on the better structures.",
      "spread": {
        "basis": "pending",
        "value": "Not yet published",
        "note": "Spread over the index on construction quotes received this month.",
        "sources": [],
        "quoteCount": null
      },
      "all_in_coupon": {
        "basis": "pending",
        "value": "Not yet published",
        "note": "Resulting coupon range on construction quotes received this month.",
        "sources": [],
        "quoteCount": null
      },
      "max_ltv_ltc": {
        "basis": "pending",
        "value": "Not yet published",
        "note": "Highest leverage actually quoted by construction lenders this month.",
        "sources": [],
        "quoteCount": null
      },
      "dscr_floor": {
        "basis": "pending",
        "value": "Not yet published",
        "note": "Coverage test actually applied by construction lenders this month.",
        "sources": [],
        "quoteCount": null
      },
      "term_amortization": {
        "basis": "pending",
        "value": "Not yet published",
        "note": "Term and amortization actually offered by construction lenders this month.",
        "sources": [],
        "quoteCount": null
      },
      "recourse": {
        "basis": "pending",
        "value": "Not yet published",
        "note": "Recourse actually required by construction lenders this month.",
        "sources": [],
        "quoteCount": null
      },
      "minimum_loan": {
        "basis": "pending",
        "value": "Not yet published",
        "note": "Smallest loan construction lenders quoted this month.",
        "sources": [],
        "quoteCount": null
      }
    }
  ],
  "changelog": [
    "The FOMC raised the target range for the federal funds rate 25 basis points to 3-3/4 to 4 percent on September 16, 2026, on a 12 to 0 vote. The effective target range upper limit moved to 4.00% on September 17.",
    "Prime moved from 6.75% to 7.00% effective September 17, as announced by BNY and PNC. That lifts the SBA 7(a) maximum allowable rate on a variable-rate loan over $350,000 from 9.75% to 10.00%. The Federal Reserve's DPRIME series had not yet printed a post-hike value on September 18; its last observation is 6.75% on September 15.",
    "The 5-year Treasury rose 29 basis points, from 4.49% on August 31 to 4.78% on September 17.",
    "The 10-year Treasury rose 19 basis points, from 4.75% on August 31 to 4.94% on September 17. The 5s10s curve flattened by 10 basis points over the same stretch.",
    "SOFR drifted from 3.68% on August 31 to 3.62% on September 16, then printed 3.85% for September 17, the first day under the new target range. That is 17 basis points above August 31, so floating-rate debt now costs more than it did at the start of the month, along with fixed-rate term debt.",
    "The 25-year SBA 504 debenture priced at 6.54% on September 10, which is inside the 10-year Treasury. For a qualifying owner-operator it is the cheapest fixed-rate money on this sheet."
  ],
  "sources": [
    {
      "id": "treasury-yield-curve",
      "name": "Daily Treasury Par Yield Curve Rates",
      "publisher": "U.S. Department of the Treasury",
      "url": "https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_yield_curve",
      "sourceDate": "2026-09-17",
      "lastVerified": "2026-09-18"
    },
    {
      "id": "nyfed-sofr",
      "name": "Secured Overnight Financing Rate (SOFR)",
      "publisher": "Federal Reserve Bank of New York",
      "url": "https://www.newyorkfed.org/markets/reference-rates/sofr",
      "sourceDate": "2026-09-17",
      "lastVerified": "2026-09-18"
    },
    {
      "id": "fred-dprime",
      "name": "Bank Prime Loan Rate (DPRIME)",
      "publisher": "Federal Reserve Bank of St. Louis (FRED)",
      "url": "https://fred.stlouisfed.org/series/DPRIME",
      "sourceDate": "2026-09-15",
      "lastVerified": "2026-09-18"
    },
    {
      "id": "bny-prime-2026-09",
      "name": "BNY Increases Prime Lending Rate to 7.00%, effective September 17, 2026",
      "publisher": "The Bank of New York Mellon Corporation, via PR Newswire",
      "url": "https://www.prnewswire.com/news-releases/bny-increases-prime-lending-rate-to-7-00-302881066.html",
      "sourceDate": "2026-09-16",
      "lastVerified": "2026-09-18"
    },
    {
      "id": "pnc-prime-2026-09",
      "name": "PNC Bank, N.A. Changes Prime Rate to 7.00%, effective September 17, 2026",
      "publisher": "PNC Bank, N.A., via PR Newswire",
      "url": "https://www.prnewswire.com/news-releases/pnc-bank-na-changes-prime-rate-302881163.html",
      "sourceDate": "2026-09-16",
      "lastVerified": "2026-09-18"
    },
    {
      "id": "fred-dfedtaru",
      "name": "Federal Funds Target Range, Upper Limit (DFEDTARU)",
      "publisher": "Federal Reserve Bank of St. Louis (FRED)",
      "url": "https://fred.stlouisfed.org/series/DFEDTARU",
      "sourceDate": "2026-09-17",
      "lastVerified": "2026-09-18"
    },
    {
      "id": "fomc-2026-09",
      "name": "FOMC statement, September 16, 2026 (target range 3-3/4 to 4 percent)",
      "publisher": "Board of Governors of the Federal Reserve System",
      "url": "https://www.federalreserve.gov/newsevents/pressreleases/monetary20260916a.htm",
      "sourceDate": "2026-09-16",
      "lastVerified": "2026-09-18"
    },
    {
      "id": "sba-7a-terms",
      "name": "7(a) loan program: terms, conditions, and eligibility",
      "publisher": "U.S. Small Business Administration",
      "url": "https://www.sba.gov/partners/lenders/7a-loan-program/terms-conditions-eligibility",
      "sourceDate": "2026-09-17",
      "lastVerified": "2026-09-18"
    },
    {
      "id": "sba-504-program",
      "name": "504 loans",
      "publisher": "U.S. Small Business Administration",
      "url": "https://www.sba.gov/funding-programs/loans/504-loans",
      "sourceDate": "2026-09-17",
      "lastVerified": "2026-09-17"
    },
    {
      "id": "cfr-120-910",
      "name": "13 CFR 120.910, How much must the Borrower contribute?",
      "publisher": "Code of Federal Regulations",
      "url": "https://www.law.cornell.edu/cfr/text/13/120.910",
      "sourceDate": "2026-09-17",
      "lastVerified": "2026-09-17"
    },
    {
      "id": "nadco-504-debenture",
      "name": "September 2026 SBA 504 debenture pricing, priced September 10, 2026",
      "publisher": "SomerCor (Certified Development Company), republishing NADCO pricing",
      "url": "https://somercor.com/september-2026-sba-504-interest-rates/",
      "sourceDate": "2026-09-10",
      "lastVerified": "2026-09-17"
    },
    {
      "id": "cdcloans-504-debenture",
      "name": "SBA 504 rates and rate history, September 2026 funding",
      "publisher": "CDC Small Business Finance",
      "url": "https://cdcloans.com/sba-504-rates/",
      "sourceDate": "2026-09-10",
      "lastVerified": "2026-09-17"
    },
    {
      "id": "sba-sop-50-10",
      "name": "SOP 50 10, Lender and Development Company Loan Programs (edition 8.1, effective October 1, 2026)",
      "publisher": "U.S. Small Business Administration",
      "url": "https://legacy.sba.gov/document/sop-50-10-lender-development-company-loan-programs",
      "sourceDate": "2026-10-01",
      "lastVerified": "2026-09-17"
    }
  ]
}