Loan size may not exceed the discounted value of collateral based on current appraisals, or, in some cases, book value. Generally, real estate is discounted 20%, equipment is discounted 30-50%, and inventory and receivables are discounted 40-60%. Specialty collateral is considered on a case-by-case basis. Most NAC loans are anchored by real estate, but may include equipment and/or working capital as collateral.