Feasibility Study Consultant
Feasibility study consultant for SBA, USDA, and commercial lending.
Independent third-party feasibility studies prepared to lender-grade standards for SBA 7(a), SBA 504, USDA B&I, REAP, Community Facilities, conventional bank, CMBS, life-insurance, and agency multifamily programs. Regulatory citations. Cross-program portability. Delivered on time.
- SBA SOP 50 10 8 and USDA 7 CFR 5001 compliant scope
- CMBS, life-co, and agency multifamily formats
- 4-10 week typical turnaround
- From hotel to biogas — asset-specific methodology throughout
A feasibility study consultant provides the independent, third-party analysis lenders and CDCs require before committing capital to a project. This firm operates exclusively as a feasibility study consultant — not a business plan writer, not a loan packager, not a broker. Every engagement produces a single deliverable: a lender-grade feasibility study built to survive credit committee review, post-purchase quality control, and secondary-market scrutiny. Borrowers, lenders, CDCs, and USDA State Offices across all 50 states rely on this practice for SBA 7(a), SBA 504, USDA B&I, USDA REAP, USDA Community Facilities, and conventional feasibility studies across hotel, self-storage, assisted living, gas station, car wash, senior housing, restaurant, medical office, industrial, multifamily, RV park, event venue, and specialty asset classes.
Methodology
What makes a feasibility study bankable.
A bankable feasibility study travels across capital sources without rework. It carries the regulatory citations a credit committee expects, the comparable-set methodology a B-piece buyer or rating agency will accept, and the financial sensitivity bands aligned to each capital source's underwriting thresholds. When scope is set correctly at the outset, one study can satisfy SBA, USDA, conventional bank, CMBS, life-insurance, and agency multifamily underwriting in parallel.
Regulatory citations, not buzzwords
SOP 50 10 8 for SBA. 7 CFR Part 5001 for USDA. MAP Guide for HUD. KBRA, S&P, and Fitch methodology for CMBS. Each citation appears where it belongs.
Sensitivity bands aligned to each lender
DSCR, debt yield, and LTV stress-tested against the published thresholds of every relevant capital source. The pro forma survives a B-piece buyer review.
Comp set methodology that defends itself
STR-grade competitive sets for hospitality. Radius studies and SF-per-capita for self-storage. NCHMA-aligned for LIHTC. Tenant rollover for CMBS-bound deals.
Independent third-party authorship
No operator interest. No conflicts of authorship. The deliverable reads as what it is: an evidence-led conclusion of feasibility, not a pitch deck.
Lender Coverage
Six capital sources. One feasibility deliverable.
Most consultants specialize in one program. Sponsors at term-sheet stage often have two or three lenders on the table at once. Our scope is built so a single study satisfies whichever path closes first.
SBA 7(a) and 504
SOP 50 10 8 compliant scope. Special-use property classification handled correctly.
Learn more →Conventional bank
Construction, mini-perm, and owner-occupied. Bank examiner-aligned scope.
Learn more →Life-insurance companies
PGIM, MetLife, Northwestern Mutual format. Tenant credit and NOI durability scope.
Learn more →Agency multifamily and HUD/FHA
Fannie DUS, Freddie Optigo, MAP Guide. NCHMA-aligned market study format.
Learn more →Asset Coverage
Pillar-grade analysis across 15 asset classes.
Each asset class carries its own data sources, comparable-set methodology, and lender-specific scope expectations. We work in all of them.
Hotel
Multifamily
Self-Storage
Senior Housing
Industrial
Medical Office
RV Park & Glamping
Gas Station
Car Wash
Restaurant
Data Center
Daycare
Brewery
Mixed-Use
Wedding Venue
Methodology
Three pillars. One bankable deliverable.
Every engagement is built on three analytical pillars. The depth of each adapts to asset class and capital source. The structure does not.
Market Analysis
Submarket vacancy, absorption, comparable supply, demand drivers, and demographic catchment. Comparable-set construction adapted to the capital source: STR-grade for hospitality, NCHMA-aligned for LIHTC, KBRA-aligned for CMBS conduit. Demand modeling with capture rate, absorption timeline, and stabilized occupancy projection.
Financial Projections
Five-year forward pro forma with revenue build, operating expenses, NOI, capex reserves, and debt service. DSCR, debt yield, and LTV sensitivity stress-tested against every relevant lender threshold. Capital stack analysis covering senior debt, mezzanine or preferred equity if applicable, sponsor equity, and total cost of capital.
Site and Regulatory Review
Zoning, entitlement status, traffic counts, environmental constraints, and the regulatory compliance pathway for the relevant capital source. SBA SOP 50 10 8, USDA 7 CFR 5001, HUD MAP Guide, and rating agency methodology cited where they apply.
Scope
What your lender will actually look for.
Lender focus shifts by capital source. The scope items below are the ones credit committees, B-piece buyers, and rating agencies routinely ask about. Each is addressed in every engagement, weighted to the capital source.
Stress-tested at the specific DSCR threshold of every relevant capital source — 1.15x SBA, 1.25x agency, 1.30–1.50x life-co, 1.20–1.35x CMBS conduit.
8–10% for life-co and CMBS conduit, 7–9% for SASB. The metric B-piece buyers screen on before reading the rest of the report.
STR-grade competitive sets, NCHMA-aligned rent comps, KBRA-aligned property comparables. Each comp documented with selection rationale.
Where applicable: weighted average lease term, tenant credit, rollover schedule, and re-lease assumption sensitivity.
Capture rate, monthly lease-up pace, and stabilization timeline. Stress-tested for slow-up scenarios.
Initial capex, ongoing reserves, and lender-specific reserve overlays. Modeled against NOI sustainability.
Track record, regulatory history, and operating cost benchmarks. Particularly weighted for SBA, USDA, and HUD healthcare programs.
Bankability statement with regulatory citations, supporting exhibits, and analyst certification suitable for credit committee submission.
Transparent Pricing
Fixed fees. Fixed turnaround. No surprises.
Pricing is set in the engagement letter, not the invoice. Bands below are typical ranges by asset class and capital source. A specific fixed quote is provided after a 30-minute scoping call.
| Asset Class | Typical Capital Source | Fee Band | Turnaround |
|---|---|---|---|
| Hotel (limited-service, midscale, upper-midscale) | SBA 504, Conventional, CMBS | $6,000 – $9,500 | 4 – 6 weeks |
| Hotel (full-service, resort, conversion) | CMBS, Conventional, Life-Co | $9,500 – $18,000 | 6 – 10 weeks |
| Multifamily (market-rate) | Agency, Conventional, CMBS | $7,500 – $14,000 | 4 – 8 weeks |
| Multifamily (LIHTC, workforce, affordable) | HUD, Agency, Bond | $12,000 – $22,000 | 6 – 10 weeks |
| Self-Storage | SBA, Conventional, CMBS | $5,500 – $10,000 | 3 – 6 weeks |
| Senior Housing | HUD 232, Conventional, USDA | $14,000 – $26,000 | 6 – 10 weeks |
| Industrial | Life-Co, CMBS, Conventional | $8,500 – $16,000 | 5 – 8 weeks |
| Medical Office and ASC | Life-Co, SBA, Conventional | $7,500 – $14,000 | 4 – 8 weeks |
| RV Park, Glamping, Outdoor Hospitality | SBA, USDA, Conventional | $6,500 – $12,000 | 4 – 7 weeks |
| Gas Station, Car Wash, QSR | SBA, Conventional | $5,500 – $9,000 | 3 – 6 weeks |
| Data Center | Life-Co, CMBS, Debt Fund | $18,000 – $40,000+ | 8 – 14 weeks |
| Daycare, Brewery, Wedding Venue | SBA, USDA, Conventional | $5,500 – $9,500 | 4 – 6 weeks |
| Mixed-Use | CMBS, Conventional, Agency | $9,500 – $18,000 | 6 – 10 weeks |
Selected Engagements
Recent engagements.
Six recent anonymized mandates across asset classes, capital programs, and states.
Data Center
Data Center Colocation Facility, Prince William County, Virginia
Did Northern Virginia data center demand, power-availability constraints, and pre-leasing pipeline support a 36 MW colocation facility.
Resort
72-Key Boutique Resort Conversion, Maui County, Hawaii
Did Maui leisure visitor inflows and post-conversion ADR positioning support 72 boutique keys at $548 stabilized ADR.
Entertainment
Bowling and Family Entertainment Center, Tulsa County, Oklahoma
Did Broken Arrow trade-area family-household density support a 32-lane bowling and entertainment program.
Distillery
Bourbon Distillery and Tasting Experience, Nelson County, Kentucky
Did Bourbon Trail visitation and craft-spirit DTC channel growth support a $9M distillery and visitor center.
Wedding Venue
Destination Wedding and Events Venue, Anderson County, Kentucky
Did Lexington-Louisville regional wedding demand support 64 annual paid bookings at $18,400 average package.
Senior Living
180-Unit Assisted Living and Memory Care Campus, Williamson County, Tennessee
Did Franklin-area 75-plus growth and household income support a 144-unit assisted living and 36-unit memory care campus.
Selected recent feasibility case studies
When the comp set is wrong, the underwriting is wrong.
A 142-key full-service hotel reposition. Rebuilt STR competitive set, monthly PIP ramp-up modeling, and three-level stress scenarios produced a defensible post-PIP ADR conclusion that survived examiner review.
Apparent oversupply, real undersupply.
A Florida climate-controlled self-storage acquisition. Product-type disaggregation of supply contradicted the headline square-feet-per-capita reading and unlocked SBA 7(a) credit approval.
Capture rate against the right denominator.
A workforce multifamily development tested against the NCHMA-aligned income-qualified renter pool. The corrected capture rate reframed absorption risk and resolved the lender's primary underwriting question.
Strong frontage, fragile first year.
A ground-up express tunnel on a 40,000-VPD suburban arterial. Capture rate was re-rated for traffic count, and the first-year membership ramp — not stabilized NOI — became the binding SBA 7(a) coverage test.
The market was full of weddings. The calendar only held forty Saturdays.
A ground-up rural wedding venue. Why finite prime-date inventory and utilization (RevPAS), not the size of the regional market, governed the USDA Business & Industry coverage.
The plant could make the volume. The volume couldn't make the margin.
A 30-barrel production microbrewery. Why channel mix — taproom vs. distribution margin — and not production volume, governed SBA 7(a) coverage in a contracting craft beer market.
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