About the Practice
About.
An independent feasibility study practice serving commercial real estate borrowers, lenders, and capital sources across SBA, USDA, conventional bank, CMBS, life-insurance, and agency multifamily debt. The practice operates against the bankable framework — every engagement scoped to satisfy the most demanding capital source on the deal.
Mission
The mission.
The practice exists to deliver bankable feasibility studies — analytical work that satisfies SBA SOP 50 10 8, USDA 7 CFR Part 5001, HUD MAP Guide, FHFA agency multifamily standards, and the published methodology of every major CMBS rating agency in a single document.
Multi-lender capital stacks are normal in commercial real estate. A typical mid-market deal involves an SBA CDC behind a conventional bank loan, or a USDA guarantee behind a community lender, or a CMBS conduit refinancing bank construction debt, or a life-company permanent loan taking out a bridge. Feasibility deliverables have to travel across these capital sources without rework. The bankable framework is how we make that happen.
The practice does not produce template work, advocacy reports, or business plans dressed as feasibility studies. Every engagement is scoped against a 15-criterion bankable checklist, reviewed by a second senior analyst, and certified by lead and senior reviewer signatures.
Scope of Practice
What we do, and what we do not.
The boundaries of the practice are explicit. The constraints are intentional — depth in the asset classes and capital sources we cover is what makes the bankable framework operationally consistent.
What We Do
Bankable feasibility studies for CRE financing
Across the 15 commercial real estate asset classes most often financed through institutional capital, scoped to the bankable framework's 15-criterion checklist.
Cross-program scope across six capital sources
SBA 7(a) and 504, USDA OneRD (B&I, CF, REAP), conventional bank, CMBS conduit and SASB, life-insurance company, agency multifamily, HUD/FHA, and mezzanine or preferred equity layered with senior debt.
Market analysis and demand modeling
Submarket vacancy, absorption, comparable supply, demand drivers, demographic catchment, capture rate, and absorption forecasting at the depth each capital source requires.
Financial projections and sensitivity testing
Five-year forward pro forma, DSCR and debt yield sensitivity at every relevant lender threshold, LTV stress testing, capital stack analysis, and total cost of capital.
Lender-format deliverables
Reports formatted to the conventions each capital source expects — NCHMA-aligned for LIHTC, KBRA-aligned for CMBS, MAP Guide-formatted for HUD, SOP-cited for SBA, 5001-cited for USDA.
Pre-engagement scoping calls
30-minute call before any engagement letter to confirm asset class fit, capital source alignment, regulatory framework, turnaround, and fee.
What We Do Not
Phase I or Phase II environmental site assessments
ESAs are commissioned separately through environmental firms. We do not perform them.
Appraisals
Appraisal is governed by USPAP and performed by MAI-credentialed appraisers. We do not provide appraisal opinions of value.
Business plans dressed as feasibility studies
A business plan is a sponsor document. A feasibility study is an independent third-party deliverable. We do not blur the two.
Advocacy work for sponsors
We do not author "feasibility studies" designed to advocate for a sponsor's preferred conclusion. The deliverable is an evidence-led conclusion of feasibility, whatever it concludes.
Engagements in asset classes outside our 15-pillar coverage
Specialty asset classes (golf courses, marinas, parking-only structures, ground leases as standalone) are referred to specialists. The constraint is intentional.
Ongoing operator advisory
We do not provide ongoing advisory services to operators of properties we have evaluated within the prior 24 months.
Standards
The standards every engagement follows.
Every engagement is scoped to the regulatory and professional standards governing the relevant capital source. The standards below are the operational floor.
SBA SOP 50 10 8
Effective June 1, 2025. Governs SBA 7(a) and 504 feasibility scope, special-use property classification, change of use, and ground-up construction documentation.
USDA 7 CFR Part 5001
Amended December 11, 2025 (90 FR 57351). Governs OneRD program feasibility for B&I, CF, REAP, with five-component framework per 5001.214.
HUD MAP Guide
March 2021 base, layered Mortgagee Letters through 2026. Governs market study scope for 221(d)(4) construction and 223(f) refinance multifamily lending.
NCHMA Model Content Standards
September 2025 update. Governs LIHTC and tax credit market study scope. Increasingly cited by HUD MAP and agency multifamily reviewers.
CMBS rating agency methodology
KBRA Property Evaluation Methodology (January 9, 2026), S&P Global, Fitch, Moody's, and DBRS Morningstar published methodologies. Reconcilable across agencies on each engagement.
USPAP (where applicable)
Uniform Standards of Professional Appraisal Practice. Where appraisal methodology informs feasibility scope — particularly market value derivation and income approach — engagement aligns. Feasibility itself is not USPAP-governed.
Data Infrastructure
Active data subscription stack.
Every market analysis, comp set, and financial projection draws on licensed third-party data. The active subscription stack is documented in every engagement letter.
CoStar
Office, retail, industrial, and multifamily comps; submarket vacancy and absorption.
STR (Smith Travel Research)
Hospitality competitive set, ADR, occupancy, RevPAR by chain scale and market.
IBISWorld
Industry economic analysis, growth rates, operating margins, sector-level demand drivers.
RMA Annual Statement Studies
Industry-specific operating ratios and financial benchmarks for SBA and conventional pro forma validation.
ESRI Business Analyst
Demographic catchment, traffic patterns, drive-time analysis, consumer-facing asset demand modeling.
Moody's Analytics
Macroeconomic forecasts, employment projections, regional economic data.
NCHMA
Multifamily and senior housing market study standards, rent comparable methodology, capture rate analysis.
Specialty data
Asset-class specific subscriptions for self-storage (Radius+ / Inside Self Storage), seniors housing (NIC MAP), and outdoor hospitality (Modern Campground).
Subscription stack reviewed annually. Specialty data added on a per-engagement basis when asset class warrants.
Independence
Independence is structural.
The practice does not own, operate, manage, or hold equity in any property it evaluates. The practice does not accept referral fees from operators, brand-flag franchisors, or third-party vendors. The practice does not provide ongoing advisory services to operators of properties evaluated within the prior 24 months.
Where a potential conflict exists — prior engagement with a comparable-set property, prior work for a competing sponsor in the same submarket, family or business relationship with any party to the transaction — it is disclosed in the engagement letter before work begins. The sponsor and lender both retain the right to terminate the engagement at that disclosure with full retainer refund.
The independence framework is structural rather than aspirational. It is documented in every engagement letter and referenced in the certification page of every deliverable.
Full conflict-of-interest policy provided with engagement letter.
Coverage and QC
E&O insurance and quality review.
Errors and Omissions insurance
Errors and Omissions insurance is in place at industry-standard limits. Carrier identity and policy limits are documented in the engagement letter and made available to the sponsor and lender on request prior to engagement letter execution.
The E&O policy covers the deliverable's analytical work and the certification representations made in the conclusion of feasibility. The combination of E&O coverage and the documented conflict-of-interest policy constitute the independence framework that lenders rely on when accepting third-party feasibility deliverables.
Four-step quality review
No deliverable goes to a sponsor or lender without four review passes. The lead analyst completes the primary research, market analysis, and financial modeling. A senior analyst reviews methodology, comp set selection, sensitivity assumptions, and regulatory citations.
A second senior reviewer not involved in primary analysis re-reviews comp set defensibility, financial model integrity, and citation accuracy. The lead analyst and senior reviewer both sign the final deliverable. The certification page documents the review chain, data subscriptions used, and independence representations.
Engage the practice.
30-minute scoping call. Fixed-fee engagement letter within 24 hours. No obligation, no sales calls.
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