Engagement
Engagement process.
From the first scoping call to the final lender-ready PDF in 10 to 35 business days. Fixed-fee engagement letters, milestone-based payments, dedicated lead analyst on every engagement, and no scope creep without explicit sign-off.
The Process
The seven-step engagement.
Every engagement runs the same seven steps. Step duration adapts to asset class and capital source; the structure does not.
Scoping call
15 MIN · NO CHARGEA 15-minute call with the practice's lead analyst to confirm asset class, capital sources, lender mix, regulatory framework, anticipated turnaround, and fee band. No engagement letter signed at this stage and no obligation to proceed. The scoping call exists to surface deal characteristics that would change scope before either party commits.
Fixed-fee proposal
WITHIN 24 HOURSA written proposal documenting the recommended scope, fixed fee, delivery date, milestone payment schedule, and any flagged conflicts of interest. Proposals are valid for 30 days. Most sponsors come back with one or two questions before signing; that conversation is included in the proposal cycle without additional fee.
Engagement letter and 50% deposit
SAME DAY EXECUTIONEngagement letter signed, 50 percent deposit received, lead analyst assigned. The deposit covers data acquisition, site review, and the first analytical pass. Engagement letter terms include a lender-acceptance refund commitment and a documented conflict-of-interest policy.
Data request and kickoff call
WITHIN 3 BUSINESS DAYS OF DEPOSITA 30-minute kickoff call with sponsor and lead analyst, plus a written data request listing what the sponsor provides (rent rolls, financial statements, franchise agreement, term sheet, site plan) and what the practice gathers independently (third-party data, comp set verification, regulatory research). The data request is the single document that drives subsequent timeline reliability.
Draft delivery
AT MIDPOINT OF TIMELINEA complete draft deliverable sent to sponsor at the midpoint of the engagement window — typically 5 to 18 business days after kickoff depending on complexity. Draft includes all sections, exhibits, sources, and the conclusion of feasibility. Sponsor reviews and submits comments within 5 business days.
Review and revision cycle
5-10 BUSINESS DAYSOne revision pass is included in standard scope. Sponsor comments are addressed, fact corrections incorporated, and methodology questions answered in writing. Lender pre-review is available on request — first lender review pass is included; subsequent revisions driven by lender questions are quoted at hourly rate.
Final delivery and 50% balance
AT END OF TIMELINEFinal lender-ready PDF and editable format delivered to sponsor and the lender contact list specified in the engagement letter. Final 50 percent balance due on delivery. Final deliverable includes signed certification page from lead analyst and senior reviewer, full source documentation, and the data subscription stack used.
Timeline
Typical timeline by complexity.
Three complexity tiers determine the engagement window. Tier is established at the scoping call and locked in the engagement letter.
Standard scope, single capital source
SBA 7(a) for self-storage, gas station, car wash, restaurant, daycare, brewery, or wedding venue. Conventional bank for owner-occupied small-asset transactions. Stabilized refinance with full data package on day one.
Cross-program scope or moderate complexity
SBA 504 plus conventional senior debt for hospitality, multifamily, mixed-use. Conventional construction or mini-perm. CMBS conduit refinance. Life-co permanent loan. Most engagements fall in this tier.
Specialty asset or institutional scope
HUD 232 LEAN senior housing. USDA B&I or CF rural deals. Data center hyperscale or AI cluster. LIHTC affordable multifamily. CMBS SASB single-borrower. Multi-asset portfolio engagements. Operator review and regulatory documentation drive longer timeline.
Timeline measured in business days from receipt of full data package and 50% deposit. Sponsor-side delays in delivering rent rolls, financial statements, or franchise agreements pause the clock without penalty.
Data Request
What we need from you, and what we gather ourselves.
The engagement letter includes a written data request listing both columns explicitly. The clearer the upfront handoff, the more reliable the timeline.
What You Provide
Term sheet or commitment letter
The lender's term sheet defines the regulatory framework that governs scope. Provide whichever lender's sheet is most advanced.
Project description and budget
Total project cost, sources and uses, capital stack, project narrative, anticipated stabilization timeline.
Site plan and architectural drawings
Site survey, schematic floor plans, elevations if available. Final permitted drawings not required for scoping.
Financial statements and tax returns
For owner-operated and existing-asset deals: three years of financial statements, tax returns, and current rent roll if applicable.
Franchise agreement or brand approval letter
For franchise hospitality, restaurant, and daycare deals: FDD Item 19, brand approval status, territorial rights documentation.
Operator or management resume
For SBA 7(a) and 504 owner-operator deals, USDA B&I, and HUD 232 LEAN: operator track record, regulatory history, prior project list.
What We Gather Independently
Comparable set verification
Site visits or third-party verification of competing supply, occupancy, ADR, rent comparables, and absorption.
Submarket data and demographics
CoStar, STR, IBISWorld, ESRI Business Analyst, Moody's Analytics, NCHMA, asset-class-specific specialty data.
Regulatory and zoning research
Zoning verification, entitlement status, Certificate of Occupancy review, Certificate of Need (where applicable), regulatory pathway documentation.
Industry benchmarks
RMA Annual Statement Studies, IBISWorld operating ratios, asset-class operating expense benchmarks for pro forma validation.
Brand-flag or franchise demand data
For hospitality and franchise restaurant: brand-flag demand reports, competitive set chain scale analysis, franchise system performance data.
Rating agency and lender methodology
KBRA, S&P, Fitch, Moody's, DBRS Morningstar published methodology cross-referenced to subject deal where CMBS execution is anticipated.
Rush Options
Rush delivery options.
Standard timeline is built into every engagement. Rush options exist for deals where lender deadlines compress the window. Premium pricing reflects the analyst-time concentration required.
Standard turnaround
Tier 1: 10-15 BD · Tier 2: 15-25 BD · Tier 3: 25-35 BD
Built into base engagement letter pricing. No premium. Timeline driven by analyst calendar and deal complexity tier. Full data package on day one keeps the clock predictable.
Base engagement letter fee — no premium
Rush turnaround
7-10 BD for Tier 1 · 10-15 BD for Tier 2
Available for Tier 1 and Tier 2 engagements with strong third-party data coverage and single-program scope. Lead analyst dedicates concentrated time; secondary engagements may be reshuffled. Tier 3 engagements not eligible for rush turnaround.
25-40 percent premium over base fee
Accelerated (under 5 BD)
Quoted case by case
Available only for Tier 1 engagements with complete data package on day one and single-program scope. Lead analyst clears calendar for the duration. Quoted individually because feasibility under this constraint is asset-specific.
50-75 percent premium over base fee
All rush turnarounds measured in business days from receipt of full data package and 50% deposit. Sponsor-side data delivery delays pause the rush window without changing the premium structure.
Revisions
Revision and review policy.
Every engagement includes one revision pass after draft delivery. Sponsor reviews the draft within five business days, submits comments in writing, and the lead analyst incorporates fact corrections, addresses methodology questions, and documents any analytical positions where sponsor preference and analyst conclusion diverge.
Lender pre-review is available on request and is recommended for engagements where a specific credit committee deadline or rating agency review is anticipated. The first lender review pass is included in standard scope. Subsequent revisions driven by lender questions are quoted at hourly rate, typically capped at 10 percent of the base engagement fee for routine question-and-answer cycles.
The practice does not adjust analytical conclusions in response to sponsor pressure. Where sponsor and analyst disagree on a methodology choice or a sensitivity assumption, the disagreement is documented in the deliverable and the analyst's conclusion stands. This is the structural cost of independent third-party authorship.
Revision policy at a glance
One revision pass included
Sponsor comments after draft delivery, addressed in single revision cycle.
First lender review included
First pass of lender questions answered in writing at no additional fee.
Hourly rate beyond included scope
Subsequent lender revisions quoted at hourly rate, typically capped at 10% of base fee.
Analytical independence preserved
Conclusions and methodology stand even where sponsor preference differs.
Scope Change
What triggers a scope change.
Engagement letters lock fixed scope, fixed fee, and fixed delivery date. Most engagements run start-to-finish without scope change. When scope change is necessary, the protocol is structural and disclosed upfront in the engagement letter.
Three scenarios trigger scope change. First, change in capital source — the deal that started as SBA-only becoming SBA-plus-CMBS in week three, or the conventional bank deal pivoting to USDA B&I when the rural designation comes through. Second, asset class or project structure modification — adding a phase, adding an asset, removing an asset, or changing the use of a portion of the project. Third, lender-requested supplemental analysis beyond the original scope — for example, a B-piece buyer requesting tenant credit deep-dive on a property where the original scope assumed single-tenant credit.
The scope change protocol works in two steps. The lead analyst documents the proposed scope addition in writing within 48 hours of the trigger event, including incremental scope description, incremental fee, and delivery date impact. The sponsor signs the scope change addendum or declines, in which case original scope is delivered as written and the addition is treated as a separate engagement.
The protocol exists to preserve fixed-fee discipline. Scope creep in feasibility consulting is the largest source of fee disputes industry-wide. Documenting scope changes in writing — every time, before incremental work begins — is the only way to keep fixed fees actually fixed.
Payment
Payment terms.
Payment is structured around two milestones. No engagements operate on net-30 or net-60 invoicing terms; the milestone structure is what enables fixed fees.
Milestone 01
50% deposit
Due at engagement letter execution. Covers data acquisition, third-party subscription pulls, site review, and first analytical pass. Refundable per engagement letter terms if engagement is terminated before draft delivery.
Milestone 02
50% balance
Due on final delivery of lender-ready PDF and editable format. Triggered by transmission to sponsor and the lender contact list specified in the engagement letter. Net 0 — payable on delivery, not invoiced.
Wire or ACH
No credit cards
Wire transfer or ACH preferred for both milestones. Wiring instructions included in the engagement letter. Credit card not accepted as a payment instrument for either milestone.
Lender-acceptance refund commitment is documented in the engagement letter. If a study is rejected by the sponsor's lender or CDC for cause, the practice either revises to acceptance at no additional cost or refunds the full fee.
Ready to start an engagement?
A 15-minute scoping call confirms scope, fee, and turnaround. Fixed-fee proposal in your inbox within 24 hours. No obligation, no sales calls.
Schedule a 15-minute scoping call →Or read about pricing · Browse sample reports · Read methodology