PRICING
Feasibility study consultant cost: fixed fees by asset class.
This page is for borrowers, developers and business owners whose lender, CDC or USDA office has asked for a third-party feasibility study, and who want to know the fee before they commit. We prepare that study for a fixed fee, published below by asset class.
The study gives the lender an independent view of market demand, competing supply, the project budget and a multi-year financial projection that tests debt service coverage (DSCR) against the lender's minimum. A lender can rely on it because an independent analyst prepares it, every assumption is sourced, and it is built around the rule the lender works under: SBA SOP 50 10 8.1 for 7(a) and 504 loans [1], 7 CFR Part 5001 for USDA guaranteed loans [2], or the bank's own credit policy for conventional and CMBS loans.
PUBLISHED FEES
Fixed fees and delivery windows by asset class.
Each row shows our published fixed fee band and delivery window for one asset class. Your proposal states one fixed fee for the agreed scope. Asset classes not listed here are quoted after scoping; the feasibility study cost estimator shows where a listed class falls inside its published band.
| Asset class | Fixed fee | Delivery window |
|---|---|---|
| Car wash | $5,500 to $9,000 | 3 to 6 weeks |
| Gas station | $5,500 to $9,000 | 3 to 6 weeks |
| Self-storage | $5,500 to $10,000 | 3 to 6 weeks |
| Hotel, limited-service | $6,000 to $9,500 | 4 to 6 weeks |
| Multifamily, market-rate | $7,500 to $14,000 | 4 to 8 weeks |
| Industrial | $8,500 to $16,000 | 5 to 8 weeks |
| Hotel, full-service | $9,500 to $18,000 | 6 to 10 weeks |
| Multifamily, affordable | $12,000 to $22,000 | 6 to 10 weeks |
| Senior living | $14,000 to $26,000 | 6 to 10 weeks |
COST DRIVERS
What moves a fee within its band.
Five things explain most of the difference between a low and a high fee for the same asset class.
Project complexity
More buildings, phasing, several uses on one site or a portfolio of properties all add analysis. A single building with one use sits at the low end of its band.
Market data
Rural, small or thinly traded markets need more primary research, such as competitor surveys and site visits. Markets with deep public data need less.
Number of lenders
A study written for one lender costs less than one that must satisfy two capital sources at once, such as an SBA lender and a conventional bank.
Delivery date
The published delivery window is built into the band. A date earlier than the window, where we can meet it, is priced in the proposal.
Operator review
Senior living and other operator-run businesses need a review of the operator's experience, licensing history and management plan.
WHEN LENDERS ASK
When does a lender need a feasibility study?
A lender needs one when it cannot judge repayment from the borrower's history alone: a new business, new construction, a change of use or a property built for one purpose.
SBA 7(a) and 504. SBA may require a feasibility study as a loan condition under 13 CFR 120.160(b) [4]. In its 504 credit analysis rules, SOP 50 10 8.1 says SBA "has the regulatory authority to request a feasibility study when it is needed to further understand the small business type and market conditions at the project location." It lists market saturation, a unique market concept, a highly specialized project property, a project size out of proportion to the community and rapid growth of the applicant as reasons [1]. For a Standard 7(a) start-up, new business or other application based on projections, the projections must reflect debt service coverage of at least 1.15 within 2 years of loan funding, or of the end of construction for a construction project [1]. SOP 50 10 8.1 took effect October 1, 2026 [1]. Information Notice 5000-880695 says it "will apply to all applications that are issued an SBA loan number on or after that date," and that applications submitted through September 30, 2026 stay under SOP 50 10 8 [3].
USDA. 7 CFR Part 5001 defines a feasibility study as a report "conducted by an independent qualified consultant(s)" covering economic, market, technical, financial and management feasibility. A Business and Industry guaranteed loan of more than $1,000,000 to a new business requires one [2].
Conventional and CMBS. The bank's credit policy, or the review of the investors who will buy the loan, decides when a study is needed. See feasibility studies by loan program.
SCOPE COMPARISON
Feasibility study, appraisal and market study.
These are three different reports, and lenders ask for them by name. An appraisal estimates what the property is worth. A market study tests whether demand supports the project. A feasibility study includes the market work and adds the financial projection, the debt service test and a conclusion on whether the project works as financed.
Many loans need more than one. Fees differ because the scope differs. Compare them in detail: feasibility study vs appraisal and feasibility study vs market study.
ENGAGEMENT
How an engagement works.
Five steps from the first conversation to the final report. The fee and delivery date are fixed at step 2.
Scoping conversation
Asset class, loan program, lender, project status and the date the lender needs the report.
Written proposal
One fixed fee, the scope of work and a delivery date, in writing, before any work starts.
Research and analysis
Site review, market and competitor research, comparable set and the financial projection.
Draft for review
You review the draft and correct any fact about the project before it goes to the lender.
Final report
The final report, exhibits and sources, sent to you and to the lender contacts you name.
SCOPE
What the fee includes, and what is separate.
- Site and program review
Zoning and entitlement status, access and visibility, environmental constraints visible from public records, and the rules of the loan program the study is written for.
- Market and competitive analysis
Demand drivers, the competing supply that exists and is planned, absorption, and the demographic and economic base of the trade area.
- Comparable set
The competing properties the projection is measured against, with the reason each one is in or out.
- Financial projection
Revenue, operating expenses, net operating income, reserves and debt service over a multi-year period, with DSCR and, where the lender uses it, debt yield, plus downside cases.
- Draft review
A draft for you to check before the report is final.
- Final report
A complete report with exhibits and sources, delivered in PDF to you and your lender.
- Appraisal
A separate report by a separate appraiser. For SBA 504 loans on a special purpose property, SBA requires an appraiser experienced in that industry. [1]
- Environmental reports
Phase I and later environmental work come from an environmental professional. SBA's environmental policies and procedures apply to SBA lenders on 7(a) and 504 loans. [1]
- Site visit travel
Where a site visit is needed, travel is quoted in the proposal.
- Added scope after the proposal
A new use, a second site or a new lender added after the proposal is signed is quoted before the work is done.
FAQ
Questions about feasibility study cost.
Sources
Request a fixed-fee proposal.
Send the asset class, the loan program and the project location. We reply with a written proposal that states the fixed fee, the scope and the delivery date.
Or read a sample report first.