Sample feasibility studies, formatted by lender type.
The easiest way to evaluate a feasibility study consultant is to see what their deliverable actually looks like in the format your specific lender expects. The five samples below are 6 to 10 page redacted excerpts from real engagements, formatted for SBA, USDA, conventional bank, CMBS conduit, and life-company underwriting. Operator names, exact addresses, and financial specifics are redacted; methodology, formatting, citation density, and analytical depth are preserved.
Five samples · 6–10 pages each · Redacted real engagements · Email-gated download · Updated for 2026 underwriting
Why feasibility studies look different by lender type.
A feasibility study formatted for SBA SOP 50 10 8 looks different from one formatted for KBRA-aligned CMBS conduit underwriting, which looks different from one formatted for USDA OneRD 7 CFR Part 5001, which looks different from one formatted for life-insurance company permanent loan diligence. The underlying analytical work overlaps substantially — submarket vacancy, comparable supply, demand drivers, financial projections, sensitivity analysis. The format, regulatory citations, methodology references, certification page structure, and section sequencing differ systematically.
These differences are not stylistic. SBA SOP 50 10 8 explicitly prescribes documentation expectations on special-purpose property, change of use, and management capability. USDA 7 CFR 5001.214 prescribes the five-component framework — economic, market, technical, financial, management feasibility. CMBS feasibility scope must survive rating agency methodology cross-reference (KBRA, S&P, Fitch) and B-piece buyer review. Life-co feasibility addresses the single-underwriter narrative depth that PGIM, MetLife, Northwestern Mutual, or Principal credit officers expect. A study formatted for the wrong audience does not satisfy the right audience without rework.
The five samples below show the practice's actual format for each lender type. They are excerpts from real engagements with operator names, exact addresses, and financial specifics redacted. The methodology, regulatory citations, table formatting, exhibit construction, and analytical depth are exactly as delivered to the original lender. Sponsors evaluating the practice can see what they would actually receive in the format their specific lender expects.
Five formats, five regulatory anchors
Special-purpose property classification, management capability framework, certification page citing SBA SOP.
Economic, market, technical, financial, management feasibility. OneRD documentation density.
Tenant rollover analysis, multi-threshold sensitivity, debt yield calculation. Internal credit policy alignment.
Rating agency methodology cross-reference. B-piece buyer survival. Pool-friendly format.
Tenant credit depth, NOI durability, single-underwriter narrative. PGIM/MetLife/Northwestern alignment.
Five sample reports, one per lender type.
Each sample is a 6 to 10 page redacted PDF excerpt from a real engagement. Click into any sample for full description, table of contents preview, and download.
Rural Workforce Housing B&I
Sample shows USDA 7 CFR 5001.214 five-component framework for an 84-unit garden-style workforce housing project in a tertiary Midwest market. Economic feasibility, NCHMA-aligned rent comp methodology, employer dependency analysis with single-employer concentration risk modeling, OneRD management feasibility.
Class-B Self-Storage Acquisition (Conventional Bank)
Sample shows bank-examiner-aligned scope for a Class-B self-storage facility acquisition with partial reposition (78% to 92% occupancy). Self-storage Radius Study (1/3/5 mile), SF-per-capita benchmarking against national norms, tenant rollover analysis, expense escalation modeling, capex reserves.
Mixed-Use CMBS Conduit Refinance
Sample shows KBRA-aligned methodology with explicit rating agency cross-reference, B-piece-buyer-survivable tenant rollover analysis, multi-component feasibility scope, blended cap rate analysis.
Last-Mile Industrial Life-Insurance Permanent Loan
Sample shows life-co-format scope with tenant credit analysis, NOI durability under lease scenarios, single-underwriter narrative depth, 55-65% LTV / 1.30-1.50x DSCR underwriting framework.
Each sample lives at a dedicated sub-page with full description, table of contents preview, and email-gated download. Sponsors evaluating the practice typically download two or three samples relevant to their specific deal — the SBA sample plus the bank sample for an SBA 504 deal, the CMBS plus life-co sample for a stabilized institutional refinance, the USDA sample for a rural deal. The "Download all 5" option in Section 7 provides the full library in a single email-gated request.
What you'll see in each sample.
Each 6–10 page excerpt covers six core components from the original engagement. The components show what the practice's actual deliverable contains; the redactions are described in the next section.
Cover and certification page
The original engagement's cover page, certification page with analyst representations, and lender-acceptance refund commitment language. Shows how the deliverable is framed for the specific lender type.
Executive summary
First page of the executive summary covering project description, market thesis, recommended capital path, and conclusion-of-feasibility statement. Demonstrates the practice's executive summary structure.
Submarket analysis sample page
One representative page from the submarket analysis section showing comparable supply, vacancy and absorption data, demand drivers methodology, and exhibit formatting. Methodology preserved; specific figures redacted.
Financial projections sample page
One representative page from the financial projections section showing pro forma format, line-item structure, sensitivity table format, and DSCR calculation methodology. Specific numbers redacted; format and methodology preserved.
Comparable supply exhibit
One representative comparable property entry showing the comparable property data structure, photograph (when included), key statistics, and analyst commentary format. Comp property identifying details redacted.
Sources and methodology
The sources section showing the practice's standard citation density, methodology references (KBRA, NCHMA, RMA Annual Statement Studies, IBISWorld, asset-class-specific specialty data), and regulatory citations. Sources preserved exactly.
What's redacted, and why.
The samples are real engagements with redactions. Operator names, sponsor names, exact street addresses, and specific financial numbers are removed. The redactions protect client confidentiality — the engagement letter for every feasibility study includes confidentiality provisions that survive the engagement, and the practice does not publish identifying details from any client engagement without explicit consent.
What's preserved is everything that demonstrates the practice's actual work product: methodology, regulatory citations, exhibit formatting, table structure, narrative depth, comparable set construction approach, sensitivity analysis format, certification page language, and the lender-specific format conventions for each engagement type. Sponsors evaluating the practice can see exactly what they would receive in their own engagement, with the only difference being that their deliverable would have their own deal's specifics in place of the redacted content.
The redaction approach is conservative. Where a redaction creates ambiguity that affects the sample's evaluative usefulness, the practice provides a brief explanatory note in brackets ("[asset class operator with X-year track record]" rather than a fully redacted block). The goal is transparency about the practice's work product without compromising any client's confidentiality.
What's redacted
- Sponsor and operator names
- Exact street addresses (city and state preserved)
- Specific financial figures (revenue, NOI, debt service)
- Specific tenant names (where applicable)
- Specific lender names (where applicable)
- Any sensitive transaction structure detail
- All methodology and analytical framework
- All regulatory citations
- All sources and data attribution
- Exhibit formatting and table structure
- Certification page language
- Lender-specific format conventions
How to use the samples to scope your engagement.
Sponsors typically use the samples in two ways. First, as evaluation. Compare the practice's deliverable depth to what other consultants you're considering have produced. The samples show methodology citations, exhibit construction, comp set verification approach, sensitivity analysis depth, and certification page conventions — the dimensions that distinguish bankable feasibility work from generic market overview reports.
Second, as scoping reference. The sample formatted for your specific lender type previews what your own deliverable will contain. SBA-bound deal: the SBA sample shows the SOP 50 10 8 documentation density and certification page conventions you'll receive. CMBS conduit refinance: the CMBS sample shows the KBRA-aligned methodology and rating agency cross-references your deal needs. Cross-program scope (SBA 504 plus conventional bank, USDA plus conventional, CMBS plus life-co): download both relevant samples to see how the practice formats each format on a single deliverable.
Sample evaluation typically takes 20-30 minutes per sample. Reading the executive summary, scanning the submarket analysis methodology, reviewing the financial projections format, and reading the certification page tells you what you need to know about the practice's deliverable approach. The 30-minute scoping call after sample review is for confirming scope details and answering deal-specific questions, not for re-litigating whether the practice's work meets your standard — the samples answer that.
The practice does not gate sample downloads behind aggressive marketing automation. Submitting your email triggers a single email delivering the requested sample (or all five, if you select that option). No sales sequence, no automated follow-up cadence, no retargeting beyond the one transactional email. If you want to discuss your specific deal after reviewing samples, the engagement scoping call is at /contact.
Download all five samples in a single request.
One email submission delivers all five samples (PDF). For sponsors evaluating the practice across multiple lender types, the all-samples option saves the time of submitting per-sample requests.
Sample report frequently asked questions.
Reviewed the samples? Let's scope your engagement.
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