4,000+Engagements Completed1,300+SBA Studies Accepted by Lenders950+USDA Studies in Agency Financing$43.8BProject Value Evaluated1998Feasibility Consultants Since
Wert-Berater, Inc.
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Lender Resource Center

Checklists, program requirements, comparison guides and sample deliverables for the people who order, read and defend feasibility studies in committee.

Order a Feasibility Study
01 · Tools

Tools

1.1Feasibility Study ChecklistInteractive 13-category review with PDF download.→1.2Credit Committee ChecklistUse the same checklist to document committee review questions.→1.3DSCR Stress TestRevenue and expense shocks applied to cash available for debt service.→
02 · Program requirements

Program requirements

2.1SBA SOP 50 10 8.1 GuideWhat the current SOP requires of feasibility studies.→2.2SBA Feasibility Study RequirementsLender and CDC scope under SOP 50 10.→2.3USDA Feasibility RequirementsB&I loan requirements, including the feasibility study.→2.47 CFR 5001 Compliance CheckerCheck a USDA study against the regulation's elements.→
03 · Guides

Guides

3.1DSCR Stress Testing GuideHow rate and operating stress move coverage.→3.2DSCR Requirements ComparedSBA, USDA and conventional coverage floors.→3.3Feasibility vs AppraisalDifferent questions, both often required.→3.4Feasibility vs Business PlanWhy a business plan rarely satisfies the condition.→3.5Feasibility vs Market StudySummary below, with market analysis services.→3.6How to Review a Feasibility StudyWhat lenders read for, compared with borrowers.→3.7Project Monitoring GuidePost-closing performance monitoring in practice.→
04 · SBA & USDA review library

SBA & USDA review library

4.1SBA Lender & CDC Resources7(a) and 504 scope, file inputs and sensitivity questions.→Current SBA feasibility-study guidance for lenders and borrowers.4.2USDA Lender ResourcesOneRD guaranteed-loan questions under Part 5001.→Current USDA program scoping and feasibility-study guidance.4.3SBA 7(a) ChecklistDownloadable 7(a) study checklist.→Specialized resource not yet published. Open the current general lender checklist, which can be printed.4.4SBA 504 ChecklistDownloadable 504 study checklist.→Specialized resource not yet published. Open the current general lender checklist, which can be printed.4.5Special-Purpose Property ChecklistFor hotels, venues and other special-purpose collateral.→Specialized resource not yet published. Open the current general lender checklist, which can be printed.4.6Study Scope TemplatePreliminary scope for a credit file.→Template not yet published. Review the current study scope and deliverables.4.7Lender Review Checklist (printable)Static companion to the interactive checklist.→Specialized resource not yet published. Open the current general lender checklist, which can be printed.4.8Sample Table of ContentsWhat a complete study is organized around.→Sample not yet published. Review the current description of report contents and deliverables.4.9Illustrative Redacted ExtractDeliberately fact-free example of report format.→Sample not yet published. Review the current description of report contents and deliverables.4.10Documents to SendWhat to upload with an order.→Specialized resource not yet published. Open the current general lender checklist, which can be printed.4.11Independent Projection ChecklistTests for management versus supported assumptions.→Specialized resource not yet published. Open the current general lender checklist, which can be printed.4.12Part 5001 Study Scoping ChecklistUSDA OneRD feasibility scope.→Specialized resource not yet published. Open the current general lender checklist, which can be printed.4.13SBA 504 Feasibility Checklist ToolInteractive 504 review.→4.14USDA B&I Feasibility Checklist ToolInteractive B&I review.→4.15Public Completion RecordPublished engagement releases.→
05 · Samples

Samples

5.1Sample Feasibility Study PagesRepresentative research pages from a delivered report.→5.2Financial Model ExampleSample SBA 504 linked model (Excel download).→5.3Why the Model Has No Hard-Coded ResultsHow the linked model supports underwriting.→
Comparison

Feasibility study vs market study

A market study answers whether demand exists: the market area, demand drivers, competitive supply, pricing and absorption. A feasibility study includes that market work and then carries it through to the project's own economics: cost, operations, management, cash flow, debt-service coverage and downside cases, ending in a determination about the proposed financing.

If the credit question is whether the loan can be repaid, a market study alone stops one step short. Market analysis is available on its own through market demand analysis and commissioned market reports.

Integration API documentation for institutions is provided inside the lender portal to organization administrators; no keys or borrower data appear on public pages.

Ready when the credit file is

Done reading? Order the study.

Every resource here describes the standard our reports are prepared to.

Order a Feasibility Study Get Fixed-Fee PricingCreate Lender Account

Analytical continuity

After the Investment: Independent Performance Monitoring

Carry the financing case into ongoing loan and portfolio review.

The analytical relationship does not have to end when the feasibility study is delivered. Wert-Berater can continue monitoring the asset against the original underwriting assumptions, updating market conditions, testing coverage, identifying performance variances and maintaining a recurring analytical record.

Before capital is deployedWert-Berater tests the investment thesis.
After capital is deployedWert-Berater tests whether actual performance continues to support it.
Request a Monitoring Quote Asset & Portfolio Performance Monitoring

  • Individual Asset Monitoring

    • Revenue
    • Expenses
    • NOI
    • DSCR
    • Occupancy
    • Market rents
    • Competitive supply
    • Value
    • Original underwriting assumptions

  • Watchlist Monitoring

    Most relevant here
    • DSCR deterioration
    • NOI deterioration
    • Occupancy
    • Revenue
    • Expenses
    • Market conditions
    • Collateral / value
    • Stabilization
    • Refinancing risk

  • Construction Monitoring

    • Progress
    • Budget
    • Cost-to-complete
    • Schedule
    • Change orders
    • Draws
    • Remaining costs
    • Lease-up
    • Stabilization

  • Portfolio Monitoring

    • Portfolio performance
    • Risk
    • Concentration
    • Market exposure
    • Annual review
    • Re-underwriting
    • Watchlist
    • Portfolio-level trends
Engagements Completed
4,000+
SBA Studies Accepted by Lenders
1,300+
USDA Studies in Agency Financing
950+
Project Value Evaluated
$43.8B
Feasibility Consultants Since
1998

Thousands of real estate, business, and machinery appraisal and litigation assignments.

Legal disclosure. Wert-Berater, Inc. offices are mailing addresses only. Following the COVID-19 pandemic the firm has elected to work remotely; its office locations receive mail and are not staffed for visitors or in-person meetings. Headquarters mailing address: 1968 South Coast Hwy, Ste 2382, Laguna Beach, CA 92651.

Wert-Berater, Inc. is an independent provider of feasibility studies and other related services. The firm does not provide financing or equity investment advice, and does not arrange, broker, or place debt or equity capital of any kind.

All appraisal assignments are performed by Bruce E. Jones, MAI, ASA-GC, BCA, CMEA, a member of the Appraisal Institute since 2006, a staff member of Wert-Berater, Inc. and owner of Special Purpose Realty Valuation.

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