Who we are
Wert-Berater, Inc. has prepared independent feasibility studies for lenders, certified development companies, and federal agencies since 1998 — more than four thousand engagements representing $40.2 billion in evaluated project value across all fifty states and international assignments. Our fiduciary duty runs to the lender and the agency, never to the sponsor’s optimism: fees are fixed, quoted up front, never contingent on findings, and a determination is never changed under pressure.
What we do
Special purpose properties — marinas, sports and recreation facilities, event venues, churches, schools, car washes — present the hardest underwriting problem in commercial lending: the building has limited alternative use, so the loan is repaid by the operating business or not at all. The feasibility study therefore carries the full weight of the credit decision. It must demonstrate the demand base for the specific operation, the operator's capture against named competitors, and operating economics deep enough that the lender can underwrite the business with confidence, because the collateral will not rescue a failed operation.
How we do it
The methodology is operation-specific by design: berth and dry-stack demand census for marinas, court-utilization and membership modeling for racket and sports facilities, bookable-date and catering analysis for event venues, traffic-conversion modeling for car washes. Every model is benchmarked against RMA and IBISWorld operator data and stress-tested against program minimums, with liquidation analysis addressing the special-purpose collateral discount directly where the lender requires it.
How we can help you
SBA SOP 50 10 8 contains specific treatment of special-purpose property in collateral and equity-injection requirements, and the firm's studies address those provisions explicitly; USDA and conventional engagements receive equivalent treatment under their respective standards. The firm's special-purpose record spans marina and dry-stack storage (a $23,750,000 SBA 504 boathouse facility in Sarasota), sports and recreation (a $4,840,000 six-court recreation and taproom venue in the Austin MSA), and wedding and event venues (a $10,066,000 winery and event estate in Temecula).
How to engage us
Standard delivery is 10 to 15 business days from complete project data. Rush delivery for deals already in underwriting is accepted case by case for an additional fixed fee, quoted up front and committed in writing. Engagements are typically initiated by the borrower, with lender or CDC confirmation obtained before work begins — institutions differ, so confirm the procedure with your lending contact.