Prepared for lenders, CDCs, and federal agencies to SBA SOP 50 10 8, USDA RD Instruction 5001, and conventional underwriting standards. Fiduciary duty runs to the lender and the agency, never the borrower. More than 4,000 studies since 1998 covering $40.2 billion in evaluated project value.
Build-to-rent feasibility joins single-family livability to multifamily underwriting: renter-household demand at the proposed rents within the drive-time market, the premium BTR product commands over conventional apartments and its durability, operating economics of horizontal management, and exit assumptions tested against institutional appetite rather than assumed. Cottage and townhome formats are distinguished where their economics differ.
The analysis uses household and income screens, rent comparables across BTR and conventional product, operating benchmarks for horizontal communities, and development budgets independently tested. Coverage is tested on stabilized cash flow with lease-up sensitivity.
Every Wert-Berater financial model is fully linked with no hardcoded values, so any reviewer can stress any input. Deliverables comprise a complete narrative report and the linked Excel model, with ten-year pro forma, sensitivity analysis at ±5, 10, and 15 percent, interest-rate stress from +0.5 to +3.0 percent, and ratio analysis benchmarked against RMA and IBISWorld data.
SBA engagements are prepared to SOP 50 10 8, including its debt-service-coverage minimums of 1.15x operating and 1.00x global. USDA engagements follow RD Staff Instruction 5001 across the Business & Industry, Community Facilities, REAP, and Value-Added Producer Grant programs. Conventional engagements are built to the lender's stated coverage standard, typically 1.20x. Land development engagements are conventionally financed in most cases, with the study built to acquisition-and-development underwriting standards — absorption, release prices, and lender exposure through the takedown schedule — and SBA or USDA program screens applied where an owner-occupied or rural end use is contemplated.
BTR analysis applies the firm's multifamily and outdoor-hospitality disciplines, including site-class revenue modeling proven across its RV resort record at $4,839,570 and $8,050,000. Independence is non-negotiable: determinations follow the evidence and are not revised under pressure, and studies are built to pass lender, agency, and third-party review without exception items.
Qualify a project. Tell us about the project and the program. We will tell you the truth about it — scope, timeline, and fee confirmed before work begins.
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