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.
Industrial feasibility is a function of throughput economics and location logic: highway and intermodal access, labor shed depth, power and clear-height specifications against the target tenant class, and the supply pipeline of competing big-box and infill product. For owner-occupied industrial, the study evaluates whether the operating company's volume, margins, and growth trajectory support the facility investment. For speculative or multi-tenant industrial, the analysis tests market vacancy, net absorption, and rent trajectory against the development basis.
The analysis draws on CoStar industrial inventory and absorption series, state DOT freight corridor data, utility capacity confirmation, BLS occupational employment for the warehouse labor pool, and RSMeans location-adjusted construction budgeting. The financial model carries the program-required coverage tests on stabilized cash flow, with sensitivity runs on rent, vacancy, and interest rate consistent with our standard ±5/10/15 percent discipline.
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. Industrial projects are financed across SBA 504 owner-occupied acquisitions and ground-up construction, USDA B&I for rural processing and distribution, and conventional structures for investor product; the study is built to the SOP 50 10 8, RD Instruction 5001, or conventional underwriting standard the engagement requires.
Representative work includes a $13,951,404 SBA 504 industrial storage acquisition in Hayward, California and cold-chain logistics analysis within the firm's $33,656,250 cold storage portfolio work. 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.
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