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.
Life-science and laboratory buildings — clinical labs, research facilities, biotech space, and lab-office conversions — are specialized real estate underwritten on tenancy depth and infrastructure cost: the mechanical intensity of lab space, the cluster economics that concentrate credible demand in a limited set of markets, and the conversion-cost reality that separates genuine lab product from office with aspirations. The study tests the market's actual lab tenancy — funded demand, not square footage of ambition — validates the building specification against the intended lab classification, and prices the buildout at the mechanical and safety infrastructure costs the use genuinely requires.
Demand analysis from the market's research-funding base, institutional anchors, and documented lab absorption, specification review against intended biosafety and lab classification, conversion and buildout costing at lab-grade mechanical standards, and tenant-credit analysis recognizing the venture-funded profile much of the tenancy carries.
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. Clinical and diagnostic laboratory operators fit SBA owner-occupied structures; speculative and multi-tenant lab buildings are conventional credits underwritten on market depth and sponsor capacity.
The firm's industrial and clinical practices converge here — specialized-envelope costing from one, healthcare tenancy analysis from the other. 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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