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.
Multifamily feasibility rests on household formation, income qualification, and the supply pipeline. The study quantifies the renter household base that can afford the proposed rents under standard 30-percent-of-income screens, maps every competing project in lease-up and in the permitting pipeline, and tests absorption pace against the construction loan's carry. Student and senior housing add their own demand arithmetic — enrollment trends and bed-to-enrollment ratios on one side, age- and income-qualified senior households and acuity migration on the other. For condominium sell-out programs, the analysis shifts from stabilized yield to velocity: pricing, absorption per month, and sell-out duration against the development debt.
Demand modeling uses Census household and ACS income distributions, HUD fair market rent series, enrollment data for student product, and state aging-services data for senior product, with rent comparables verified at the property level. Condominium work follows the firm's dedicated sell-out methodology with optimized unit-count scenarios, monthly absorption modeling, and total-development-cost feasibility screens.
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. The firm prepares multifamily studies for conventional construction lending, USDA Community Facilities and B&I where rural housing economics apply, and SBA-adjacent senior care structures where the operating business, not the real estate, is the borrower.
Engagements include a 184-unit Class A condominium sell-out evaluated at a $48,456,000 optimized total development cost in Winter Haven, Florida, where the base scenario was determined infeasible and the optimized configuration favorable with conditions — a determination sequence that illustrates the independence lenders engage us for. 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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