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.
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.
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.
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. 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). 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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