Prepared by Michal Mohelsky, J.D., Practicing Affiliate of the Appraisal Institute, FMVA
MMCG Invest, LLC · San Francisco, CA
Published May 18, 2026 · Last updated May 18, 2026
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LENDER CONFIDENCE
Engagement portfolio.
Selected commercial real estate feasibility study engagements delivered by MMCG Invest across SBA 7(a), SBA 504, USDA B&I, USDA Community Facilities, and conventional lending programs. Each engagement is prepared to lender-grade documentation standards and delivered under a contractual acceptance guarantee aligned with MMCG’s methodology.
Reviewed and Referenced by SBA and USDA Program Lenders
MMCG reports are produced to the documentation standard required by SBA 7(a), SBA 504, USDA B and I, and USDA Community Facilities lenders. Loan officers and program specialists at chartered banks and non-bank rural lenders have reviewed sample reports, referenced MMCG for prospective borrowers, and engaged the firm directly on transactions.
"Michal just completed 3 feasibility studies for me in the car wash industry during the holidays and really came through for us when we needed it."
SBA 504 Feasibility Studies
Marie Askew
Senior Loan Officer
Live Oak Bank
I have sent over the Feasibility Study to the loan officer. They stated that everything looks great. (...)
USDA B&I Feasibility Study
Taylor Wyatt
Collateral Specialist
Business Alliance Financial Services
"Looks great, thank you!"
SBA 504 Feasibility Study
Keely Choy
Business Development Officer
Capital Access Group
Engagement letters from MMCG are issued with a curated reference list of comparable prior assignments, selected to align with the borrower's asset class, loan program, and lender.
The engagements listed on this page represent a selection of the commercial real estate feasibility studies that MMCG Invest has delivered, has in progress, or has scoped through executed proposals. The list spans more than thirty asset classes across twenty five states and covers the full range of program documentation standards from SBA 7(a) and SBA 504 to USDA B and I, USDA Community Facilities, USDA REAP, and conventional commercial financing.
Each engagement is prepared by Michal Mohelsky, J.D., in collaboration with senior analysts specialized by asset class. Reports are produced to the documentation depth required by the targeted lender or program, and every engagement is delivered under MMCG's contractual acceptance guarantee: if the report is formally rejected by the lender, the client is entitled to a full refund of fees paid.
Project specifications below reflect the program characteristics stated by the client in the engagement record. Project costs are reported where stated by the client or supported by a contracted general contractor estimate, and are otherwise sized to the documented unit count using comparable build cost benchmarks. Where a case study page is available, the engagement entry links through to a detailed account of the methodology, deliverable structure, and outcome.
Short-Term Rental, Glamping, and Cabin Resort
Short-term rental and glamping feasibility studies have become one of the fastest-moving categories in MMCG's pipeline as small-balance lenders and SBA program offices expand their comfort with destination cabin, A-frame, and dome formats. The asset class lives at the intersection of seasonal hospitality, recreational real estate, and operator-led management, which makes lender documentation more demanding than for a conventional hotel or resort.
A bankable feasibility study for this category typically resolves four questions for the underwriter: documented demand strength within a defined drive-time catchment, occupancy and average daily rate benchmarks calibrated to comparable competitors rather than to broad market averages, seasonality patterns that align the financial model with the lender's debt service coverage threshold, and operator capability evidence sufficient to satisfy program management review. MMCG's STR and glamping engagements are produced to that standard and have supported financing through SBA 7(a), SBA 504, and USDA Business and Industry program lenders. For additional reading, see our pillar article on glamping market report and the glamping and short-term rental feasibility study page.
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Glamping Units, including 2 Units, Dahlonega, Georgia - SBA 504 Loan.
Glamping Unit, including 1 Unit, Cooperstown, New York - SBA 7(a) Loan.
Cabins, including 50 Units, Adjusted to masisve local seasonal center New York - SBA 7(a) Loan.
Glamping Units, including 10 Units (+108 RV Units), Groveland, California - SBA 7(a) Loan - Yosemite National Park.
Short term Units, including 5 tree house units Thompsonville, Michigan - SBA (504) Loan.
Glamping Units — 20 A-Frame Cabins, Broken Bow, Oklahoma — Highest and Best Use Study.
RV Park, RV Resort, and RV Storage
RV park and RV resort feasibility studies remain one of MMCG's deepest asset class concentrations. The category requires careful disambiguation in the financial model between long-term tenancy, transient overnight stays, and seasonal patterns driven by destination tourism, oil and gas field crews, or proximity to a chemical or industrial employer. A feasibility report that does not separate these revenue streams cannot support a defensible debt service coverage ratio at the lender's threshold.
MMCG's RV park engagements are produced under SBA 7(a), SBA 504, USDA B and I, and conventional construction financing across both ground-up developments and acquisition-plus-improvement transactions. Reports include site-level absorption analysis, competitor occupancy and asking rate benchmarks pulled from a proprietary database of operators, hard cost build benchmarks per pad on a covered versus open versus full-hookup basis, and seasonality-adjusted year one through year five projections. For service scope and engagement detail, see the RV park feasibility study service page. For methodology and operator-side context, see RV park feasibility study methodology and seasonality analysis for RV park operators.
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RV Park & Cabins, including 16 Units, Luray, Virginia - SBA 7(a) Loan.
Upscale RV Park, including 200 units, Cedar Key, Florida.
Upscale RV Park, inlcluding about 167 RV sites & Glamping Units, Paso Robles, California.
Long Term RV Park, including 22 units, Conroe, Texas.
Longhorn RV Park, about 90 units, Forth Worth, Texas - SBA 504 Loan.
Upscale RV Park, including about 107 units, Beaver, Utah - SBA 7(a) Loan (Park was proposed in over 6,000 feet elevation)
Multifamily and Apartment Development
Multifamily feasibility studies represent some of the largest single-project engagements in MMCG's portfolio and require the most rigorous absorption and rent comp work, since lender reviewers calibrate their debt yield and stabilized value tests against tight assumptions. MMCG covers conventional multifamily, HUD voucher affordable programs, mixed-income developments, and entitled land where the borrower needs a feasibility report to support a takeout commitment for a construction loan.
The category spans transactions from 18-unit garden infill projects to 500-plus-unit Class A institutional developments. Reports include unit mix calibration against the submarket, rent per square foot and rent per unit benchmarks against directly comparable properties, absorption pacing scenarios, and a five-year operating pro forma with sensitivity tests on vacancy, expense growth, and exit cap rate. For deeper reading, see our multifamily market report and the multifamily feasibility study page.
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Class A Garden Style multifamily units (508), Modesto, California - build in one phase.
Apartments/multifamily units (200) Class A high rise Opa Locka, Florida.
Mixed Use, including retail components (Pharmacy and C-Store) and about 18 multifamily units (Class B) in Athens, Georgia.
Workforce-Class Class B Multifamily Units (198) — China Grove, North Carolina.
Workforce Class B Multifamily units (168) in Charlotte, North Carolina.
Affordable Housing (24 duplexes) in Sacramento, California. HUD project.
Gas Station and Convenience Store
The gas station and C-store category is one of MMCG's longest-tenured asset class concentrations. SBA program offices and chartered banks producing SBA 7(a) and SBA 504 loans require feasibility studies on gas station and convenience store transactions because the asset class combines retail volatility, fuel supply contract risk, and site-specific traffic dependency that conventional market analysis cannot fully resolve.
MMCG's gas station engagements include fuel sales volume modeling calibrated to AADT traffic counts and competitor positioning, C-store gross margin and merchandise mix analysis, supply contract terms including upfront incentives and per-gallon rebates, equipment cost benchmarking, and full DSCR calibration to the lender's threshold. Reports have been accepted by SBA underwriters at Dogwood State Bank, Live Oak Bank, BuiltWell Bank, and several SBA 504 Certified Development Companies. For additional reading, see gas station feasibility study methodology and the gas station feasibility study page.
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Fuel Station with C-Store and Two NNN-Leased QSR Units, Coarsegold, California (Madera CountyYosemite gateway) - SBA 504 loan
Gas Station with C-Store and Owner-Operated QSR Concept, Augusta, Georgia (Richmond County / I-20 corridor) - SBA 7(a) loan.
Gas Station with C-Store and Adjacent Liquor Store, Lenexa, Kansas (Johnson County / Kansas City metro southwest) - SBA 7(a) loan.
Gas Station with C-Store, Walmart-anchored outparcel location, Tucson, Arizona (Pima County) - Investor decision analysis.
Gas Station with Convenience Store — Independence, Missouri — Investor Analysis — Project Location Within Costco PMA
Fueling Station with C-Store - Durham, North Carolina - SBA 504 Loan.
Car Wash and Express Tunnel
Car wash feasibility has been one of the fastest-growing asset classes for MMCG over the past 24 months as SBA 7(a) and SBA 504 lenders have absorbed the express tunnel format and required deeper documentation of demand, throughput, and competitive saturation. The category requires a defensible analysis of traffic count and demographic capture, comparable operator throughput rates, membership program economics, and supply chain commitments such as chemical supplier branding agreements.
MMCG's car wash engagements span express tunnel (Tommy's-comparable, Mister Car Wash comparable), self-service bay, and hybrid formats across SBA 7(a), SBA 504, and conventional financing. Lender introductions include Live Oak Bank, Capital Access (SBA 504 CDC), and several regional SBA program offices. Recent engagements have validated total project costs ranging from 3.8 to 10.3 million dollars. For additional reading, see car wash feasibility study methodology and the car wash feasibility study page.
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Express Car Wash, Lutz, Florida. SBA 7(a) Loan.
Self-Service Car Wash, conversion of non-operational legacy facility into modern build amid heavy competitive supply, Columbia, SC.
Self-Service Car Wash, ground-up construction with utility access constraints, Hagerstown, Maryland - SBA 7(a) loan
Mixed-Use Fuel Station, Express Car Wash, and QSR Pad Development, Atlanta, Georgia (Fulton / DeKalb County) - Corporate go / no-go decision support
Express Tunnel Car Wash, single-site development, Bakersfield, California (Kern County) - SBA 7(a) loan
Portfolio of 3 express tunnel Car Washes, Rio Rancho - Santa Fe, New Mexico. Delivered within 3 weeks. SBA 504 loans.
Self-Storage, Boat Storage, and Marina
Self-storage, boat storage, and marina feasibility studies require a different analytical posture than most retail and lodging asset classes. The driver of value is square footage absorption against a defined trade area, unit mix calibrated to demographic and life-stage profiles, and seasonal demand for boat and RV storage tied to marina or recreation proximity. Marina and dry-rack storage in particular requires hands-on understanding of slip and rack pricing dynamics in the regional waterfront market.
MMCG's engagements in this category cover ground-up self-storage developments, conversion projects (manufactured housing community to RV and boat storage, for instance), multi-parcel portfolio expansions, and full-scale dry-rack marina developments. Reports are prepared to SBA 7(a), SBA 504, and conventional documentation standards. For service scope and pricing, see the self-storage feasibility study service page. For more, see our self-storage market report or our RV & Boat storage market outlook.
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Self-Storage Facility, three-story indoor climate-controlled building, Las Vegas, Nevada (Clark County) - SBA 504 loan
Self-Storage, 160 Units, exterirn non-climate controlled, Greensboro, Norh Carolina.
Upscale RV & Boat Storage, 200 enclosed and canopy-covered units with self-storage component, Killeen, Texas - SBA 504 loan
Open RV Storage Facility, 80 units, Tampa, Florida (Hillsborough County) - Investor decision analysis
RV & Boat Storage Facility, open, canopy-covered, and fully enclosed units, Black Diamond, Washington (King County / SR-169 corridor)
RV & Boat Storage Facility, open, canopy-covered, and fully enclosed units, Ashburn, Virginia (Loudoun County / Dulles corridor) - SBA 504 loan
Hotel and Resort
Hotel and resort feasibility engagements at MMCG cover limited-service flagged hotels, boutique independent properties, extended-stay developments, and full-amenity resorts with multi-component programs. Lender documentation in this category is typically the most demanding of any commercial asset class because of the operator dependence and the operational complexity of the financial model. STR and ADR benchmarks must be calibrated to comparable properties at the same chain scale and class, market penetration must be defended against branded competitive sets, and demand generators must be documented with site-level demand source analysis.
MMCG's hotel engagements include conventional, SBA 504, and USDA B&I hotel financed transactions. Recent work has covered limited-service hotels at 80 to 102 keys, extended-stay programs above 100 keys, and full-service multi-component resorts. See hotel feasibility study methodology and the hotel feasibility study page for more.
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Mixed-Use Development, including 80-room upper-midscale limited-service hotel, Eustis, Florida
Full-Service Hotel, 90 rooms, Charlotte, North Carolina (Uptown / South End submarket) - SBA 504 loan.
Limited-Service Upscale Hotel, 80 rooms, ski-adjacent location near Mount Holly, Vermont - SBA 504 loan
Upper-Upscale Hotel, 76 rooms, Miami, Florida (Brickell / Wynwood / Edgewater submarket) - SBA 504 loan
Resort & Glamping Development, 20 upscale resort and glamping units, Livingston, Montana (Paradise Valley / Yellowstone gateway) - SBA 7(a) loan
Truck Stop and Fueling Station
Truck stop feasibility analysis combines the underlying mechanics of a gas station and C-store with the operational requirements of long-haul driver service: dedicated diesel lanes, truck parking inventory, shower facilities, food service partnerships, and corridor-level (trade area) competitive positioning. The lender expects the financial model to differentiate revenue streams by category (diesel sales, gasoline sales, C-store, food service, parking, showers) and to support each stream with comparable operator data within the corridor.
MMCG's truck stop engagements include conventional and SBA-financed transactions on Interstate, US Highway, and state corridor sites, and include programs sponsored by petroleum jobbers, regional architectural firms, and direct owner-operators. See our truck stop industry analysis, or our truck stop feasibility study page.
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Truck Stop, 150 parking spaces, 3,600 SF C-store, and 2 NNN-leased QSR pads, Portage, Indiana (I-94)
Travel Center & Truck Stop, 180 truck parking spaces, 4,200 SF C-store, two NNN-leased QSR pads, Effingham, Illinois (I-57 / I-70)
Highway Travel Plaza, 140 truck parking spaces, 3,500 SF C-store, three NNN-leased QSR outparcels, CAT scale and DEF lanes, Texas (I-40 corridor)
Senior Living and Memory Care
Senior living and memory care feasibility studies are among the most demanding in the commercial real estate consulting space because the lender, the borrower, and the operator all need defensible answers on penetration rate against the qualified age and income population, unit mix calibrated to acuity progression (independent living to assisted living to memory care), and stabilized operating expense benchmarks for a labor-intensive operating model. State licensing constraints add a fourth layer of complexity.
MMCG's senior living engagements have covered ground-up assisted living and memory care developments, market studies for acquisition and reposition transactions, and combined campus programs that integrate two or more care levels on adjacent sites. See MMCG senior market report, or our senior living feasibility study service page.
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Memory Care Community, 64 beds, 38,500 SF single-story building on 3.2 acres, dedicated secured courtyard and sensory garden, Phoenix, Arizona (Maricopa County submarket)
Assisted Living & Memory Care Community, 96 units (72 AL / 24 MC), 78,000 SF two-story building, full-service dining and therapy suite, Charlotte, North Carolina
Continuing Care Senior Living Community, 142 units across Independent Living, Assisted Living, and Memory Care, 165,000 SF on 7.8 acres, clubhouse and wellness pavilion, Sarasota, Florida
Industrial and Manufacturing
Industrial and manufacturing feasibility studies for USDA B and I financing require a different research posture than commercial real estate. The feasibility study consultant must defend the borrower's industry positioning, customer concentration, supply chain dependencies, and rural development eligibility, in addition to the standard market and financial analysis. MMCG has prepared USDA B and I feasibility studies on manufacturing campuses, salt-water disposal facilities, and oil and gas midstream operations.
For additional reading, see our pillar coverage on USDA B and I feasibility study requirements and the USDA economic impact analysis framework.
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Steel Processing Facility, 142,000 SF manufacturing and processing plant on 24 acres, coil-handling and slitting lines, rail spur access, Many, Louisiana - USDA B&I loan.
Flex Space & Self-Storage Facility, 95,000 SF combined flex industrial and climate-controlled storage on 6.4 acres, drive-up and interior units with adjacent small-bay flex tenant suites, Cary, North Carolina - SBA 504 loan.
78,000 SF Class B distribution warehouse on 5.2 acres, 28-foot clear height, 12 dock-high doors, and two drive-in bays, Houston, Texas (Northwest Submarket) - SBA 504 loan.
Frequently Asked Questions
What loan programs do MMCG feasibility studies support?
MMCG prepares third-party feasibility studies for SBA 7(a), SBA 504, USDA B and I, USDA REAP, USDA Community Facilities, and conventional commercial loan programs. Every engagement is sized to the documentation standard of the lender and program selected by the client.
How long does a feasibility study take to deliver?
Standard delivery is nine to fifteen business days from receipt of the executed engagement letter and advance fee. Complex multi-phase or multi-program engagements require additional time and are scoped individually in the engagement letter.
Does MMCG offer a refund if a feasibility study is rejected by the lender?
Yes, within scope of work. MMCG operates under a contractual acceptance guarantee. If a delivered feasibility study is formally rejected by an FDIC-insured lender because of a deficiency in MMCG's analysis, methodology, or documentation, the client is entitled to a full refund of fees paid. The guarantee covers MMCG's execution, not the underlying viability of the project. A feasibility study that concludes a project is not viable is the firm's product working as intended, and is not eligible for refund. This term is specified in every engagement letter.
What asset classes does MMCG cover?
MMCG covers more than thirty commercial real estate asset classes including gas stations and C-stores, RV parks, short-term rental and glamping, multifamily, car wash, self-storage and marina, hotel and resort, truck stop, event center, senior living and memory care, industrial and manufacturing, and mixed-use land development.
Who prepares the feasibility study?
Every engagement is led by Michal Mohelsky, J.D., Practicing Affiliate of the Appraisal Institute, and is produced in collaboration with senior analysts specialized by asset class. Analyst attribution is provided in each delivered report.
Are MMCG reports accepted by SBA underwriters and USDA program lenders?
Yes. MMCG reports are accepted by SBA 7(a), SBA 504, USDA B & I, and USDA Community Facilities program lenders on a daily basis. Sample reports have been formally accepted in writing by SBA underwriters at chartered banks. Lender references are available on request.
What is the fee structure for an MMCG engagement?
MMCG operates with a transparent floor fee starting at $4,900 depending on asset class and scope. Payment is structured as 50 percent at engagement and 50 percent at delivery, against the acceptance guarantee.
SBA, USDA, and Conventional Feasibility Study Coverage by State
MMCG delivers commercial real estate feasibility studies nationally. State landing pages below summarize regional coverage, regulatory context, and recent engagements:
Alabama · Arizona · Arkansas · California · Colorado · Connecticut · Florida · Georgia · Idaho · Illinois · Indiana · Iowa · Kansas · Kentucky · Louisiana · Maryland · Massachusetts · Michigan · Minnesota · Missouri · Montana · Nebraska · Nevada · New Jersey · New Mexico · New York · North Carolina · Ohio · Oklahoma · Oregon · Pennsylvania · South Carolina · South Dakota · Tennessee · Texas · Utah · Virginia · Washington · West Virginia · Wisconsin · Wyoming
Lets Discuss Your Project
Every project has its own program, lender, and documentation context. Book a working session and we will review the site, the comparable set, and the lender requirements together. No prepared pitch, no obligation.
Engagements are led by Michal Mohelsky, J.D., Practicing Affiliate of the Appraisal Institute. Feasibility studies are prepared under USPAP discipline, aligned with SBA SOP 50 10 8 for 7(a) and 504 loans and with 7 CFR Part 5001, Appendix A to Subpart D for USDA Business and Industry, REAP, and Community Facilities financing. Engagements start at $4,900 with fixed-fee scoping. Standard delivery is 9 to 16 business days, with rush turnaround available from 5 days. A senior analyst responds to proposal requests within 12 business hours from the firm's San Francisco office at 27 Maiden Lane, Suite 625.