Most multifamily borrowers approach feasibility work as a single deliverable. One market study, one rent comp set, one absorption schedule, sized to whichever lender happens to be in front of them at the time. This is the wrong frame, and it produces the wrong file. A feasibility study built for an SBA-financed senior living conversion has almost nothing in common with the deliverable an EB-5 Regional Center needs for a garden apartment build, and neither resembles the apprai

Methodology, multipliers, and asset-class benchmarks for SBA 504 and 7(a) feasibility analysis On October 1, 2025, the Small Business Administration recalibrated the 504 program's central compliance test. The per-job debenture threshold climbed from $90,000 to $95,000 on the standard track, and from $140,000 to $150,000 for small manufacturers and projects meeting an energy public-policy goal. The change, codified at 90 FR 47117, was administrative, a routine inflation adjust

Executive Summary A single underwritten Debt Service Coverage Ratio is no longer a defensible decision variable for institutional commercial real estate lending. The empirical record of the last three years has settled the question. CMBS surveillance through the first quarter of 2026 shows office delinquency at an all-time high of 12.34% in January 2026, lodging delinquency rising 137 basis points in a single month to 7.31% in March 2026, and multifamily delinquency reaching

1. Executive Summary Labor is no longer the residual line on a special-purpose pro forma. It is the lever. Across the five asset classes that dominate SBA 7(a), 504, and USDA B&I special-purpose paper, namely limited-service hospitality, express car washes, self-storage, laundromats, and unattended fueling, the operators with the lowest full-time-equivalent count per revenue dollar are not just generating higher EBITDA margins. They are clearing debt-service coverage threshol