Michal Mohelsky, J.D., FMVA

Founder and Principal of MMCG Invest, LLC. Feasibility study consultant, author and legal professional specializing in SBA 7(a), SBA 504, USDA OneRD and conventional commercial real estate financing.

Michal Mohelsky is the founder and principal of MMCG Invest, an independent national feasibility study consultancy headquartered in San Francisco. From January 1 to September 1, 2026, feasibility studies under his direction covered $2.3 billion in total construction cost and $1.7 billion in loan amount across more than 30 commercial real estate asset classes. His clients include national and regional lenders, SBA Certified Development Companies, USDA-guaranteed lenders, government agencies, investment funds and private developers throughout the United States.

Every feasibility study issued by MMCG is reviewed by him before delivery. There is no intermediary between the analyst who builds the financial model and the principal who signs off on its conclusions, and no intermediary between the principal and the lender who relies on the study. This structure is deliberate: it keeps accountability for every number with one person, and it is what allows MMCG to guarantee acceptance of its studies in writing.

His practice sits at the intersection of three disciplines: law, financial modeling and commercial real estate market analysis. Trained as a lawyer in Prague and certified as a Financial Modeling and Valuation Analyst, he approaches each engagement by reading the governing lending program as regulation rather than as a checklist, modeling financial projections to the standard a credit committee will test, and tracing every market conclusion to verifiable primary data.

A feasibility study prepared for a lender answers a narrow question with serious consequences: will the proposed project generate enough cash flow to service its debt, under realistic and under stressed assumptions? Michal Mohelsky's studies answer that question in the structure the lender's credit file requires, covering the project and its site, the market area and its demographics, supply and demand, the competitive set, project cost, the operating projection, debt service coverage and sensitivity analysis.

Each study under his direction follows the same principles. Market data is verified at the source, including each competitor's own published rates and specifications, rather than carried from listing aggregators or prior surveys. Project costs are built up from recognized cost data and reconciled to the borrower's budget. Operating projections are tied to the observed performance of comparable properties, and every projection is stress-tested so that the lender sees not only the expected case but the conditions under which the loan would fail to cover debt service.

Michal Mohelsky prepares and directs feasibility studies for SBA 7(a) and SBA 504 financing structured to SBA Standard Operating Procedure 50 10 8 and its successor revision, SOP 50 10 8.1, effective October 1, 2026. SBA engagements include startup businesses, ground-up construction, expansions, business acquisitions and change-of-ownership financing, where the lender must document that the business can repay from its own operating cash flow.

He has written extensively on the SBA framework, including analysis of the changes introduced by SOP 50 10 8.1 and of SBA refinance requirements, and his published guidance is used by lenders and borrowers preparing SBA credit files.

For USDA Rural Development financing, Michal Mohelsky prepares feasibility studies structured to 7 CFR Part 5001, the OneRD guaranteed loan regulation governing the Business and Industry (B&I) program, the Rural Energy for America Program (REAP) and Community Facilities lending. OneRD studies must address the economic, market, technical, financial and management feasibility of the project, including sensitivity analysis that tests the project's ability to perform when key assumptions move against it.

His published work on the OneRD framework, including a detailed treatment of what USDA means by sensitivity analysis, addresses the most frequent reasons USDA feasibility studies are returned for revision.

Beyond federal programs, he leads feasibility and market studies for conventional bank financing, private credit, investment funds and development partners. These engagements are structured to the credit policy of the engaging lender or investor and range from single-property underwriting studies to national demand studies covering a sector across all U.S. markets.

Studies under his direction span more than 30 commercial real estate and operating business asset classes, including:

Michal Mohelsky is a Practicing Affiliate of the Appraisal Institute, and MMCG studies are prepared under USPAP discipline. MMCG holds no ownership, development, construction, brokerage, operating or financing interest in any project it evaluates, and its fees are fixed at engagement rather than contingent on the study's conclusions or on loan approval.

He has also introduced probabilistic methods to the firm's practice. Where a conventional study presents one projection and a handful of sensitivity cases, MMCG can run Monte Carlo simulation across thousands of scenarios to show lenders the probability distribution of debt service coverage, not only its expected value.

When he founded MMCG, Michal Mohelsky introduced a written standard: a contractual guarantee that the study will be accepted by the lender and the program for which it was commissioned. For him, acceptance is not a gamble but the baseline a feasibility study must meet, and the guarantee is the written form of that standard. Studies are structured to the governing program requirements from the first page, verified at the source and reviewed by him before delivery. If a lender or agency requires revisions for the study to be accepted, MMCG makes them at no additional cost.

Michal Mohelsky raised the funding for MMCG Analytics and directed its data architecture and methodology. The platform consolidates the public record of the United States into a single analytical environment keyed on a national parcel spine: more than 300 million spatial and statistical records, including 132 million parcels, 135 million buildings, a national 10-meter elevation model, parcel-level soil, EPA and state environmental records, FEMA flood zones and 37 million wetland features, demographics for all 3,222 counties, 10.6 million traffic counts, 1.03 million SBA loan performance records and 4.9 million CMBS operating records. It supports the market, demographic, environmental and cost analysis in every MMCG study.

In 2024 he directed the publication of MMCG's free national wind and seismic hazard screening tools, which connected hazard databases fragmented across separate federal portals into a single site-level view and are now used by more than 3,000 commercial real estate, lending, insurance and other property professionals every month. Further tools published under his direction include a USDA program eligibility and demographic map, a FEMA flood zone and wetlands interface, a national oil infrastructure map and SBA and USDA loan calculators.

Under his direction, MMCG also holds licensed, contracted access to the primary datasets used by institutional lenders and investors: a CoStar contract for commercial property, comparable and market data; a Moody's contract for CRE market analytics and forecasts; an IBISWorld license for industry research; STDB access licensed through the Appraisal Institute; licensed mobile location data for observed visitation and trade-area behavior; full Esri data access for demographics, consumer spending and business data; and commercial high-resolution satellite imagery for site-level analysis. Every study he issues is built on that coverage rather than on public extracts or secondhand summaries.

Michal Mohelsky is the author of MMCG's published body of work on federal lending feasibility requirements and commercial real estate market analysis. Selected articles:

View all articles by Michal Mohelsky

MMCG Invest, LLC, San Francisco. Founder and Principal, 2021 to present. Co-founded the firm with Vit Navratil, MSc., to build a feasibility practice combining established study discipline with proprietary data infrastructure. Leads all engagements, reviews every study before delivery, and directs MMCG Analytics. In 2024, directed the publication of MMCG's free wind and seismic screening tools; in 2026, opened public access to MMCG Analytics.

National feasibility consultancy. Senior position in feasibility study practice prior to founding MMCG.

RSBC Group, Prague. Real estate and private equity acquisitions for a European investment group.

PORTOS, Prague. Attorney at one of the largest law firms in the Czech Republic.

English, Czech