A feasibility study is a lender-facing document, so the process is built around the file it has to survive. The scope is set to the program of record at the first step, the analysis that credit committees ask questions about is done before the model rather than after it, and the draft reaches the lender at the same moment it reaches you.
The method behind the numbers is a separate document: read the methodology. What a study costs and what moves the price is on what a study costs.
These are the firm's own seven steps, not a restatement of them.
What you supply, and what the lender receives
One row per step. The left column is the only thing we ask you for; the right column is what leaves the building.
| Step | What you supply | What the lender receives |
|---|---|---|
| Brief | The address, the asset class, the capitalization, the sponsor track record and the name of the lender, CDC or USDA contact carrying the deal. The loan package, site plan and development budget where they exist. A franchisee adds the territory disclosure documents; an acquisition adds the trailing financials. | Nothing to read yet. Naming the lender, CDC or USDA contact at intake is what lets the scope be set to their program of record; the first document they see arrives at Review. |
| Insure | The insurance and code exposure carried in the operating expense line rather than as a percentage, with the certification status named where the credit committee asks for it. | |
| Tax | Property tax escalation, special district assessments and any incentive quantified in the pro forma, each traceable to the statute it comes from. | |
| Demand | Nothing beyond the brief. The trade area, the visitation modelling and the competitive supply come from data the firm licenses. | The demand case with its inputs named, and a saturation reading that measures supply per head against the benchmark rather than asserting a gap. |
| Modeling | The development budget and construction cost estimate, the equipment schedule, and the operator assumptions, where any of them has moved since the brief. | Debt service coverage at their own threshold, the equity injection mechanics documented under SOP 50 10 8, and a ten-year pro forma with the operating expenses itemized and a sensitivity run against them. |
| Review | Factual corrections on the draft, and answers on construction cost, equipment specification and conversion targets where the credit committee asks. | The draft report, at the same moment as the sponsor, and every normal-course revision round after it at no additional fee. |
| Engage | The countersigned engagement and the first half of the fee, then the second half on the schedule the engagement sets. | The completed study as a formatted report with the financial model beside it, built to drop straight into the SBA, USDA or conventional loan package, and a firm that stays available when the file comes back with a question. |
Source: The process sections of the Texas and Florida state pages and the car wash process section.
What arrives at the end
The finished study is a formatted report with the financial model beside it, built to go into the loan package without being reformatted first. Prepared to SBA SOP 50 10 8 and USDA 7 CFR 5001, with a contractual acceptance commitment.
How long it takes
Delivery is 9 to 16 business days from data receipt, with a rush option from 5 business days. The clock starts when the material at step one is in, not when the enquiry arrives.
A request is answered by a senior analyst within 12 business hours, with the scope, the fee and a date.
Normal-course revision rounds after the draft carry no additional fee.
Start
Step one needs the address, the asset class and the program you are aiming at. That is the form.
Start a StudyFirst response within 12 business hours