Case Studies
Worked, anonymized feasibility study engagements, each one a representative walk through the analysis a lender or investor actually relies on: trade-area demand, supply and competition, the financing structure, and the debt-service coverage and return the model has to prove. Figures are representative of each engagement type, not a specific client.
Representative engagements, sourced to current market data. Each reads from demand and supply through the capital structure to the DSCR and return.
A new branded fuel and convenience store with a kitchen in Lockhart: demand supports the store, the land price limits the loan, and the 7(a) structure needs 53.2% equity for 1.15x in Year 2.
Read the case study →A new branded fuel and convenience store with a kitchen in Versailles, Ohio: the village has room for one modest store, and the 7(a) loan reaches 1.15x in Year 2 at 50.9% equity, subject to the tank approvals.
Read the case study →A new express tunnel wash in Seguin, in a contested corridor: membership demand, the SBA 504 stack at 20.0% equity on a $5,342,093 project, and 1.34x coverage in Year 2.
Read the case study →A ~90-key select-service hotel: STR demand and penetration, Florida cost and insurance conditions, the SBA 504 structure, and a 1.41× stabilized DSCR.
Read the case study →An 80-unit assisted-living & memory-care community: age-75+ penetration, construction-to-HUD-232 financing, and a stabilized 1.45× DSCR.
Read the case study →A 150-unit market-rate mid-rise: absorption and effective-rent discipline, agency permanent debt, and a stabilized 1.32× DSCR.
Read the case study →A 120-site RV resort with cabins: seasonal drive-market demand, the USDA B&I guaranteed-loan structure, and a DSCR ramp to 1.64×.
Read the case study →A ~75,000 NRSF climate-controlled facility: sf-per-capita demand, lease-up, the SBA 504 stack, and a 1.45× stabilized DSCR.
Read the case study →A franchised drive-thru QSR: AUV and Item 19 demand, the franchise load, the Directory gate, and a DSCR ramp to 1.50×.
Read the case study →A double-drive-thru specialty coffee store: daypart throughput, ticket, unit margins, and a DSCR ramp to 1.60×.
Read the case study →An owner-occupied MOB with an ASC: outpatient demand, CON context, the SBA 504 structure, and a 1.57× global DSCR.
Read the case study →A ~150-slot early-education center: licensed-capacity demand, enrollment ramp, ratio-driven labor, and a 1.45× DSCR.
Read the case study →A small-animal hospital: revenue per DVM, going-concern goodwill, labor as the binding constraint, and a 1.27× DSCR.
Read the case study →A ~30,000 sf membership club: penetration and attrition, fixed-cost leverage, and a membership-ramp DSCR to 1.40×.
Read the case study →A collision & mechanical center: bay throughput, DRP relationships, parts and labor margin, and a DSCR ramp to 1.45×.
Read the case study →A funeral home with on-site crematory: call volume and cremation mix, preneed, special-purpose appraisal, and a 1.50× DSCR.
Read the case study →A ~250-slip Chesapeake marina with dry-stack: slip and service demand, the SBA 504 stack, and a 1.45× stabilized DSCR.
Read the case study →A ~40-unit national-park-gateway resort: seasonal RevPAG demand, the USDA B&I structure, and a DSCR ramp to 1.55×.
Read the case study →An interstate travel center: diesel volume and inside/QSR sales, the SBA 504 stack, and a DSCR ramp to 1.40×.
Read the case study →A full-service restaurant: covers and check, prime cost, failure-rate discipline, and a DSCR ramp to 1.45×.
Read the case study →A grocery-anchored neighborhood center: necessity-retail demand, co-tenancy, conventional debt, and a 1.40× DSCR.
Read the case study →A franchised new-vehicle store on the I-20 corridor in Weatherford: the case turns on a manufacturer's award, and the SBA 504 structure reaches 1.15x in Year 2 at 20.8% equity.
Read the case study →A rural full-service grocery: food-access demand, razor-thin net margin covered at 1.45×, and the USDA B&I structure.
Read the case study →A freestanding urgent care: visits-per-day and payer mix, de-novo maturation, and a DSCR ramp to 1.50×.
Read the case study →An ~80-bed residential SUD facility: census ramp, per-diem reimbursement, licensing, and a 1.40× DSCR.
Read the case study →An independent K-12 campus: net-tuition demand, the aid discount, and covenant-focused coverage to 1.40×.
Read the case study →A boarding, daycare & grooming facility: suite and daycare demand, ADR, and a DSCR ramp to 1.50×.
Read the case study →A ~500-space covered RV/boat facility: format-rate demand, lease-up, the SBA 504 stack, and a 1.52× stabilized DSCR.
Read the case study →A ~90-unit AL/MC community: age-75+ penetration, fill-up, construction-to-HUD-232, and a 1.45× stabilized DSCR.
Read the case study →A ~300-key Las Vegas hotel with an EB-5 tranche: STR demand, the capital stack, the I-956F job-creation math, and a 1.45× senior DSCR.
Read the case study →A ~200-unit market-rate community: absorption in a supply-heavy Texas metro, agency permanent debt, and a 1.32× stabilized DSCR.
Read the case study →An attended self-service laundromat with wash-dry-fold: turns-per-day demand, utility-driven costs, and a DSCR ramp to 1.50×.
Read the case study →A ~100-key select-service hotel on a coastal tourism corridor: STR demand and penetration, the SBA 504 stack, and a 1.40× stabilized DSCR.
Read the case study →A ~70,000 NRSF climate-controlled facility: sf-per-capita demand, lease-up, the SBA 504 stack, and a 1.45× stabilized DSCR.
Read the case study →A ~110-site RV resort with cabins on a coastal-Maine tourism corridor: seasonal demand, the USDA B&I structure, and a DSCR ramp to 1.55×.
Read the case study →A hypothetical purchase of an operating branded fuel and convenience store on the Opelika I-85 corridor, tested on the seller's last year under SBA's change-of-ownership rules: 1.25x against the 1.25x floor once equity rises to 14.8%.
Read the case study →A ~140-slot early-education center: licensed-capacity demand, enrollment ramp, ratio-driven labor, and a 1.45× DSCR.
Read the case study →A franchised drive-thru QSR: AUV and Item 19 demand, the franchise load, the Directory gate, and a DSCR ramp to 1.50×.
Read the case study →A ~28,000 sf membership club: penetration and attrition, fixed-cost leverage, and a membership-ramp DSCR to 1.40×.
Read the case study →An ~80-unit AL/MC community in a supply-constrained market: age-75+ penetration, construction-to-HUD-232, and a 1.45× stabilized DSCR.
Read the case study →A ~220-unit Phoenix-area community: absorption against real supply, agency permanent debt, and a 1.30× stabilized DSCR.
Read the case study →A new 80-key limited-service hotel on SH 71 in Bastrop, facing new extended-stay supply: the SBA 504 loan reaches 1.15x in Year 2 at 39.1% equity, not at the program minimum.
Read the case study →A new 14-cabin Hill Country retreat near Johnson City: weekend demand supports a small retreat, and the 7(a) loan reaches 1.15x in Year 2 at 60.6% equity.
Read the case study →A ~110-key select-service hotel on an interstate/tourism corridor: STR penetration, the SBA 504 stack, and a 1.40× DSCR.
Read the case study →A new unbranded fuel and convenience store on US 27 at Lake Wales: traffic is ample but national chains already feed the corridor, so the market carries only $946,620 of 7(a) debt on a $4,062,749 project, 1.15x in Year 2 at 76.7% equity.
Read the case study →A new commuter fuel and convenience store near I-75 in Bartow County, Georgia: the interchange is saturated for diesel, and the 7(a) loan reaches 1.15x in Year 2 only at 52.3% equity.
Read the case study →An independent truck stop at an I-20 interchange in Terrell: freight demand is real, but at 2026 land and build costs the SBA 504 structure covers Year 2 debt service only 0.72x; the market does not support this loan.
Read the case study →An independent travel center on I-10 at Hankamer: thin truck parking supports it, and the USDA B&I loan reaches 1.25x in Year 3 at 28.7% equity.
Read the case study →An interstate travel center on the Savannah-Macon corridor: diesel and inside/QSR sales, the SBA 504 stack, and a DSCR ramp to 1.40×.
Read the case study →An assisted living and memory care community of 83 units in Boerne: strong older demand, but local rates are too low for a full HUD 232 loan; the insured loan reaches 1.45x in Year 3 at 52.8% equity.
Read the case study →A ~90-unit AL/MC community in a retiree submarket: age-75+ penetration, construction-to-HUD-232, and a 1.45× DSCR.
Read the case study →A ~200-unit market-rate community: absorption against real supply and insurance cost, agency permanent debt, and a 1.30× DSCR.
Read the case study →RV and boat storage in Granbury, where low covered rents meet high land prices: the SBA 504 structure covers Year 2 debt service only 0.04x; the market does not support this loan.
Read the case study →A ~90-unit AL/MC community: age-75+ penetration, CON context, construction-to-HUD-232, and a 1.45× stabilized DSCR.
Read the case study →A ~200-unit metro-Atlanta community: absorption and concession discipline, agency permanent debt, and a 1.30× stabilized DSCR.
Read the case study →A ~200-unit Charlotte/Raleigh-corridor community: absorption, agency permanent debt, and a 1.30× stabilized DSCR.
Read the case study →A ~500-space covered RV/boat facility in a boating market: format-rate demand, lease-up, the SBA 504 stack, and a 1.52× DSCR.
Read the case study →A ~500-space covered RV/boat facility in a snowbird market: format-rate demand, lease-up, the SBA 504 stack, and a 1.52× DSCR.
Read the case study →A new RV park with cabins in the Bastrop area, on workforce and leisure demand: the USDA B&I loan reaches 1.25x in Year 3 at 28.7% equity.
Read the case study →A ~130-site snowbird destination RV resort: seasonal demand, the USDA B&I structure, and a DSCR ramp to 1.55×.
Read the case study →A USDA-inspected beef harvest and processing plant in Elgin: the USDA B&I loan reaches 1.25x in Year 3 at 30.3% equity, with throughput contracts and wastewater as conditions.
Read the case study →A USDA-inspected poultry processing plant in the #1 broiler state: capacity demand, the five USDA components, and a DSCR ramp to 1.50×.
Read the case study →A USDA-inspected pork harvest-and-fabrication plant in hog country: capacity demand, the five USDA components, and a DSCR ramp to 1.50×.
Read the case study →Worked case: expanding a 48-site seasonal campground to 80 sites in Ossipee, NH. Lakes Region demand, seasonal rates, supply risk and USDA B&I debt sizing.
Read the case study →Worked case: an 11-cabin A-frame resort outside Townsend, TN. Smokies demand, Townsend STR data, the 2027 supply pipeline and SBA 504 debt sizing.
Read the case study →Worked case: a 26-unit glamping resort near New River Gorge in Oak Hill, WV. Record park demand, STR supply growth, local rates and USDA B&I debt sizing.
Read the case study →Worked case: a 240-rack dry-stack marina in Cape Coral, FL. Boat registrations, rack competitors, posted Gulf rack rates, SBA marina eligibility and break-even rate.
Read the case study →A methodology briefing walks through the demand mechanics for your asset class, the deliverable your capital source requires, and the review standard your file will be judged against.
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