Multifamily
July 2026
Absorption Forensics: Testing a Lease-Up
Deriving a defensible absorption pace from comparables, pipeline, and capture math — then testing it through the reserve and coverage timeline.
Read note →Research Notes
Research & Analytical Notes
Working notes from our analytical desks — on feasibility methodology, the credit standards each capital program applies, and the demand mechanics of individual asset classes. Each note is written to the same test our studies are: what a lender, agency, or credit committee will actually check before it relies on the number.
Published
Latest research notes
Analytical pieces published from our desks. Each is a working read on a methodology, a program standard, or an asset class — sourced and written for the reviewer, not the brochure.
Multifamily
July 2026
The Concession Gap: Effective vs. Asking Rent
Why underwriting to asking rent breaks pro formas, and how to read the concession gap between quoted rent and what actually clears.
Read note →Methodology
July 2026
Why Feasibility Studies Fail Lender Review
A taxonomy of rejection — the recurring defects that send studies back, and what a review-ready file looks like instead.
Read note →SBA
July 2026
The SBA Feasibility Myth
The regulation says ‘may require.’ The SOP mandates an appraisal. Credit mechanics do the rest — what actually forces a study onto an SBA file.
Read note →SBA
July 2026
Special-Purpose Property Risk
What 1.28 million SBA loan records reveal about single-use collateral — and how special-purpose risk reshapes the equity stack and the study.
Read note →Capital Markets
July 2026
The Coverage-Constrained Takeout
When higher rates size the permanent loan to debt coverage instead of value — and which asset classes hit the coverage wall first.
Read note →USDA
July 2026
The Five USDA Components, Applied
The five components a USDA feasibility study must satisfy, worked through a rural project from economic feasibility to technical support.
Read note →EB-5
July 2026
How EB-5 Jobs Are Actually Counted
Inside the input-output models — RIMS II, IMPLAN, REMI — that convert spending and revenue into the job counts USCIS will accept.
Read note →Hotel
July 2026
Hospitality Feasibility: Beyond the STR Report
Why the STR report is an input, not the analysis — and what a lender-grade hotel feasibility study must add on top of it.
Read note →Methodology
July 2026
The Break-Even Occupancy Trap
Why a project can clear stabilized underwriting yet fail in ramp — and how to size the occupancy cushion that protects debt service.
Read note →Methodology
July 2026
The Trade Area Is the Study
Most rejections trace to a badly drawn trade area. How the boundary is defined — and why it governs every demand number downstream.
Read note →SBA
July 2026
SBA Default Economics: Loss Rates by Industry
Charge-off and loss rates across industries, states, and loan structures — what the SBA record shows about where credit actually fails.
Read note →Office
July 2026
Office Repurposing: What Actually Pencils
A lender-grade field guide to office conversions — which buildings convert, at what basis, and where the value reset makes the math work.
Read note →Methodology
July 2026
Franchise or Independent? Underwriting the Brand
How franchise and independent operations diverge in feasibility and lender underwriting — the brand as a risk variable, not a binary.
Read note →Gas Station
July 2026
Gas Station Demand Per Capita
State-by-state fuel ratios, stations per capita, and inside-sales economics — the demand baseline a fuel-and-c-store study is measured against.
Read note →Gas Station
July 2026
The Forecourt White Space
Where fuel demand has outrun modern supply — reading station density and gallons-per-station to find genuinely underserved forecourt markets.
Read note →Gas Station
July 2026
The C-Store Franchise: A Going Concern, Not a Gas Station
Convenience-store franchising as its own category — going-concern versus net-lease value, and how the franchise model reshapes underwriting.
Read note →USDA
July 2026
The USDA Rural Development Deadline Calendar
The grant and loan-grant deadlines, scoring windows, and feasibility triggers across USDA RD programs, mapped to the calendar a rural deal runs on.
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