01For Lenders
Built to be read by the person underwriting the loan.
If a borrower has handed you a Dove feasibility study, this page covers what's in the lender copy, how it was prepared, and how to reach the person who wrote it.
02Lender copy
What's in the lender copy
Determination by financing structure. The answer first: each structure and the project cost, loan amount or equity at which the site is feasible.
Debt test. How the loan sizes at the stabilized year, and which limit binds.
Five financing cases side by side. SBA 7(a), SBA 504, USDA B&I, and conventional bank loans at two leverage levels, each tested against its own program's requirements.
Year-by-year statements. Income, cash flow and balance sheet for each case, including a balance sheet at closing.
Management, operations and contracts. Who will own and run the store, how it's supplied, and the agreements in place.
Sensitivities. How coverage moves when sales, margins or rates change.
Contingencies. Each item to clear before closing (appraisal, environmental, title and survey, zoning, utilities, franchise listing), who delivers it, and when.
Key assumptions and sources. Every input with its source, date and basis, and which values are allowances pending the borrower's figures.
Use and limitations, independence, and author qualifications. Who the study was prepared for, its intended use and its limits.
03Independence
How the study is prepared
Our fee is fixed when the study is scoped. It doesn't depend on what the study concludes or on whether the loan is approved. The study is prepared independently of the franchisor: brand facts come from public sources, and every copy states the brand has not reviewed, approved or endorsed it. If Dove is also the developer of a project, the study says so.
The study is not an appraisal and gives no opinion of market value. The lender orders its own appraisal and environmental review.
04Questions
Questions after delivery
Call or email with the report ID and your question, and you'll hear back within one business day. If your term sheet uses a different rate, term or leverage than the study assumed, send it and we'll rerun the financing case at your terms.
Every study carries a report ID and issue date. Send the ID and we'll confirm it's the current version.
05Programs
SBA and USDA
USDA Business and Industry. A guaranteed loan over $1 million to a new business requires a feasibility study prepared by an independent qualified consultant acceptable to the Agency (7 CFR 5001.306). The lender copy lists each element USDA asks for and the page that answers it, and records the site's rural-eligibility check with its date. Rural eligibility and consultant acceptance are the Agency's decisions.
SBA 7(a) and 504. The lender copy runs both cases from the program rules, with uses of funds, fees, collateral and eligibility items shown for each, and lists the franchise and fuel supply agreement as contingencies. Whether a study is required, and whether this one meets your institution's standard, is your call and SBA's.
We study new builds, rebuilds, acquisitions and existing stores: convenience stores with fuel, travel centers and truck stops, and restaurants.
06Author
Who prepared it
Morgan Goldstein, Principal. 10 years in real estate, with developments in more than 10 states. He writes every study himself.
An anonymized sample lender copy is available on request. We ask that it stays within your institution.
Last reviewed: November 2, 2026. Regulatory citations are checked on that date.