Client challenge:

Gulf Coast SBL required an independent feasibility study to evaluate the market gap, revenue potential, and financial solvency for Big Country Lanes, a proposed 45,946-square-foot venue in Frederick, Maryland. The concept featured 36 glow-in-the-dark bowling lanes, cornhole pits, an arcade game zone, and integrated food and beverage operations. Strong local retail fundamentals and the recent closure of two regional bowling alleys pointed to significant consumer demand. However, an independent audit was necessary to scrutinize borrower assumptions, establish realistic operational guardrails, and verify long-term debt service coverage for the loan.

Approach:

Feasibly conducted a two-phase market and financial feasibility study covering:

• Hyper-local demographic and trade area analysis examining population growth, household incomes, and drive times across the Frederick market.

• Competitive supply benchmarking across regional sports, arcade, and bowling facilities.

• Retail demand analysis evaluating local discretionary consumer spending on leisure and food away from home.

• Granular line-item audit of applicant revenue assumptions, right-sizing cornhole expectations while adjusting food, beverage, and arcade projections to match industry benchmarks.

• Re-underwriting of operational expenses, properly accounting for lane maintenance, marketing, insurance, and staffing needs.

• 10-year pro forma modeling, including Debt Service Coverage Ratio (DSCR) calculations under current SBA loan terms.

Benefits to client:

Feasibly’s independent analysis provided the lender with an objective assessment of the project’s viability and a more grounded basis for underwriting. By evaluating the applicant’s assumptions against realistic market and operating conditions, Feasibly helped identify key risks, establish appropriate financial guardrails, and clarify the project’s long-term performance potential. The analysis gave the lender greater confidence in the opportunity while supporting a more informed and disciplined credit decision.