How to prove your assumptions when comps are scarce

In your pro forma, remember you need to have to show a 12-month monthly model with 4 NOI layers annotated for the seasonal pattern. This is the document that carries the most weight when comps are scarce. For the sensitivity analysis, show the 3 scenarios with a debt service check on each. It shows you understand the risk and have modeled through it. For rent comps, What competing facilities in the market are charging per space by type? Show it. Show independent evidence of your— for your revenue assumptions. For your comparable transactions, use whatever you can find. They're hard to— adjacent markets, similar facility types, even imperfect comps, 3 partial comps, something beats an empty section. For operator credentials, use your experience, your team, your approach to the service standard. Lenders underwrite the borrower as much as the asset.