You may have to work for free or at low cost to the small company, as they will be very sensitive to cash flow and costs.The development business is one of the most complicated businesses that I know of combined with risk in land markets, underwriting, financing, and construction.

this is a little time sensitive so would to chat as soon as possible. regardsBret

The most important factor to determining your sensitivity to a downturn is how much leverage you have.In the market today, most investors are so eager to purchase that they'll take as much debt or "other people's money" as they can without asking whether they should. 

You need to understand what you are getting into because these situations can be pretty sensitive.

General race relations in the United States and other issues that don't directly relate to real estate discussions will be removed, just as will political discussions, religious discussions, and other sensitive issues that don't directly deal with real estate.  

One of the things that Business schools teach is "sensitivity analysis." 

I'd call the bank directly (through a number you find on google, not written on the request for information) and get confirmation before sending your sensitive information.

Maybe I am too sensitive to your use of that word, but ignorance is a problem you can cure yourself.

If we start with a cash flowing investment, add predictable value to it, use a conservative exit assumption, and show sensitivities around that assumption, we have a predictable range.

Yes, sub-2's are okay, but obviously you don't want to do this on an underwater asset and if you do a sub-2 you need to ensure you do it properly to protect yourself and borrower as these transactions are very sensitive.