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Corporate Finance Institute
Real Estate Financial Modeling

Overview

Recommended Prerequisites

These preparatory courses are optional, but we recommend you to complete the stated prep course(s) or possess the equivalent knowledge prior to enrolling in this course:
  1. 3-Statement Modeling
  2. DCF Valuation Modeling

Real Estate Financial Modeling (REFM) Course Overview

Build a dynamic Real Estate Financial model to evaluate the investment return profile of a development project in Excel. This Excel-based real estate financial modeling course is designed for development professionals, lending/banking analysts, surveyors, and anyone interested in mastering the art of building real estate development models from scratch. Real Estate Financial modeling Course Overview In this real estate modeling course, you will learn step-by-step how to build a dynamic a financial model that incorporates sensitivity analysis of development costs, sales prices, and other aspects of development.

Who should take this course?

This real estate development financial modeling in Excel course is designed for anyone who is seeking to develop intermediate to advanced financial modeling skills and become an expert financial modeling for real estate development.

Cap rate and NOI

financial modeling real estate excel

Real Estate Financial Modeling Learning Content

  • Real estate industry Overview
  • Calculate Cap Rate and Net Operating Income (NOI)
  • Build an interactive financial model to assess a project’s financial viability
  • Understand how to project real estate financing (both debt and equity) flow in and out depending on stage of development
  • Design and structure of an Excel-based project finance model
  • Modeling cash flows for a real estate development project
  • Build in “triggers” and sensitivities to understand a project’s exposure to key drivers
  • Develop ownership and financial structures (debt & equity)
  • Calculate Internal Rate of Return (IRR), Return on Sales, Return on Cost
  • Joint Venture (JV structures)
  • Cash flow waterfalls (3 tier cash flow waterfall)
  • Promotes and disproportionate returns
  • Produce a one-page investment summary memo
  • Includes blank and completed financial models to download
  • Certificate of completion
For further CPE information, please read before purchasing: https://corporatefinanceinstitute.com/about/cpe-information/

Real Estate Financial Model

Real Estate Financial modeling Class in Excel

JV and Cash Flow Waterfall

Real Estate financial modeling cash flow waterfall Register now for CFI’s real estate financial modeling course!

Real Estate Financial Modeling

Tim Vipond
Led by Tim Vipond
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Level 5

Approx 6.5h to complete

100% online and self-paced

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What you'll learn

Lesson
Multimedia
Exams
Files
Introduction
Welcome Draft
Course introduction Free Preview
Download Excel templates
Instructor biography Draft
Course objectives Free Preview
Terms and definitions
Development timeline Free Preview
Project finance vs corporate finance Free Preview
Capital stack for project finance Free Preview
Financial modeling best practices Free Preview
Cap Rates and NOI
Session objectives
Session objectives Draft
Overview of cap rates and net operating income (NOI)
Completing assumptions
Revenue and expenses
Calculating NOI
Sensitivity analysis
Valuation matrix
Download completed cap rate and NOI model
Land Loans and Construction Loans
Land loan
Land loan case study - assignment
Funding construction loan
Real Estate Development Model
Development model overview
Assumptions overview
Assumptions raw data
Schedule and property stats
Development costs
Sales assumptions
Financing assumptions
Dynamic time periods
Absorption
Closings
Revenue build up
Expenses
Costs to fund and proceeds to repay capital
Loans and financing
Debt schedule
Check debt schedule
Levered free cash flow and IRR
Joint Ventures & Cash Flow Waterfalls
Session objectives
Session objectives Draft
Joint ventures (JVs)
Disproportionate returns
Waterfall logic and structure
Setting up the JV structure in the model
Modeling equity contributions
Waterfall modeling - tier 1
Waterfall modeling - tier 2
Waterfall modeling - tier 3
Summary of distributions and cash flow
IRR & NPV by investor type
IRR scenarios
Financial Analysis Output
Overview
Overview Draft
Page setup
Development pro forma
Profit outputs
Setup for sensitivity analysis
Sensitivity analysis
Final Product
Download completed Excel model
Financial model review Draft
Summary
Qualified Assessment
Qualified assessment

This Course is Part of the Following Programs

Why stop here? Expand your skills and show your expertise with the professional certifications, specializations, and CPE credits you’re already on your way to earning.

Financial Modeling & Valuation Analyst (FMVA)® Certification
  • Skills learned Financial modeling and valuation, sensitivity analysis, strategy
  • Career prep Investment banking and equity research, FP&A, corporate development
Learn More
Commercial Real Estate Finance Specialization
  • Skills Learned Real Estate Lending, Real Estate Financial Modeling, Construction Finance, Environmental Analysis and Due Diligence, Lease and Rent Roll Analysis
  • Career Prep Credit Analysts, Risk Manager & Credit Adjudicator, Private Real Estate Lenders, Real Estate Investors and Advisors, Commercial Mortgage Brokers, Commercial Relationship Managers
Learn More

What our students say

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Ryan Stage

Very Informative
Very informative & practical

Mostafa Ragab

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Shoabbos Rakhimov

Real Estate Financial Modeling
Best course

Joseph Barasa

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Frequently asked questions

What are the requirements to take the courses?
All of our certification programs are open to students and professionals in various industries and levels of experience. Our curriculum is designed to teach what you need to know from basic fundamentals to advanced practical case studies. To take the courses and complete the exercises, students will only need access to a PC and/or Mac, Microsoft Suite (2016 or newer), and a stable internet connection. Click here to view the Technical Requirements
Can I download the Excel files and financial modeling templates for the course?
Absolutely! All the files and templates needed in a course are available for download. Just look for a module that shows Downloadable Files within the course dashboard. See here for a visual guide on how to do this.
How long do I have to complete the courses?
You will have yearly access to the courses as long as you maintain an active subscription. All the courses are self-paced as well so you can take your time in learning without worrying about any deadlines. Click here to compare our available enrollment options.
Are CFI courses officially accredited?
Yes, CFI is accredited by the Better Business Bureau® (BBB) to maintain training standards, the CPA Institutions in Canada, and the National Association of State Boards of Accountancy (NASBA) in the USA. Most of our courses qualify for verified CPE credits for CPA charter holders. Please refer to this page to view all available CPE credits.
Are there any additional fees or costs?
None! The bundle price includes everything and there are no additional fees or charges to earn your digital certification. You can see our enrollment fees listed here.
What currency are your courses priced in?
All our online courses are priced in USD. As this is a recurring payment, we accept all major credit and debit cards including Visa, MasterCard, and American Express.
How do I earn my certificates?
Students must complete all the video lessons, quizzes, and final assessments in each course. You can retake the assessments as many times as necessary until you reach an 80% passing grade. For more information on how to earn a course certificate, click HERE.
How are the exams conducted?
Students are required to complete an online assessment (Multiple choice questions, Fill-in-the-Blanks, and Excel Questions) at the end of each course. You can take the exams on your own schedule and will need to earn at least 80% to pass the course and earn your certificate of course completion. Please note that course exams can be repeated as many times as you need. Students are also required to complete the FMVA® final exam to earn their certification. How to Take a Qualified Assessment
Can I email the instructor if I have questions?
While the courses are designed mainly for self-study, we are happy to provide email assistance for general or technical support inquiries. The Full Immersion bundles include a premium email support function that allows you to communicate directly with in-house experts regarding course content. This is one of the key features that sets the Full Immersion bundle apart and makes it a worthwhile upgrade over the more affordable self-study bundle. You can compare more features in our bundles here.
Will these courses help me advance my career?
Based on hundreds of reviews from thousands of students we know how CFI courses have helped so many people advance their finance careers. Our courses are designed to be extremely practical and simulate the experience of being trained as a professional financial analyst…the ultimate way to advance your career. For real-world examples and to help delve even deeper into the course concepts, please look into our free career resources library.
More Questions?
You can view more detailed information through our Help Center or Email us and we'll be happy to answer any of your questions

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