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:

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 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 modeler for real estate development.

Cap rate and NOI

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

JV and Cash Flow Waterfall

Real Estate financial modeling cash flow waterfall

Prerequisite Courses

Recommended courses to complete before taking this course.

Prerequisite Skills

Recommended skills to have before taking this course.

Excel
Valuation
Financial modelling

Real Estate Financial Modeling

4.9

Led by Tim Vipond

Level 5

2h 14min

100% online and self-paced

Field of Study: Finance

NASBA CPE Credits: 3

Start Learning

What you'll learn

Lesson

Multimedia

Exams

Files

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 Members Say

An excellent, excellent course.

I'm in the business, and this was by far the clearest model that I've worked with. The instructions were very clear and easy to follow. Highly recommended. Jon Lau - Allied Well Management

John Lau

Highly recommended.

Very good and awesome course to enhance professional skills on Real Estate Financial Modeling (REFM) and Fid Banks. Thanks, Tim Vipond for this hands-on training. Highly recommended.

Teka Derick Tikum

So beneficial

I completed the program and I think that it is the best way to understand real estate financial modeling easily. All concepts and applications are supported by examples in Excel. Thank you very much for clear and beneficial explanations.

Orkun Icten

Fantastic with one backlog!

The course, just like the other courses, was pretty good and explanatory. The instructor Tim, like always, does a good job in detailing everything. I did feel that Module 5 was a bit rushed for someone who has no experience in real estate, so I would suggest that a bit more time is allotted to that Module.

Kaushik Agarwal

A simple explanation of a comprehensive financial model.

Boburzhan Korganbekov

Thanks CFI

Thanks for the course CFI, it was an experience. It gave me a lot more practice and I like it.

KANNY SIBOZA

Amazing!!

A very valuable course which is much needed for anyone who wants to learn the skill of Real Estate Financial Modeling. The step by step guide and the knowledge given regarding the relevant information needed to undergo the model was indeed very advantageous. I highly recommend this course for anyone who wants to increase their proficiency in financial modeling. Thanks CFI!

Zahid Sameer

Excellent Elective!

I have extensive experience in Real Estate Financial Modeling since I work for a Family Office Fund who's portfolio has a majority holding in Real Estate and Infra industries. Having modelled multiple such models, I still learned quite a few tricks and was blown away by the preciseness and the cleanliness of this model. The only feedback I have is that your team could focus on breaking down complex calculations and formulas into smaller steps (lesser loops and complexity). This helps the analyst explain his model to the Fund Partners in a less time consuming manner. I used to have similar formula lines that took into nested loops and multiple formulas and everything was fine with it, although the CIO mentioned that he usually scans my financial models on the go and so he would love to spend lesser time wrt understanding line items by formulas. Hence, I believe even though one can do these complex calculations maybe in one cell (or even mentally), but one needs to break them out! This allows the end recipient / user of the model to understand your approach and the steps you've taken. Hope this helps. Cheers!

Siddharth Yadav

All subject are good and challenging

Excellence Keep Trying

I Subagia

Take the course

Worth your time. Excel modeling is challenging and complex sometimes, but it is explained clearly. Wish there was more explanation of why, when, where you would create this model and what is it used most for.

Nicholas Quillan

EXCELLENT COURSE, I RECOMMEND FOR ALL REAL ESTATE FINANCIAL MODELERS

I just completed the CFI Real Estate course and I loved it. The financial modelling is of a high standard. The exams is of a high standard too, meant to challenge you to think hard. But if you get a full grasp of the lessons, you will pass, as did in just one attempt.

Eric Narh Kwetey

CFI's FMVA Certification way to go....

A nice-to-have knowledge and skill set for all Finance Professional

CHINYERE AKUNNA

Must have course

This course opens up to finance persons that have never worked in construction industry with new terms and financial projection techniques for real estates.

Innocent Rukundo Musabyimana

Real Estate Financial Modeling

This training is value adding

Abdulrazaq Segun Ariyo

Best of the Best

Just as with the other courses, this course has given me an excellent insight into the operations and output of the real estate industry. The value I have obtained the FMVA program is unmatched.

Nana Dadzie

Good Class for people who are working.

Good practicing for advanced work in the real estate field.

Chadaporn Chamnanthai

You should improve the content.

You should add more case studies in order to better understand the topic.

Cihan Aktaş

Real Estate Financial Modeling

CFI has demonstrated that is the best Online courses in the world. As expected this course was amazing, I highly recommend this course and any other on this platform.

Fernando Mora

A must-have course for everyone

This course is centered around building a model for a real estate development, but really should be taken by anyone, regardless of their interest in the real estate sector. The course introduces new concepts such as project finance, joint ventures and financial waterfalls, which help to broaden your scope and gives additional practice in complex model-building. Highly recommended!

Dans Jurcāns

Real Estate Financial Mondeling

The Real Estate Financial Modeling course is presented by technical experts in a way that is easy to follow and understand. The course clearly lays out critical inputs and assumptions needed to create a solid model.

Paul Henderson

Exciting and Informative Course!

The course was very exciting. I enjoyed every bit of it. I have not only gained an understanding of how real estate development project works, but I have also learned about how to model and value real estate development projects. Above all, I have learned how to build really dynamic models that are sensitive to time periods which has already helped me in a model I'm currently building.

Daniel Mensah

real estate modelling

pretty indepth with a number of excel formulas and informative

Nigel Minezes

baia ouldsliman

Karel Vítek

Thanks

Rami Nouira

Frequently Asked Questions

If you haven’t found your answer from our FAQ, please send us a message.

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.

What is CFI's refund policy?

Except as required by law, all payments to CFI are non-refundable, including fees and any other associated charges. Canceling your subscription will not generate a refund. Your access to CFI's paid content will remain active until your current billing cycle ends. For more information please visit our refund policy page.

Real Estate Financial Modeling in Excel

Recommended Prerequisites

Real Estate Financial Modeling (REFM) Course Overview

Who should take this course?

Cap rate and NOI

Real Estate Financial Modeling Learning Content

Real Estate Financial Model

JV and Cash Flow Waterfall

Real Estate Financial Modeling

What you'll learn

Introduction

Cap Rates and NOI

Land Loans and Construction Loans

Real Estate Development Model

Joint Ventures & Cash Flow Waterfalls

Financial Analysis Output

Final Product

Qualified Assessment

This Course is Part of the Following Programs

Financial Modeling & Valuation Analyst (FMVA®) Certification

Commercial Real Estate Finance Specialization

What Our Members Say

John Lau

Teka Derick Tikum

Orkun Icten

Kaushik Agarwal

Boburzhan Korganbekov

KANNY SIBOZA

Zahid Sameer

Siddharth Yadav

I Subagia

Nicholas Quillan

Eric Narh Kwetey

CHINYERE AKUNNA

Innocent Rukundo Musabyimana

Abdulrazaq Segun Ariyo

Nana Dadzie

Chadaporn Chamnanthai

Cihan Aktaş

Fernando Mora

Dans Jurcāns

Paul Henderson

Daniel Mensah

Nigel Minezes

baia ouldsliman

Karel Vítek

Rami Nouira

Frequently Asked Questions