WHY IT’S IMPORTANT: This training gets you up to speed quickly with cash flow projections and property modeling and gives you a “weekend plan” if you only have a few hours to learn the ropes.

In this module, you will get an introduction to Real Estate Financial Modeling, and you’ll practice the key skills with 6 short case studies across the main property and deal types.

That includes 2 office acquisitions, an industrial development model, a hotel acquisition, a pre-sold condo development case study, and a multifamily acquisition.

These case studies are all short (30, 60, or 90 minutes) so you can get results and practice your financial modeling skills without overly complicated models or documents.

You can complete this module in a weekend and feel confident and prepared for your interview by Monday morning.

WHY IT’S IMPORTANT: These lessons walk you through a more complex development model, including monthly projections and more flexible refinancing/exit dates and scenarios.

In this module, you will complete a 4-hour real estate development modeling test for an office property in the City of London (100 Bishopsgate). You will expand on the simplified 90-minute version in the introductory module and build in support for a monthly schedule with flexible refinancing and exit dates and multiple scenarios.

You will also add support for tenants with different lease types, calculate returns to both the equity and mezzanine investors, build a mixed IRR/multiple-based waterfall schedule, and add support for the Lookback Provision using VBA code.

Finally, you’ll answer the case study questions, make an investment recommendation for each investor group, quantify the risk factors, and explain how to mitigate them.

WHY IT’S IMPORTANT: This module delves into the nuances of hotel modeling, including the trade-offs for “franchise” vs. “independent” scenarios and the risk factors in renovation projects.

In this case study, you’ll complete a 2-hour hotel acquisition and renovation modeling test based on a 5-star resort in Dubai, the Jumeirah Beach Hotel.

You’ll start by setting up assumptions for different market and operational scenarios, including Base, Upside, and Downside cases and Independent vs. Franchise cases, and you’ll use them to build a Pro-Forma for the property.

Then, you’ll set up the acquisition, exit, and financing assumptions, project the Debt service, calculate the returns to the equity investors, and set up sensitivity tables to analyze the deal outcome under varied assumptions.

Finally, you’ll make an investment recommendation, identify the key risk factors and their mitigants, and comment on the Independent vs. Franchise choice and the terms of the Permanent Loans.

WHY IT’S IMPORTANT: You’ll learn all about real estate lending in this case study, from how to assess the potential returns to the downside risk for the senior, mezzanine, and preferred lenders in different scenarios.

In this case study, you will build a multifamily acquisition and credit analysis model and make an investment recommendation for the Senior Loan, Mezzanine, and Preferred Equity used to fund the deal.

You’ll start by building a standard Pro-Forma for The Lyric, a 234-unit multifamily property in Seattle, and you’ll add support for the acquisition, exit, and debt assumptions.

Then, you’ll calculate the returns and recovery percentages for the lender groups in different scenarios and exit dates, and you’ll create sensitivities to “stress test” the deal.

Finally, you will build a DCF to value the property, evaluate comparable properties and a Replacement Cost analysis, and answer case study questions about the debt and equity, the operating assumptions, the risk factors, and the valuation.

WHY IT’S IMPORTANT: This case study lets you “level up” your lease modeling skills with support for more advanced features in the monthly projections and a waterfall schedule with preferred and catch-up returns.

In this case study, you will build an acquisition and renovation model for a mixed-use office/retail property and make investment recommendations for the Limited Partners, General Partners, Senior Lenders, and Mezzanine Investors.

You’ll start by setting up the transaction assumptions for 45 Milk Street, a 61,000-square-foot property in Boston, and then you’ll build a monthly and annual Pro-Forma that supports different lease types, start dates, and expiration dates (including support for Percentage Rent leases for retailers).

Then, you’ll project the Debt Service, including a TI/LC/CapEx Holdback released on a monthly basis, and you’ll calculate the returns to each investor and lender group.

In the Waterfall Returns Schedule, you will build in support for Preferred and Catch-Up Returns, and you’ll create sensitivity tables to analyze different outcomes.

Finally, you’ll use the model to make an investment recommendation for each group and explain how to mitigate the risk factors – or, for negative recommendations, what must change for the deal to work.

WHY IT’S IMPORTANT: This module expands on the pre-sold condo development in Module 1 and walks you through more complex development phases and a mixed IRR/multiple-based waterfall schedule.

In this case study, you will build a condo development model for the Heritage Cyrela, a super-high-end luxury complex in São Paulo. You will then use the model to make investment recommendations for the Limited Partners and Developers and identify the key risk factors in the deal.

You’ll start by setting up the transaction assumptions and the construction timeline, including the monthly pre-sales of condo units in each phase.

Then, you’ll project Gross Sales based on initial, construction-end, and final deposits, and you’ll forecast the Hard Costs, Soft Costs, FF&E and Move-In Costs, and Land Acquisition Costs.

You’ll use this monthly cash flow model to project Equity and Debt draws, interest, and principal repayment, and then you’ll build a Waterfall Returns Schedule with a Preferred Return, Catch-Up Return, and tiers based on a mix of IRRs and equity multiples.

Finally, you’ll create an annual summary, Sources & Uses schedule, and sensitivity tables to summarize everything and answer the case study questions.

WHY IT’S IMPORTANT: This end-of-course certification quiz lets you test your knowledge and prove it to employers.

This quiz consists of 39 challenging questions that are all based on the case studies in the course.

If you pass the quiz with a 90% score (no restrictions on time or the number of attempts), you’ll gain our Certificate in Real Estate Modeling, which you can add to your LinkedIn profile and present in interviews.