Preview of Excel for Real Estate Certification Level 2 Bootcamp | Real Estate Finance Course
REFM’s Certification in Excel for Real Estate program has existed since 2011, and thousands of certifications have been granted. Certification holders use their REFM credentials to prove their skills and to support their career moves.
A note from instructor Bruce Kirsch, REFAI®
This course includes:
- Chaptered video totaling 1 hour 48 minutes, with searchable audio transcript
- Fully-unlocked Excel file with solution set
- Lifetime access
- Access to the online Certification exam, which bestows Level 2 Excel for Real Estate Certification upon passing, as well as to 35 practice questions with answer explanations to help you get ready
Bonus Lessons Included With Purchase
Stabilized asset investment modeling: 37-minute video tutorial with Excel-based answer key for the levered acquisition of a stabilized $80MM operating property
Advanced amortization schedule modeling: 49-minute video tutorial with Excel-based answer key for an amortization table that supports fixed and floating rate interest, an interest-only period on the front end of the loan, a floor and cap on floating rates, and balloon repayment from multiple sources
Overview
In this approximately 2-hour course, you will learn about the foundations of real estate finance as well as advanced techniques and topics. You will follow along in Excel in real time and perform exercises to ensure you are grasping the lesson and are mastering the technical skills being taught.
Topics Covered Include:
- The Time Value of Money Model
- The Discounted Cash Flow Model
- Net Present Value
- Residential Property Refinancing Feasibility Case Study
- Back of the Envelope Residual Land Valuation of Development Sites
- Acquisition and Development Transaction Capital Structuring
- Senior Construction Loan Mechanics
- Multi-Party Transaction Equity Structures
- Senior and Mezzanine Loan Funding and Repayment Dynamics
- Staggered and Pari Passu Equity Player Funding
- Maximum Refinance Loan Amount Calculation
- Equity Player Profit Sharing Introduction
- Preferred Return, Internal Rate of Return Waterfall and Promote Theory Basics
Excel Formulas and Functions Taught/Employed:
- Compounding and Discounting (FV, PV)
- Net Present Value (NPV)
- Conditional Statements (IF, AND)
- Cumulative Principal (CUMPRINC)
- Minimum (MIN).
Instructions
Download the Excel from the Materials tab above. Then watch the videos, and follow along and perform the exercises in the Excel.
Video Sample
Note: the bulleted topic titles below the videos are navigation links that take you directly to that topic when clicked
- Time Value of Money Theory Explanation
- Time Value of Money Example
- FV Function Review
- PV Function Review
- Case Study Assumptions
- Investment Cash Outflow
- Base Rent
- Escalations
- Percentage Rent
- Expected Return
- Year-Over-Year Growth
- Cash-On-Cash Return
- Present Value of Cash Flows
- NPV
- Discount Rate Selection
- DCF Exercise
- NPV With Different Discount Rates
Excel File Tabs
The Excel file is 100% unlocked, and you can re-purpose the tabs and comprising code as you desire.
- TVM Timeline
- DCF Timeline
- DCF Exercise
- DCF Solution
- Residential Refi 1 – Exercise
- Residential Refi 1 – Solution
- Residential Refi 2 – Exercise
- Residential Refi 2 – Solution
- Residual Land Valuation Overview
- Office Industrial Development Back of the Envelope Exercise
- Office Industrial Development Back of the Envelope Solution
- Capital Structure 1
- Capital Structure 2
- Capital Structure 3
- Capital Structure 4
- Senior Construction Loan Overview
- Equity Exercise
- Equity Solution
- Mezzanine Loan Exercise
- Mezzanine Loan Solution
- Pari Passu Exercise
- Pari Passu Solution
- Maximum Loan Amount Exercise
- Maximum Loan Amount Solution
- Profit Sharing
- Waterfall #1 Graphs
- Double Promote
- Waterfall #2 Graphs
- Keyboard Shortcuts
REFM_Level_2_Bootcamp_Excel_v35.1 (Note: this is a dead link on purpose; if you are trying to access the file to use in the course, please proceed to the actual lesson page)
Excel File Tabs
The Excel file is 100% unlocked, and you can re-purpose the tabs and comprising code as you desire.
- TVM Timeline
- DCF Timeline
- DCF Exercise
- DCF Solution
- Residential Refi 1 - Exercise
- Residential Refi 1 - Solution
- Residential Refi 2 - Exercise
- Residential Refi 2 - Solution
- Residual Land Valuation Overview
- Office Industrial Development Back of the Envelope Exercise
- Office Industrial Development Back of the Envelope Solution
- Capital Structure 1
- Capital Structure 2
- Capital Structure 3
- Capital Structure 4
- Senior Construction Loan Overview
- Equity Exercise
- Equity Solution
- Mezzanine Loan Exercise
- Mezzanine Loan Solution
- Pari Passu Exercise
- Pari Passu Solution
- Maximum Loan Amount Exercise
- Maximum Loan Amount Solution
- Profit Sharing
- Waterfall #1 Graphs
- Double Promote
- Waterfall #2 Graphs
- Keyboard Shortcuts