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Preview of Real Estate Finance Bootcamp | Level Two Certification

Lesson
Materials

Overview

In this course, you will learn the foundations of real estate finance as well as advanced techniques and topics.

Passing this course’s exam bestows REFM Excel for Real Estate Level 2 Certification.

Instructions

1. Download the Excel from the Materials tab above
2. Watch Video 1 of 2, and follow along and perform the exercises in the Excel file linked below
3. Do the same for Video 2 of 2
4. Take the Sample Questions quiz first and review the quiz commentary on the correct answers
5. Take the graded quiz in a single timed sitting, noting your score and the group average score.

Tutorial Videos

Note: the bulleted topic titles below the videos are navigation links that take you directly to that topic when clicked

Video 1 of 2

  • Case Study Outcome
  • Underwater Property Options
  • Underwater Property Exit Math
  • Residual Land Valuation Overview
  • Mixed-Use Office Industrial Back Of The Envelope Analysis
  • Allowable FAR
  • Ground-Floor Retail SF
  • Efficiency Factor
  • Parking Requirement
  • ‘Current’ Stabilized NOI
  • Goal-Seeking Land Cost
  • Back Of The Envelope Exercise

Video 2 of 2

  • 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
  • Residential Refi Exercise Case Study
  • Case Study Outcome
  • Underwater Property Options
  • Underwater Property Exit Math
  • Residual Land Valuation Overview
  • Mixed-Use Office Industrial Back Of The Envelope Analysis
  • Allowable FAR
  • Ground-Floor Retail SF
  • Efficiency Factor
  • Parking Requirement
  • ‘Current’ Stabilized NOI
  • Goal-Seeking Land Cost
  • Back Of The Envelope Exercise
  • Capital Structure 1 Tab
  • Equity
  • Senior Loan
  • Mezzanine Loan
  • Senior Debt Collateral
  • Mezzanine Financing
  • Preferred Equity
  • Senior Loan Interest Rates
  • Mezzanine Loan Collateral
  • Order of Funding
  • Order of Return of Funds
  • Capital Structure 2 Tab
  • Sponsor Equity and Third Party Investor Equity
  • Capital Structure 3 Tab
  • Partner Equity
  • Capital Structure 4 Tab
  • Senior Construction Loan Overview Tab
  • Loan Draws
  • Interest Accrual
  • Eligible Loan Costs
  • Loan Composition
  • Loan Size
  • Senior Loan Cash Interest Payments
  • Negative Amortization
  • Equity Exercise Tab
  • Financing Assumptions
  • Analysis Timeline Compression
  • Eligible Loan Costs
  • Cash Financing Costs
  • Capitalized Financing Costs
  • Operating Deficit
  • Total Development Costs
  • Positive Revenue After Cash Financing Costs
  • Sources of Funds
  • Sources and Uses of Funds Equivalency Checks
  • Sponsor Equity
  • Exercise Set Up
  • Simplified Sources and Uses of Funds
  • Direct Project Costs Draw
  • Cumulative Draw
  • Cash Financing Costs
  • Operating Deficit Funding
  • Total Funding
  • Total Equity Draw
  • Senior Loan
  • Interest Rate and Monthly Interest
  • Variable Interest Rate Modeling
  • Senior Loan Beginning Balance
  • Senior Loan Draw
  • Loan Fees – Front End
  • Loan Fees – At Draws
  • Senior Loan Funded Interest Reserve
  • Senior Loan Cash Interest Payment
  • Senior Loan Repayment
  • Senior Loan Ending Balance
  • Override of Senior Loan Size
  • Partner and Third Party Investor Exercises
  • Exercise Solution
  • Mezzanine Loan Exercise
  • Mezzanine Loan Solution
  • Mezzanine Loan Beginning Balance
  • Mezzanine Loan Draw
  • Mezzanine Loan Fees – Front End
  • Mezzanine Loan Cash Interests Payment
  • Mezzanine Loan Repayment
  • Mezzanine Loan Ending Balance
  • Sources and Uses of Funds Equivalency Check
  • Equity Pari Passu Funding Exercise
  • Equity Pari Passu Funding Solution
  • Maximum Refi Loan Size Exercise
  • Loan-to-Value Test
  • Debt Service Coverage Ratio Test
  • Debt Yield Test
  • Exercise Solutions
  • Lender’s Cap Rate / Mortgage Constant
  • Equity Profit Sharing Introduction

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