This Course Is For You If You Want To
This is a good fit if you want to:
- Learn about real estate finance and how to model out funding for acquisitions, developments and refinancings in Excel
- Pass an exam to add a known and valued skills Certification to your resume and LinkedIn profile
- Build a strong foundation for proceeding to the Level 3 Bootcamp, in which you will model equity joint venture partnership waterfall structures
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.
Applicable Analysis Types
- Stabilized and Value-add Acquisitions
- Ground-up Development
- All Property Types
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.
- 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
- Compounding and Discounting (FV, PV)
- Net Present Value (NPV)
- Conditional Statements (IF, AND)
- Cumulative Principal (CUMPRINC)
- Minimum (MIN)
This is a hands-on-the-keyboard course. You will watch the video and pause it to complete exercises in the associated Excel; you will repeat this process.
Our approach to help you learn is to walk through a series of mini case studies that illustrate key dynamics of real estate finance. In the interest of getting you to learn efficiently in your limited study time, we give you “skeletons” of the analysis set-ups and teach from that point of progress forward. You are of course welcome to re-build the spreadsheets from scratch at any time.
Rest assured that you will work very hard in this course, and you will learn a tremendous amount about real estate finance and financial modeling in the process.
The video running time is 1 hour 48 minutes. Watching all the video (replaying parts where desired) and completing the exercises will take approximately 3 to 5 hours, depending on the individual.
The sample questions and 39-question Certification exam will take approximately an additional 2 hours to complete.
Through the direct experience of REFM’s principals in commercial real estate transactions, and REFM’s ongoing consulting to industry practitioners across the U.S. for the last decade, we have developed and have continually refined “The REFM Way” of teaching financial modeling.
To enhance your learning and help you to efficiently build a practical skill set, we:
- Always set the stage by providing the big picture first, and keep it at the fore with graphs and sparklines
- Speak in plain language and define industry terms on an ongoing basis
- Give you highly granular video chapter hyperlinks so you can find what you want quickly and easily.
This course will prepare you to pass the associated 39-question Certification exam, which is available online 24/7/365, open book, and may be completed in more than one sitting. The exam has questions similar to these sample questions.
Passing the exam requires a score of 70% or better, and passing With Distinction requires a score of 85% or better. You can retake the exam if you are unsatisfied with your score.
Upon passing, you will be listed automatically on the Certification Holders page.
Upon successful completion of this course, you will:
- Have gained a critical understanding of basic and intermediate capital structuring for real estate transactions
- Be able to project property cash flows, and discount them at both constant and variable discount rates to solve for the NPV
- Be able to back-solve for the residual land value of a site for a potential office building development
- Be able to model the funding and repayment of up to 5 equity and debt layers in a development transaction analysis context, and size a refinancing loan on an existing owned property
What You Get
- Lifetime online access to:
- An easily-navigated 1 hour 48 minute video tutorial, with captions available and playback controls up to 2x speed. Videos are playable on any device including PC, Mac, phones and tablets.
- Accompanying fully-unlocked, annotated Excel file, compatible with Excel on both PC and Mac, which you can re-purpose for future analyses.
- Ability to upgrade to the Level 1, 2, 3 Certification Bundle by just paying the difference in price.
Meet Your Instructor
Since 2009, top companies and educational institutions have trusted REFM to train thousands of their employees and students.
New to REFM training?
ASB Capital Management
CBRE Global Investors
Hodes Weill & Associates
Square Mile Capital
USAA Real Estate
CBRE Global Investors
Federal City Property
Insight Property Group
Trammell Crow Residential
- 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
- Percentage Rent
- Expected Return
- Year-Over-Year Growth
- Cash-On-Cash Return
- Present Value of Cash Flows
- Discount Rate Selection
- DCF Exercise
- NPV With Different Discount Rates
Excel File Tabs
- 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