Real Estate Development and Financial Modelling in Excel
Real Estate Development and Financial Modelling in Excel

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Real Estate Development and Financial Modelling in Excel

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United Kingdom

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Construct a robust real estate financial model to assess the financial risk and return profile ofdevelopment, re-development and refurbishment projects.

This course is aimed at banking and lending analysts for real estate, investment surveyors,  real estate finance professionals and property consultants seeking to build robust real estate development models free of errors.

Delegates will learn to construct a financial model for viability analysis in development, re-development and refurbishment of commercial real estate. Delegates will also learn how to produce sensitivity and scenario analysis, which will enhance their real estate financial analysis,  error checking skills and improve their underwriting processes.

Who should attend this course:

The Real Estate Development and Financial Modelling in Excel courses are suitable for the intermediate financial modeller, who is seeking to develop their modelling skills and become an expert financial modelling for real estate development.


Day 1

Residual Valuation Appraisal

Property Yields

Land Value

Profit Appraisal

Gross and Net Development Values

Return on GDV, Cost and Equity

Pro-forma development cash flow 


  • Timings: purchase date, works start date, planning, lead in, construction and refurbishment, void period, lease start, sale date
  • Revenue: sales proceeds, estimated rental value per sqf, net internal areas, rental growth and target returns
  • Development Costs: construction and refurbishment, site purchase and vacant possession value, contingency, professional fees, statutory costs, allowances and rights
    • S-Curve vs. Straight Line
  • Operational Expenditures: empty rates, void costs, cost of rent free, letting and sales costs, management fee

Outputs: internal rate of return, net present value and worth, total profit, profit on cost and equity multiple

Financial viability testing & risk analysis

Data tables & sensitivity analysis

Risk visualisation techniques

Case study: un-geared office redevelopment in the UK

Day 2

Development finance

Lending criteria

Sources of fund

Financing types and security priority (senior debt, mezzanine, equity)

Geared cash flow

Debt Types

Rolled-up interest senior debt, equity first

Joint-venture structures

Promote structure, carried interest, management incentives

Financial viability testing & risk analysis

Scenario analysis

Case study: geared office redevelopment in the UK

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