Real Estate Debt Structures, Risk & Financial Modelling

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Learn how to construct a robust real estate geared cashflow model from scratch.

Understand senior debt and mezzanine finance for investment and lending decisions.

Master credit fundamentals which will enhance your property lending analysis and underwriting processes.

Course Content

Capital structure, sources of debt funds & lending criteria

  • Capital structures: debt & equity
  • Explanation of different debt & equity structures
  • Sources of debt fund & lending criteria

Debt covenants & calculations

  • Operational Covenants: asset maintenance, disclosure requirements, insurance and credit line
  • Financial Covenants: interest cover ratio, debt service coverage, loan to value, debt yield

Senior debt repayment modelling

  • Interest Only
  • Constant Amortisation
  • Fully-Amortising Constant Payment
  • Partially-Amortising Constant Payment
  • Rolled-Up (Capitalised) Interest

Pro-Forma Development Cash Flow Modelling

  • Site Purchase
  • Gross Development Value (GDV) versus Net Development Value (NDV)

Development Timeline Modelling:  Phases and Duration

Development Costs Modelling: Hard Costs and Soft Costs

  • S-Curve
  • Straight-Line
  • Known Costs
  • Mezzanine finance
  • Modelling mezzanine structures
  • Mezzanine interest and fees

Debt prioritisation

  • Modelling cash flow waterfall
  • Coupon and capital repayment schedule


  • Maximum loan amount based on financial covenants
  • Credit Analysis
  • Stress test
  • Capital adequacy calculations

Case study

  • Office development lending

Real Estate Risk

Sensitivity Analysis

  • Data tables

Scenario Analysis

  • Automatic scenario modelling

Stimulation Analysis

  • Monte Carlo analysis

Case Study

Learn how to add a real life tenancy schedule and debt facilities into the models. Analyse investment - grade commercial property transactions in the European markets.

This course is aimed at financial analyst working at banks, private equity firms and real estate consultancies.

Mairead O’Sullivan

“It’s been the most real estate tailored specific training I have undertaken”

Dates & Prices
Duration CPD Hours Location Level Dates
3 days 21 The Cumberland, London/Online Intermediate - Advanced 11,12,13 Oct 2023
13,14,15 Dec 2023
06,07,08 Mar 2024
05,06,07 Jun 2024
18,19,20 Sep 2024
13,14,15 Nov 2024
Early Bird Prices
plus VAT

Book Early & Save

Book & Pay min. 30 days
before course start date
Regular Prices
plus VAT

Quality Training

Book and/or pay less
than 30 days in advance

3 day Virtual Live


3 day In-Person

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Payment Plan available

The course fee includes training, course materials and post course support.

Our Featured Resources

You may submit an application to be considered for the scholarship program.