Construct a robust real estate geared cashflow model from scratch which incorporates debt structures, from senior loans to junior and mezzanine structures.

This course is aimed at financial analysts working for banks, real estate consultancies and property consultancies seeking a best practice approach to building robust real estate debt models.

Delegates will learn to construct a discounted cash flow model for senior debt and mezzanine finance for investment and lending decisions. Delegates will also learn credit fundamentals which will enhance their property lending analysis and underwriting processes.

Who should attend this course:

The Real Estate Debt Structures and Financial Modelling courses are suitable for those willing to develop their debt origination modelling skills. This is a course aimed at the more experienced professionals and modellers who would like to improve their debt finance understanding and modelling expertise to the next level and comply with credit underwriting criteria.


Duration: 3 Days (9am-5pm)
Location: London or online
CPD Hours: 18
Level: Intermediate to Advanced
Course fee:

Early Bird
plus VAT
Book Early & Save
Book & Pay min. 30 days before course start date
3 day Virtual Live £1,950
3 day In-Person £2,0385
Book Now
Regular Price
plus VAT
Quality Training
Book & Pay less than 30 days before course start date
3 day Virtual Live £2,145
3 day In-Person £2,620
Book Now

(Payment Plan available)

Next Dates:

  • 23-25 November 2022 –   In Person or Virtual WAITING LIST ONLY
  • 11-13 January 2023 –  In Person or Virtual
  • 22-24 March 2023 –  In Person or Virtual
  • 17-19 May 2023 –  In Person or Virtual
  • 5-7 July 2023 –  In Person or Virtual
  • 11-13 October 2023 –  In Person or Virtual
  • 13-15 December 2023 –  In Person or Virtual

Please note – Due to Covid regulations, delegates attending our In-Person courses need to bring their own laptop to the course.


In Person & Virtual: Day 1

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


In Person & Virtual: Day 2

 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

In Person & Virtual: Day 3

Real Estate Risk

Sensitivity Analysis 

Data Tables

Scenario Analysis

Automatic scenario modelling

Simulation Analysis

Monte Carlo analysis 

Case Study

Delegates will learn how to add a real life tenancy schedule and debt facilities into the models to prove that they are able to model and analyse any investment-grade commercial property transactions in the European markets.


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