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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.

Duration – 3 days

CPD Hours – 21

Location: Central London and Virtual Live

Level – Intermediate – Advanced

  • Overview
  • Prices & Dates
  • Content
  • Participants
  • Testimonials

Real Estate Financial Modelling & Debt Structuring (Excel-Based, 3-Day Course)

Course Overview

A Practical Approach to Geared (Leveraged) Investments, Development Appraisal, and Debt Structuring in Excel

Course Overview

This Excel-intensive 3-day training programme is designed for real estate professionals, financial analysts, and investors looking to develop advanced debt and financial models. The course is structured to provide hands-on experience in building real estate financial models from scratch in Excel, using key formulas, data validation, structured references, and dynamic sensitivity analysis.

Participants will gain expertise in senior debt structuring, real estate development valuation, and financial risk assessment using Excel’s built-in financial functions, data tables, and scenario analysis tools.

Why Take This Course?

Excel-Intensive – Learn professional financial modelling techniques
Real-World Case Studies – Apply your skills to real estate investment & development deals
Debt & Valuation Mastery – Understand how to structure and analyse financing models
Career-Boosting Skills – Gain the Excel expertise real estate employers demand

Pricing

Prices exclude VAT (if applicable) Contact us for Partner discounts. Early Bird Discount when you book & pay at least 30 days in advance.

In Person

Attend the course in person, in Central London.

£2,620

Early Booking
SAVE 10%

Virtual Live

Attend the course, live anywhere in the World.

£2,145

Early Booking
SAVE 10%

On Demand

Instant download of course materials & videos.

£1,716

Lifetime Access

In House


Book this course for your in house team.

Price on request

Dates

19
May
2025

Real Estate Debt Structures, Risk & Financial Modelling 19-20 & 22 May 2025

Date Icon 19-20 & 22 May 2025

Clock Icon 09:30 AM - 04:30 PM

Location Icon The Cumberland Hotel, London

13
Oct
2025

Real Estate Financial Modelling & Debt Structuring (Excel-Based, 3-Day Course)

Date Icon 13-14 & 16 October 2025

Clock Icon 9.30 am - 4.30 pm

Location Icon Cumberland Hotel, London

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Course Content

Day 1 – Real Estate Financial Modelling in Excel – Real Estate Development Cash Flow & Development Finance

Pro-Forma Real Estate Development Cash Flow

Development Cash Flow Modelling

  • Inputs, assumptions, and timeline management
  • Hard and soft cost analysis
  • Sources and uses of capital

Sources of Investment Capital

  • Financing phases:
  • Preliminary phase
  • Construction phase
  • Lease-up and fit-out phase
  • Stabilisation phase

Development Debt Finance

  • Equity first capital deployment waterfall
  • Debt repayment structures for development finance
  • Rolled-up interest debt structuring (PIK – payment in kind)
  • Senior and mezzanine finance structures

Joint-venture structures

  • Equity waterfall structure
  • Preferred returns
  • Promote cash flow and hurdle rates

Joint Ventures and Promote Structures

  • Structuring joint ventures
  • Understanding promote cash flow, hurdle rates and distribution

Leveraged and Unleveraged Real Estate Development Returns Profile

Creating and interpreting returns profiles

  • Internal Rate of Return (IRR) using XIRR
  • Net Present Value (NPV) using XNPV

Residual Land Value (RLV)

Analysing and deriving the maximum bid price for land purchase based on leveraged and unleveraged target returns

RLV based on Profit on Cost, IRR and NPV

Day 2 – Real Estate Financial Modelling in Excel – Real Estate Debt Structures and Leveraged Buy-Out Model

Capital Structure, Sources of Debt Finance and Lending Criteria

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

Senior debt repayment modelling

  • Interest Only
  • Constant Amortisation
  • Fully-Amortising Constant Payment
  • Partially-Amortising Constant Payment
  • Rolled-Up (Capitalised) Interest (Payment in Kind – PIK)

Debt covenants modelling and analysis

  • Interest Coverage Ratio (ICR), Debt Service Coverage Ratio (DSCR), Loan to Value (LTV), Debt Yield (DY)
  • What happens when covenants are breached
  • Cash sweep
  • Revolving debt facilities
  • Finding maximum borrowing amount and highest LTV
  • Dynamic debt modelling using varying debt structures
  • Leveraged return analysis based on IRR, NPV and Equity Multiples (MOIC)
Day 3: Geared Real Estate Development – Senior Debt, Mezzanine Debt, and Joint Ventures in Excel

Key Learning Outcomes:

  • Debt structuring in Excel: Senior debt, mezzanine debt, preferred equity
  • Building a debt waterfall model with structured references
  • Using IF, MIN, and MAX functions for conditional repayments
  • Optimising investor returns using debt layering techniques

Topics Covered:

  1. Running equity IRR and NPV sensitivity analysis and debt facilities into the models. Analyse investment – grade commercial property transactions inAdvanced Real Estate Development Financing
  • Modelling a capital stack with multiple debt layers
  • Understanding rolled-up interest and cash sweep mechanisms
  • Using Excel’s financial functions to structure debt repayments

2. Excel-Based Modelling of Mezzanine Debt & Preferred Equity

  • Forecasting debt vs. equity cash flows using INDEX-MATCH
  • Modelling mezzanine debt cash flow
  • Creating a dynamic waterfall model with structured cash distributions

3. Joint Venture (JV) Modelling in Excel

  • Setting up preferred equity waterfalls
  • Using IF and MAX functions for promote structures
  • Simulating profit-sharing mechanisms dynamically

4. Debt Structure Optimisation & Sensitivity Analysis

  • Comparing debt financing scenarios using Goal Seek
  • Running stress tests on equity IRR using Data Tables
  • Evaluating refinancing options in Excel

5. Case Study: Structuring a Geared Development Project in Excel

  • Running equity IRR and NPV sensitivity analysis
  • Hands-on modelling of a leveraged real estate development
  • Debt financing comparison: Senior vs. Mezzanine vs. JV

This course is designed for junior to mid-level real estate professionals who want to develop practical financial modelling skills in Excel. It is suitable for:

🔹 Ideal Participants

  • Real Estate Analysts & Associates – working in investment, development, brokerage, lending, or asset management
  • Graduate & Early-Career Professionals – looking to strengthen their financial modelling expertise
  • Surveyors & Valuation Professionals – who need to build cash flow models for real estate investments and developments incorporating and understanding the capital structure and impact of debt on investment analysis
  • Real Estate Developers & Investors – wanting to understand debt structuring and financial risk analysis
  • Finance & Banking Professionals – working in real estate lending, debt structuring, origination or underwriting
  • Aspiring Real Estate Finance Professionals – transitioning into real estate financial modelling roles

🔹 What Background is Required?

  • Basic Excel knowledge (no advanced skills needed – all modelling will be explained step-by-step)
  • Understanding of real estate concepts (investment, valuation, and financing principles are helpful but not required)
  • No prior financial modelling experience necessary (this is a hands-on, structured course)