Certificate in Real Estate Financial Modelling

Course Overview

This is an exclusive programme offered by Cambridge Finance and in line with the Royal Institution of Chartered Surveyors (RICS) financial modelling competency.

Cambridge Finance is the only real estate financial modelling training company regulated by RICS. We are their exclusive partners in their real estate finance and investment content development.

The Certificate in Real Estate Financial Modelling comprises of the following:   

Real Estate Investment & Financial Modelling

Real Estate Debt Structures & Financial Modelling

Learning outcomes

  • Construct fully automated multi-tenant property cash flows from scratch.
  • Audit third-party cash flows.
  • Understand how cash flow inputs and outputs are interlinked.
  • Develop and produce sensitivity and scenario analysis.
  • Give investment recommendation based on quantitative methods.
Course Content

Best practice in financial models

  • Simple tips to help you become an efficient financial modeller.
  • How to avoid errors and present your models in a persuasive way

Implicit investment valuation methods

  • Term & Reversion
  • Layer / Hardcore
  • Property yields
  • Defining term and reversionary yields
  • Calculating the equivalent yield

Build your cash flow from scratch

  • Inputs: passing rent, estimated rental value, initial and exit yields, market growth, review cycles and most
  • importantly, target returns
  • Outputs: internal rate of return, net present value and worth
  • Annual and quarterly discounted cash flows: modelling purchase price, passing rent, rent reviews, exit rent and exit price

Analyse the results

  • IRR, NPV and Worth
  • Data tables & sensitivity analysis
  • Risk visualisation (charts)

Case study

Single-tenant office building in the UK

Multi tenant properties

  • Modelling tenancy schedules and rents forecast
  • Rent reviews, upward-only, break options, lease expiry
  • Modelling hypothetical second leases
  • Void period, rent free and estimated rental values

Time-varying rental growth

Net Operating Income Forecast

  • Modelling capital expenditure for refurbishment and operating costs (letting fees, void costs, empty rates)

Investment decision

  • When to accept the project and make investment recommendation

Case Study

  • Multi-tenant office building in the UK


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 cash flow development 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

Simulation Analysis

Monte Carlo analysis 

Case Study:

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

Analysts in commercial property investment and capital markets.

APC candidates (Property Finance and Investment /Commercial Property Pathway) who would like to take financial modelling as a competency to Level 2 and 3.

Real estate professionals who want to receive the Cambridge Finance Certificate to demonstrate financial modelling skills on their CV.

"The set up of the course was brilliantly done. Maria is fun and engaging in herself and makes real estate financial modelling as fun as it can be. The way the course is structured is logical and builds from the basics."

Jamie Harris MRICS
Finance Director
HOH Capital Partners

"I attended Cambridge Finance's Real Estate and Financial Modelling course and thoroughly enjoyed it! Maria's way of teaching made it easy to follow and I would recommend it to anyone who is looking to improve their financial modelling skills.

Nicole Ranes
Finance Director

"The examples and case studies in the course and being able to interact with different experienced professionals attending the course was very helpful. Also the new excel functions were very interesting."

Fahad Al Tamimi
Finance Director
Dates & Prices
DurationDuration CPD HoursCPD Hours LocationLocation LevelLevel DatesDates
5 days 35 The Cumberland, London /Online Beginner - Advanced

RICS members Virtual Live Course

RICS Members In-Person

Non RICS Members Virtual Live

Non RICS Members In-Person

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