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Real Estate Development & Finance
This course represents module 2 of the School of Real Estate Finance, Investment and Development course (5 days)
The other, Real Estate Investment & Finance (3 days), as well as the whole school can be booked
2-Day Development Module
- Interactive case studies based on actual projects with spreadsheet analysis
- Development analysis and appraisal
- Setting up and modelling a development project
- Cash flow appraisal techniques in development
- Structuring the development finance
- Structuring mezzanine, JV and private equity deals
- Modelling sample waterfall structures
The modules are principally aimed at delegates with previous experience in investment/finance or development strategy, but as the course puts delegates on an interactive learning curve to cover fundamentals of each topic, before moving on to more advanced techniques and applications, it allows delegates from both a junior and more senior experience level to participate together. Articles. papers and further references and reading in the Course
Handbooks provide further information, expand and show potential applications for many of the topics included to give a more rounded understanding.
Who should attend
- Lending and Finance Bankers
Whilst its focus is primarily on mature markets, the techniques and trends studied will also be relevant to participants investing in property markets in other regions.
All times are BST (British Summer Time - UK)
Development appraisal techniques, risk analysis, tests of profitability and viability, sources and types of finance for development
- Methods & Approaches: From residuals to cash flows
- Line by line items down to affordable land cost or profit
- Refurbishment & repositioning e.g. conversion to co-working or residential
- Ratio analysis: What indicates a viable project?
A spreadsheet model will be used to demonstrate the set-up of development proposal. Ratio analysis & risk analysis techniques will be used to show the implications of changing market conditions.
- Capital Budgeting Technique (NPV)
- Accumulated cash flow and Drawdowns
- Project Discounted Cash Flow
- Structuring the Cash Flows
- Analysing the Outputs: IRR & NPV issues
Appraisal of a new development project. Participants will discuss issues include the risks associated with this project (how should they be measured?), the projected yield on cost ,reasons why this project could be successful or a failure, right price for the land, and pros and cons of how the finance should be structured.
- Pre-let or speculative?
- Construction loan mechanics
- Main Underwriting Criteria
- Project Monitoring: What do Investors & lenders want to know?
- Landowner & Developer JVs
- Traditional JVs and capital partners
- Priority of distributions
- Allocating risk & return
- Prefs, Promotes & waterfalls
- Showing the Exit and Risk
Spreadsheet models will be used to demonstrate the impact of finance on Pre-let and Speculative schemes. Debt and Equity issues will be considered and analysed.
Spreadsheet models will be used to demonstrate the set-up of Joint Ventures, ground leases and private equity models. Delegates will test possible outcomes on the templates provided.
Our Tailored Learning Offering
Do you have five or more people interested in attending this course? Do you want to tailor it to meet your company’s exact requirements? If you’d like to do either of these, we can bring this course to your company’s office. You could even save up to 50% on the cost of sending delegates to a public course and dramatically increase your ROI.
If you want to run this course at a location convenient to you or if you want a completely customised learning solution, we can help.
We produce learning solutions that are completely unique to your business. We’ll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment.
We have a combined experience of over 60 years providing learning solutions to the world’s major organisations and are privileged to have contributed to their success. We view our clients as partners and focus on understanding the needs of each organisation we work with to tailor learning solutions to specific requirements.
We are proud of our record of customer satisfaction. Here is why you should choose us to help you achieve your goals and accelerate your career:
- Quality – our clients consistently rate our performance ‘excellent’ or ‘outstanding’. Our average overall score awarded to us by our clients is nine out of ten.
- Track record – 10/10 of the world’s largest banks have chosen us as there training provider and we have delivered training across the largest banks and have trained over 25,000 professionals.
- Knowledge – our 100+ strong team of industry specialist trainers are world leading financial leaders and commentators, ensuring our knowledge base is second to none.
- Reliability – if we promise it, we deliver it. We have delivered over 25,000 events both in person and online, using simultaneous translation to delegates from over 99 countries.
- Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 4.2/5 on service and 4.7/5 on Coursecheck
BiographyThe course director is a Chartered Surveyor whose career has spanned both private and public sector work, including large-scale development schemes, urban regeneration projects, project finance and Private Finance Initiatives (PFI). He has undertaken research and consultancy projects in development, cash flow analysis and corporate real estate and business strategy and trends impacting the real estate industry. He has advised on funding and development strategies in Europe, Africa, Asia and Australia as well as having extensive teaching experience in the UK, Hong Kong SAR and Malaysia. His teaching experience has covered specialist Real Estate Investment & Finance Masters and MBA programmes and he runs training courses globally for banks, investment managers, corporate advisory teams, legal firms and public sector clients. Topics covered combine spreadsheet modelling for debt / equity structuring, development appraisals and finance, investment analysis, risk, simulation and portfolio modelling, leases and option pricing, corporate finance models. He combines extensive practical experience with a strong academic background. This enables him to relate theory to practical applications. He is a Registered CPD Presenter - verifying a proven track record in training, lecturing and enhancing skills and knowledge in specialist technical areas with an established practical experience background. The instructor holds MSc in Real Estate Investment & Finance from City University, London where he subsequently became Head of Department. He retains a part-time position as Senior Lecturer in the Faulty of Finance, Cass Business School, teaching on specialist Masters courses and postgraduate programmes.