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Real Estate Development & Finance
This course forms module 2 of the School of Real Estate Finance, Investment and Development
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.
Delegates are required to bring their own laptop equipped with Excel 2007 or above and USB port for data and spreadsheet templates transfer.
Real Estate continues to attract the attention of funds, banks, corporates and investors looking for diversification and liability matching. However, cross border investment and financing brings risks as well as opportunities. This programme is designed as an integrated set of modules which will increase participants’ understanding of the complex and changing process of real estate investment, development and finance. In addition to expert course tuition, delegates will benefit from a collegial atmosphere, with networking and information-sharing a valuable part of the course.
The programme’s key objective is to give a clear understanding of the most typical financing and investing structures, as well as the latest thinking in analytical techniques, in a shifting capital markets context.
The recognition and analysis of risk will be a component part of the programme. It covers several techniques and tools that can be applied to dealing with and resolving practical, everyday problems.
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.
This course represents module 2 of the School of Real Estate Finance, Investment and Development course (5 days)
Module 1 - Days 1 - 3 - Real Estate Investment & Finance
Module 2 - Days 4&5 - Real Estate Development & Finance
• Structure of the Module
• Delegates’ objectives
Development Market Analysis
• Forms of Analysis
• Trends & Forecasts
Development Appraisals & Viability
• Methods & Approaches: From residuals to cash flows
• Down to affordable land cost or profit
• Line by line items
• Ratio analysis: What indicates a viable project?
SPREADSHEET ANALYSIS: Development Appraisals
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.
Cash Flow Appraisal techniques: Moving from Residuals to Cash Flow
• Capital Budgeting Techniques in Development
• Discounted cash flow, Accumulated cash flow and Drawdowns
• Structuring the Cash Flows with phased / mixed use schemes
• Analysing the Outputs: What is appropriate & why?
Structuring the Development Finance
• Pre-let or speculative?
• Construction loan mechanics
• Main Underwriting Criteria
• Project Monitoring issues
• Exit strategies
CASE STUDY: Development
Participants will work in small groups to analyse a case study that considers the risk and return profile of a development and appropriate methods of finance.
SPREADSHEET ANALYSIS: Development Finance
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.
CASE STUDY: JV & Private Equity
Participants will work in small groups to consider the strategic options, risk & potential returns of a development proposal and consider appropriate methods of raising & pricing the finance with co-investor structures
Joint Ventures & Private Equity
• Landowner & Developer JVs
• Traditional JVs and capital partners
• Different structures for different players
• Risk and return
• Priority of distributions
• Allocating risk & return
• Prefs, Promotes & waterfalls
• Showing the Exit and risk
SPREADSHEET ANALYSIS: JVs & Private Equity
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.
Review of Module and Further Reading & References
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 – we have delivered training solutions for 95% of worlds’ top 100 banks and have trained over 250,000 professionals.
- Knowledge – our 150 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 20,000 events both in person and online, using simultaneous translation to delegates from over 180 countries.
- Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 96% on service and 95% on product
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.
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