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Real Estate Capital Markets and Finance
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In recent decades, commercial real estate as an asset class had accessed the public markets for capital through the securitization, utterly transforming this asset class. These developments have had profound effects on the real estate markets, including how they have led to greater flexibility and transparency in those markets, and how they have affected the valuations and pricing efficiency of markets for real estate assets.
Real estate financial markets are rapidly changing, with new instruments and ideas introduced every day. Therefore, the course will prepare delegates to undertake any new financial instrument that might be introduced to the market, and be able to understand and utilize the innovations that have been introduced and are still being developed. The methods in which households and investors finance the acquisition of real estate has changed dramatically. The types of loans available to borrowers have gone from a limited choice, to a much wider variety of mortgage structures offering many choices. Along with this increase in choice came an increase in both complexity and specialization in mortgage markets, changing the degree to which real estate markets, the financial markets and the economy as a whole are related.
The course will provide an overview to delegates in financial structures and market factors that influence the success or failure of a business. At the conclusion of the course, students will have enhanced insight and skills to better understand the possible options available, including having the opportunity to register for additional in-depth course on a variety of related topics.
The course is designed to be highly-interactive allowing ample opportunity for questions and discussion with the course instructor and other delegates.
Program Level: Intermediate
Prerequisites: Basic knowledge of finance and investment
Learning Objectives
Upon completion of this seminar, delegates will be able to…- understand the history and composition of both debt and equity components of real estate capital markets.
- understand the structure of residential and commercial mortgage-backed securities (RMBS/CMBS).
- be familiar with current events on domestic and international real estate capital markets.
- obtain a broad understanding of real estate institutions and related legal concepts.
- learn various, basic ways of underwriting real estate.
- understand the basic concepts of the secondary markets and REITs.
Who Should Attend
This seminar is for professionals from the financial services, banking, investment and commercial real estate sectors who will benefit from this course will come from a wide variety of backgrounds, including…- HNW investors
- Investor and venture capitalists
- C-level executives
- Investment and commercial bankers
- Financial and portfolio managers
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DAY 1
Session 1: Introduction (Review) and Overview of Real Estate Finance
- Real estate investment legal concepts
- Real estate finance notes and mortgages
- Workouts, foreclosure, bankruptcy
Session 2: The Time Value of Money
- Compound interest
- Present value; future value
- Annuities
Session 3: Fixed Interest Rate Mortgage Loans
- Mortgage rate determinants
- Calculating payments and loan balances
Session 4: Adjustable and Floating Rate Mortgages
- Incremental borrowing cost
- Loan refinancing
- Loan market value
Session 5: Commercial Real Estate Leases, Rents and Market for Space
- Different lease types
- Supply and demand
- Underwriting tenants
- Property valuation
Session 6: Investment Analysis and Taxation of Income Properties
- Investment strategies
- Leverage and financing alternatives
DAY 2
Session 1: Risk Analysis and Corporate Real Estate
- Types of risk
- Due diligence
- Lease versus own – corporate real estate
Session 2: Financing Project and Land Developments
- Planning and permitting process
- Lender requirements
- Lender agreements and disbursements
Session 3: Structuring Investments: Organizational Forms and Joint Ventures
- Equity distributions
- Securities laws
- Secondary mortgage market
- Investing in distressed properties
Session 4: Real Estate Capital Markets Overview
- The intersection of space and capital markets create value
- The four quadrants of real estate capital markets
- Main investment strategies in commercial real estate
Session 5: Overview of Commercial Mortgage (Debt) Markets and the Role and Process of Securitization
- The role and process of securitization
- CMBS and RMBS structure
Session 6: Mortgage Pass-Through Securities and Prepayment Issues
- Prepayment and default risk
- Credit enhancement and ratings
- Rating agencies
Session 7: CMOs and CDOs
- How they got started
- Characteristics of each
- Prepayment and extended maturity risk
Session 8: More Securitization Constructs
- Sequential pay/waterfalls
- OAS (Option Adjusted Spread) model and duration measures
- IP/PO strips; floaters and inverse floaters
DAY 3
Session 1: Securitization and Bank Loan Syndication
- Managing portfolio risk and opening business opportunities
- What happens during a bank loan syndication
- How does a bank manage its portfolio through sales and trading?
Session 2: The Commercial Mortgage Capital Markets and Its Lenders, Mortgage Types and Terms
- Lender and borrower challenges with commercial mortgages
- Lending decision making process
- Ramifications of defaulting on a loan and negotiation tactics
Session 3: Private Equity Investment
- Sources of equity financing and investment vehicles
- Structures and investment strategies
- Function of joint ventures
- Fee structures
Session 4: Alternate Private Equity Structures
- SPACS
- Hedge funds
- Crowd funding
Session 5: The Pros and Cons of Public Investment in Real Estate
- Introduction to REITs
- Types of REIT structures
- Pros and cons of using a REIT structure
Session 6: International Real Estate Markets and Investment
- Why international investment
- Barrier and roadblock issues
- Risk considerations
Session 7: Real estate portfolio considerations
- Institutional portfolio management trends and strategies
- Investment performance evaluation and benchmarking techniques
- Attribution analysis
- Types and uses of real estate derivatives
DAY 4
Session 1: Group Case Study and Presentations
- The course will conclude with delegates applying knowledge and tools gained during the course incorporating their own business experience. The delegates will be segmented into groups to work on solutions to specific case studies.
Session 2: Conclusion and Summary
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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.
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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
Instructor
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Stephen Peca
Biography
Stephen Peca is a senior real estate professional who has invested and guided investment decisions globally in well excess of US$100billion. During his career at firms such as Moody’s Analytics, Fleet Securities – Bank of America, Fuji Bank and notable real estate firms, he has undertaken many senior management and client-facing roles. Stephen’s role has expanded into entrepreneurship and venture capital.Stephen is now Managing Director and Senior Partner of Concourse Realty Group and Windy Acres Capital & Advisory where he provides transaction, asset and portfolio strategy and business solutions to clients globally. Both companies operate under the name, Concourse Holdings. Stephen also teaches and has taught at Fordham University, Baruch College (CUNY), New York Law School and New York University, while also delivering courses and consulting for various other clients around the world. His responsibilities and accomplishments have included:Director role at Fleet Securities – Bank of America, in which he was responsible for the loan sales and trading activities of the bank’s US$33 billion of real estate assetsDirector responsibilities at Moody’s Analytics where he led the commercial real estate and project and infrastructure global practices, and refined scope parameters and monitored data integrity as committee member for Moody’s/REAL CPPI, a national property price index.At Concourse Realty Group, he:Created strategic plan for an international bank who desired to re-establish their real estate loan portfolio that subsequently grew to US$4.0 billion in about three yearsRepresented global property owners in various negotiations for properties totalling over US$500 millionProvided expert witness services for US$1 billion hotel property development project litigationProvided financial and capital structuring for a US$180 million mixed-use project in Saudi Arabia. Advised on the structuring of a US$20 million equity property fund in CEE. In addition to Stephen’s academic credentials, he is a Chartered Management Consultancy Surveyor (Royal Institution of Chartered Surveyors U.K.) and a Certified Public Accountant (State of Illinois, U.S.). Stephen is a member of the Asset Management Roundtable, the Investment Management and Hedge Fund Roundtable and is a student mentor at the New York University, Stern School of Business.Stephen is repeatedly in demand to speak at conferences and is frequently quoted in publications and articles. His book, Real Estate Development and Investment: A Comprehensive Approach, has been adopted by numerous universities and industry professionals globally.
