Real Estate Financial Modelling Short Course

Real Estate Financial Modelling Short Course - Cambridge Edition

The Real Estate Financial Modelling Short Course – Cambridge Edition equips participants with the skills to confidently build, analyse, and interpret real estate financial models across investment, development, and debt structures. Through hands-on Excel modelling, you’ll develop a strong understanding of how value is created, how cash flows behave across the project lifecycle, and how to assess performance using core metrics including IRR, NPV, yields, and residual values.

Delivered in person at Gonville & Caius College in Cambridge, this five-day programme combines technical modelling with market insight in a distinctive academic setting. The course progresses from asset-level cash flows to development appraisals and project finance, with one day dedicated to a Cambridge Experience Day- exploring the city’s historic real estate context, future development ambitions, and engaging in industry discussion and networking with peers and guest speakers.

What is the difference between this course and the Real Estate Financial Modelling School?

The core financial modelling content is fundamentally the same, covering the essential skills required to confidently build, analyse, and interpret real estate financial models.

The key difference lies in the structure and setting. This course delivers the material in an intensive four-day format, followed by a dedicated Cambridge Experience Day.

On this course you will…

Build robust single-let and multi-let cash flow models from first principles
Understand how real estate value, price, and risk interact across investment and development projects
Analyse development appraisals, residual land values, and development return metrics
Correctly model construction costs, phasing, and cash flow timing
Evaluate debt structures, lender covenants, and geared returns
Apply sensitivity and scenario analysis to stress-test assumptions and outcomes

Who will benefit from this course?

Analysts, associates, and managers working in real estate or infrastructure
Real estate investment, development, and finance professionals
Fund managers and investment committee members
Surveyors, advisors, and professionals transitioning into real estate finance
Anyone seeking a rigorous, practical grounding in real estate financial modelling

Course Outline

Day One

Single-Let Cash Flows

Learn how to build an asset level cash flow, analyse geared and un-geared IRR’s

Conventional Valuation Methods: Term & Reversion and Layer Method
Equivalent Yield (Solver, Scenario and Goal Seek functions)
Single-Let Discounted Cash Flow
Cash Flow inputs (Rents, Yields, Growth Rates, Target Returns)
Analysis and use of date series
Internal Rate of Return (IRR) and Net Present Value (NPV)
Comparing Value, Price and Worth
Introducing Rent Reviews and other ‘events’ into cash flows

Day Two

Multi-Let Cash Flows

Constructing an advanced multi-let cash flow model and learn different techniques to build flexible rent functions

Understanding logic functions (IF,OR,AND)
The ‘rentfunction’ and multi-let cash flows
The ‘date problem’ and assumptions in property asset cash flows
Incorporating time-varying rental growth rates
Reducing the rent function, intermediate calculations and modelling theory
Modelling lease expiries, break clauses, voids, and upward only covenants
Analysing multi-let cash flows to see if the leases are sufficiently diversified
Advanced modelling formulas (Complex Switches, SUMPRODUCT)
Advanced cashflow, sensitivity and debt covenant analysis
Sensitivity analysis

Day Three

Development Appraisals

Constructing a development appraisal from first principles and understanding development return metrics

Understanding the key components of a development project
Understanding the difference between development and investment projects
Residual appraisals and profit calculations
Cost-orientated cash flow and phased sales
Construction cost patterns: incidental, fixed, S-Line and S-Curve
Development return metrics
Creating mixed-use development models with individual and master level cash flows

Day Four

Cambridge Experience Day

The day will begin by exploring Cambridge’s historic real estate and gaining insight into the city’s ambitious future development plans.

In the afternoon, dive into engaging discussions on the real estate industry with top-tier guest speakers. Afterwards, enjoy a guided tour of Cambridge’s iconic sights, including the historic colleges, before taking to the River Cam for a
traditional punting experience.

To conclude this remarkable day, you are invited to an exclusive networking dinner, where you’ll connect with guest speakers and fellow participants in an inspiring yet relaxed setting — perfect for building valuable relationships and sparking meaningful conversations.

Day Five

Project Finance

Constructing a flexible Real Estate Debt Finance Model

Revision of the Mathematics of amortisation and debt finance
Senior debt cash flow models and geared net cash flows
Understanding how complex debt structures impact the returns to different parties
Layering mezzanine cash flows
Advanced amortisation modelling

Cambridge Experience

Course Details

Number of days: Five days
Delivery: In-Person
Course type: Schools
Course level:
Pre-requisite: None
CPD Hours: 25
Upcoming Dates: