Real Estate Financial Modeling REFM Course - Excel Modeling
Become a Financial Modeling & Valuation Analyst (FMVA)®. Enroll today to advance your career!


Recommended Prerequisites

You are expected to have either completed the stated prerequisite course(s) or possess the equivalent knowledge prior to enroling in this course:

  1. Building a Financial Model in Excel
  2. Business Valuation Modeling

Real Estate Financial Modeling (REFM) Course Overview

Build a dynamic Real Estate Financial Model to evaluate the investment return profile of a development project in Excel. This Excel-based real estate financial modeling course is designed for development professionals, lending/banking analysts, surveyors, and anyone interested in mastering the art of building a real estate development models from scratch.

Real Estate Financial Modeling Course Overview

In this real estate modeling course, you will learn step-by-step how to build a dynamic a financial model that incorporates sensitivity analysis of development costs, sales prices, and other aspects of development.

Who should take this REFM course:

This real estate development financial modeling in Excel course is designed for anyone who is seeking to develop intermediate to advanced financial modeling skills and become an expert financial modeling for real estate development.

Cap Rate and NOI

 financial modeling real estate excel

Real Estate Financial Modeling Content and Learning Objectives:

  • Real estate industry Overview
  • Calculate Cap Rate and Net Operating Income (NOI)
  • Build an interactive financial model to assess a project’s financial viability
  • Understand how to project real estate financing (both debt and equity) flow in and out depending on stage of development
  • Design and structure of an Excel-based project finance model
  • Modeling cash flows for a real estate development project
  • Build in “triggers” and sensitivities to understand a project’s exposure to key drivers
  • Develop ownership and financial structures (debt & equity)
  • Calculate Internal Rate of Return (IRR), Return on Sales, Return on Cost
  • Joint Venture (JV structures)
  • Cash flow waterfalls (3 tier cash flow waterfall)
  • Promotes and disproportionate returns
  • Produce a one-page investment summary memo
  • Includes blank and completed financial models to download
  • Certificate of completion

For further CPE information, please read before purchasing:

Real Estate Financial Model

Real Estate Financial Modeling Class in Excel

JV and Cash Flow Waterfall

Real Estate financial modeling cash flow waterfall

Register now for CFI's Real Estate Financial Modeling Course!

What You'll Learn


Real Estate Financial Modeling Course

$197.00 Enroll Now Free Preview

Approx 6.5 hrs to complete


From $847.00
CFI Full Immersion Bundle & FMVA® Certification
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From $497.00
CFI Self-Study Bundle & FMVA® Certification
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Path to Certification

Prerequisite Courses

6 courses from beginning to intermediate level.


Core Courses

9 courses from beginning to intermediate level.


Elective Courses

Take 3 out of 8 courses at an advanced level.


Get Certified

Submit your FMVA®️ checklist and order your certificate.


Join Our Community

Get access to the Global Corporate Finance Society.


How the Certification Works

FMVA® Financial Analyst Certification courses are offered 100% online, allowing you the flexibility to start the financial analyst program anytime and learn when it’s most convenient for you.
Students must complete all core and elective courses (12 in total) and demonstrate mastery of the topics through successful completion of course materials, quizzes, and assessments.
Within 48 hours of program completion, your Blockchain Verified FMVA Certification will be emailed to you.

What Our Students Say

Thanks CFI
Thanks for the course CFI, it was an experience. It gave me a lot more practice and I like it.
Boburzhan Korganbekov

A simple explanation of a comprehensive financial model.
Kaushik Agarwal
Fantastic with one backlog!
The course, just like the other courses, was pretty good and explanatory. The instructor Tim, like always, does a good job in detailing everything. I did feel that Module 5 was a bit rushed for someone who has no experience in real estate, so I would suggest that a bit more time is allotted to that Module.
Subhank Modi
We require complete financial modeling at Unitech: balance sheet, GP and LP modeling, etc. and this course had it all!
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Orkun Icten
I completed the program and I think that it is the best way to understand real estate financial modeling easily. All concepts and applications are supported by examples in Excel. Thank you very much for clear and beneficial explanations.
Teka Derick Tikum
Very good and awesome course to enhance professional skills on Real Estate Financial Modeling (REFM) and Fid Banks. Thanks, Tim Vipond for this hands-on training. Highly recommended.
John Lau
I'm in the business, and this was by far the clearest model that I've worked with. The instructions were very clear and easy to follow. Highly recommended. Jon Lau - Allied Well Management

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FMVA® Financial Analyst Certification

Become a Financial Modeling and Valuation Analyst (FMVA)® by completing all required courses in accounting, finance, modeling, Excel, presentations, and strategy. From beginner to advanced courses you will have the complete training you need to become a world-class financial analyst.


From $847.00
CFI Full Immersion Bundle & FMVA® Certification
Buy Now
From $497.00
CFI Self-Study Bundle & FMVA® Certification
Buy Now