Real Estate Financial Modeling

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Advanced level

Approx 6.50h to complete

100% online and self-paced

Subscribe to get access to FMVA® and other programs

From $497/year

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Recommended Prep Courses

These preparatory courses are optional, but we recommend you to complete the stated prep course(s) or possess the equivalent knowledge prior to enrolling in this course:

  1. Building a 3 Statement Financial Model
  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


Become a certified Financial Modeling & Valuation Analyst (FMVA)®

Real Estate Financial Modeling is part of the Financial Modeling & Valuation Analyst (FMVA)® certification, which includes 30 courses.

Financial Modeling & Valuation Analyst (FMVA)® Certification
  • Skills Learned Financial Modeling and Valuation, Sensitivity Analysis, Strategy
  • Career Prep Investment Banking and Equity Research, FP&A, Corporate Development

Path To Certification

Prerequisite Courses

7 courses from beginner to intermediate level.


Core Courses

11 courses from beginner to intermediate level.


Elective Courses

Take 3 out of 11 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.

The program is a part of the All Access Subscription, which includes all programs and courses.

CFI courses are designed by instructors with over 21 years of financial analyst training experience.

Students must complete all core and elective courses (14 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

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.

Kaushik Agarwal

Must have course
This course opens up to finance persons that have never worked in construction industry with new terms and financial projection techniques for real estates.

Innocent Rukundo Musabyimana

Excellent Elective!
I have extensive experience in Real Estate Financial Modeling since I work for a Family Office Fund who's portfolio has a majority holding in Real Estate and Infra industries. Having modelled multiple such models, I still learned quite a few tricks and was blown away by the preciseness and the cleanliness of this model. The only feedback I have is that your team could focus on breaking down complex calculations and formulas into smaller steps (lesser loops and complexity). This helps the analyst explain his model to the Fund Partners in a less time consuming manner. I used to have similar formula lines that took into nested loops and multiple formulas and everything was fine with it, although the CIO mentioned that he usually scans my financial models on the go and so he would love to spend lesser time wrt understanding line items by formulas. Hence, I believe even though one can do these complex calculations maybe in one cell (or even mentally), but one needs to break them out! This allows the end recipient / user of the model to understand your approach and the steps you've taken. Hope this helps. Cheers!

Siddharth Yadav

So beneficial
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.

Orkun Icten

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