Real Estate Financial Modeling Training Offerings                                         2013–2014
“REFM Training is the difference between thinking you can model real estate transactions and knowing you can.”
Overview                                                                              TABLE OF CONTENTS                   ...
Popular 2-Day Courses                                                                                                     ...
REFM Corporate and University Training Offerings At A Glance :: By Level of Difficulty                                     ...
REFM Corporate and University Training Offerings: Course Descriptions                                                     ...
REFM Corporate and University Training Offerings: Course Descriptions                                                     ...
REFM Corporate and University Training Offerings: Course Descriptions                                                     ...
REFM Corporate and University Training Offerings: Course Descriptions                                                     ...
REFM Corporate and University Training Offerings: Course Descriptions                                                     ...
REFM Corporate and University Training Offerings: Course Descriptions                                                     ...
REFM Corporate and University Training Offerings: Course Descriptions                                                     ...
REFM Corporate and University Training Offerings: Course Descriptions                                                     ...
REFM                    About REFM                    REFM is the premier financial modeling solutions provider for Excel-b...
INSTRUCTOR BIOGRAPHIES                    Bruce Kirsch                                                                    ...
Offices:2000 Clarendon Boulevard, Suite B1   226 Fifth Avenue, Third Floor   GetREFM.comArlington, VA 22201                ...
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REFM 2013-2014 Training Offerings Brochure

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REFM 2013-2014 Training Offerings Brochure

  1. 1. Real Estate Financial Modeling Training Offerings 2013–2014
  2. 2. “REFM Training is the difference between thinking you can model real estate transactions and knowing you can.”
  3. 3. Overview TABLE OF CONTENTS 4 Popular 2-Day Courses 5 Course & Training Offerings At-A-Glance Course Descriptions: 6 Demystifying the Excel Pro-Forma: What It IsREFM Training Overview and How You Can Begin To Master It 6 HP12c Financial Calculator Skills For Real EstateReal Estate Financial Modeling (REFM) Training enables you to master basicand advanced concepts and techniques of commercial real estate, Microsoft Excel, 6 How Real Estate Developers Price The Dirt:finance, and real estate transaction and partnership financial modeling. Residual Land Valuation and Comparable Sales 6 Identifying Risks and Opportunities in CommercialAll hands-on training other than for the HP 12c calculator is exclusively Microsoft Real EstateExcel-based and is delivered assuming that each participant will be following along 7 Introduction to the Real Estate Businesson their own computer. All Excel-based training includes reusable, fully-unlocked 7 Real Estate Development Modeling BasicsExcel files. 7 Truly Understanding Capitalization RatesBenefits of training with REFM include: 8 Apartment/Multi-Family Building Acquisition and Individual Unit Renovation Modeling Improved analysis capabilities, quicker work turnaround and fewer mistakes 8 Excel Data Mining, Formula Scrubbing and Increased confidence in one’s Excel skills Basic Macros 9 Excel For Real Estate (Level 1) Bootcamp Improved financial modeling knowledge, understanding and customization capabilities 9 Multi-Tenant Commercial Property Acquisition Modeling With ARGUS Cash Flow Projection Sharpened presentation of a transaction’s financials Customization Heightened credibility internally and with potential partners, lenders and 10 Mixed-Use Apartment/Multi-Family Building investors Development Financial Modeling 10 Mixed-Use For-Sale Condominium Building/Additional benefits specifically for University students include: Housing Subdivision Development Modeling 10 Mixed-Use Office/Industrial Building Development Stronger performance in internship and job interviews Financial Modeling Sharpened presentation of case study financials 10 Modeling Real Estate Development Transactions For Multiple Property Types Stronger performance on academic assignments and exams. 11 Principles of Commercial Real Estate Finance (11 Modules)Training Formats 11 Real Estate Analysis Excel Toolkitp Slide Lecture Only: Traditional lecture-based session with interactive real-time Q&A. 12 Real Estate Finance (Level 2) Bootcamp 12 Real Estate Private Equity Fund Modeling Hands-On Exercises: Instructor lecture, with participants interactively 12 Truly Understanding Internal Rate of Return (IRR) following along in Excel in real time and performing a series of exercises 13 Distressed Commercial Mortgage Note Modeling to ensure they are grasping the lesson and are mastering the concepts and 13 Single Transaction Equity Joint Venture Partnership technical skills being taught. All exercise solutions are included and and Waterfall Modeling (Level 3) Bootcamp discussed. Participants are encouraged to ask their questions in real time to have them answered by the instructor on a rolling basis. Additional Information:p Slide Lecture and Hands-On Exercises: Same as above but with discrete slide presentation component. 14 About REFM 15 Instructor Biographies getREFM. com 3
  4. 4. Popular 2-Day Courses Session TOPIC TITLE Page Length Slide Hands-On Level of Applicable Real Estate Beginner / Advanced No. (hours) Lecture Exercises Difficulty Property Types DAY ONE Identifying Risks and Opportunities in Commercial Real Estate 6 1.0 Lowest All income-producing and unit-sales based Demystifying the Excel Pro-Forma: What It Is and How You Can Begin To Master It 6 1.0 Lowest All income-producing and unit-sales based Real Estate Development Modeling Basics 7 1.0 Lowest All income-producing and unit-sales based Mixed-Use Apartment/Multi-Family Building Development Modeling 10 4.0 Medium Multi-family, retail DAY TWO Single Transaction Equity Joint Venture Partnership and Waterfall Modeling (Level 3) Bootcamp 13 4.0 Highest All income-producing and unit-sales based Mixed-Use For-Sale Condominium Building/Housing Subdivision Development Modeling 10 4.0 Medium Condominium, retail, single family housing TOPIC TITLE Session Page Length Slide Hands-On Level of Applicable Real Estate Intermediate / Advanced No. (hours) Lecture Exercises Difficulty Property Types DAY ONE Single Transaction Equity Joint Venture Partnership and Waterfall Modeling (Level 3) Bootcamp 13 4.0 Highest All income-producing and unit-sales based Mixed-Use Office/Industrial Building Development Modeling 10 4.0 Medium Office, industrial, retail DAY TWO Apartment/Multi-Family Building Acquisition and Individual Unit Renovation Modeling 8 2.0 Medium Multi-family Multi-Tenant Commercial Property Acquisition Modeling With ARGUS Cash Flow Projection 9 2.0 Medium Office, industrial, retail Customization Distressed Commercial Mortgage Note Modeling 13 2.0 Highest All income-producing Session TOPIC TITLE Page Length Slide Hands-On Level of Applicable Real Estate “The New York Course” No. (hours) Lecture Exercises Difficulty Property Types DAY ONE Identifying Risks and Opportunities in Commercial Real Estate 6 1.0 Lowest All income-producing and unit-sales based Real Estate Analysis Excel Toolkit 11 2.0 Medium All income-producing and unit-sales based Demystifying the Excel Pro-Forma: What It Is and How You Can Begin To Master It 6 1.0 Lowest All income-producing and unit-sales based Modeling Real Estate Development Transactions For Multiple Property Types 10 4.0 Medium All but hotel DAY TWO Single Transaction Equity Joint Venture Partnership and Waterfall Modeling (Level 3) Bootcamp 13 4.0 Highest All income-producing and unit-sales based Multi-Tenant Commercial Property Acquisition Modeling With ARGUS Cash Flow Projection 9 2.0 Medium Office, industrial, retail Customization Real Estate Private Equity Fund Modeling 12 2.0 Medium All income-producing and unit-sales based4 getREFM. com
  5. 5. REFM Corporate and University Training Offerings At A Glance :: By Level of Difficulty Session Page Length Slide Hands-On Level of Applicable Real Estate Topic Title No. (hours) Lecture Exercises Difficulty Property Types Demystifying the Excel Pro-Forma: What It Is and How You Can Begin To Master It 6 1.0 Lowest All income-producing and unit-sales based HP 12c Financial Calculator Skills For Real Estate Analysis 6 1.0 Lowest All income-producing and unit-sales based How Real Estate Developers Price The Dirt: Residual Land Valuation and Comparable Sales 6 0.75 Lowest All income-producing and unit-sales based Identifying Risks and Opportunities in Commercial Real Estate 6 1.0 Lowest All income-producing and unit-sales based Introduction to the Real Estate Business 7 1.0 Lowest All income-producing and unit-sales based Real Estate Development Modeling Basics 7 1.0 Lowest All income-producing and unit-sales based Truly Understanding Capitalization (Cap) Rates 7 0.75 Lowest All income-producing Apartment/Multi-Family Building Acquisition and Individual Unit Renovation Modeling 8 2.0 Medium Multi-family Excel Data Mining, Formula Scrubbing and Basic Macros 8 3.0 Medium All income-producing and unit-sales based Excel For Real Estate (Level 1) Bootcamp 9 3.0 Medium All income-producing and unit-sales based Multi-Tenant Commercial Property Acquisition Modeling With ARGUS Cash Flow Projection 9 2.0 Medium Office, industrial, retail Customization Mixed-Use Apartment/Multi-Family Building Development Modeling 10 4.0 Medium Multi-family, retail Mixed-Use For-Sale Condominium Building/Housing Subdivision Development Modeling 10 4.0 Medium Condominium, retail, single family housing Mixed-Use Office/Industrial Building Development Modeling 10 4.0 Medium Office, industrial, retail Modeling Real Estate Development Transactions For Multiple Property Types 10 4.0 Medium All but hotel Principles of Commercial Real Estate Finance (11 Modules) 11 16.0 Medium All income-producing and unit-sales based Real Estate Analysis Excel Toolkit 11 2.0 Medium All income-producing and unit-sales based Real Estate Finance (Level 2) Bootcamp 12 3.0 Medium All income-producing and unit-sales based Real Estate Private Equity Fund Modeling 12 2.0 Medium All income-producing and unit-sales based Truly Understanding Internal Rate of Return (IRR) 12 0.75 Medium All income-producing and unit-sales based Distressed Commercial Mortgage Note Modeling 13 2.0 Highest All income-producing Single Transaction Equity Joint Venture Partnership and Waterfall Modeling (Level 3) Bootcamp 13 4.0 Highest All income-producing and unit-sales based getREFM. com 5
  6. 6. REFM Corporate and University Training Offerings: Course Descriptions Difficulty: Demystifying the Excel Pro-Forma: HP 12c Financial Calculator Skills What It Is and How You Can Begin To Master It For Real Estate Analysis 1-hr | Applicable Real Estate Property Types: All income-producing and unit-sales based 1-hr | Applicable Real Estate Property Types: All income-producing and unit-sales based p Slide Lecture Only In this 1-hour session, you will learn how to break down the real estate pro-forma p Slide Lecture and Hands-On Exercises In this 1-hour session, you will learn how to leverage the most popular financial into its essential components, analyze the pieces individually in easy-to-understand calculator for real estate analysis. Topics include: financial registers, simple and language, and then re-assemble them into the original whole. The relationships compound interest, periodic and annual interest rates, nominal and effective interest between the constituent parts are explained so that you will intimately understand rate conversions, present value (PV) and future value (FV), how to discount cash the entire spreadsheet and its various functions. flows and calculate the net present value (NPV) and internal rate of return (IRR), loan annual percentage rate (APR), and mortgage acquisition pricing. Topics covered include: What is financial modeling? The importance of timing Time value of money/discounted cash flow model “Cardinal rules” of financial modeling How Real Estate Developers Price The Dirt: Identifying Risks and Opportunities Residual Land Valuation and Comparable Sales in Commercial Real Estate 45-min | Applicable Real Estate Property Types: All income-producing and unit-sales based 1-hr | Applicable Real Estate Property Types: All income-producing and unit-sales based p Slide Lecture and Hands-On Exercises p Slide Lecture Only In this 45-minute session, you will learn how developers solve for what they should In this 1-hour session, you will learn about the real estate cycle and how it creates pay for a development site. You will learn the basics of real estate development risks and opportunities related to acquiring, operating and developing commercial residual land valuation for both income-producing assets and unit sales assets, as real estate in the U.S. and internationally. well as the principles of valuation through comparable sales (comps). Topics covered include: Topics covered include: Where the primary risks lie Developer control of project variables The biggest risks of all How land is different from other development costs The primary ways to realize value Using residual land valuation and comparable sales in concert6 getREFM. com
  7. 7. REFM Corporate and University Training Offerings: Course Descriptions Difficulty:Introduction to the Real Estate Business Real Estate Development Modeling Basics 1-hr | Applicable Real Estate Property Types: All income-producing and unit-sales based 1-hr | Applicable Real Estate Property Types: All income-producing and unit-sales basedp Slide Lecture OnlyIn this 1-hour session, you will learn about: p Slide Lecture Only In this 1-hour session, you will learn the fundamentals of financial modeling The different types of real estate properties specifically for real estate development transactions. The different types of real estate investors and capital providers Participants are encouraged to ask their questions in real time to have them answered by the instructor on a rolling basis. The various elements of real estate investment The types of investment capital Topics covered include: Real estate investment objectives and investment methods What is financial modeling? The main methods of valuing income-producing real estate What makes ground-up development different Development project timelinesThese elements are introduced and discussed within an easy-to-understandproprietary framework. Development pro-forma componentsTruly Understanding Capitalization(Cap) Rates 45-min | Applicable Real Estate Property Types: All income-producingp Slide Lecture and Hands-On ExercisesIn this 45-minute session, you will learn all about capitalization (cap) rates, specifically: What composes a cap rate? Why do cap rates change? How do I calculate a cap rate? How do I select one when performing a property valuation? What should I think when people quote cap rates verbally? Where can I find cap rates for a certain property in a certain geography? getREFM. com 7
  8. 8. REFM Corporate and University Training Offerings: Course Descriptions Difficulty: Apartment / Multi-Family Building Acquisition Excel Data Mining, Formula Scrubbing & Individual Unit Renovation Modeling & Basic Macros 2-hr | Applicable Real Estate Property Types: Multi-family 3-hr | Applicable Real Estate Property Types: All income-producing and unit-sales based p Slide Lecture and Hands-On Exercises In this 2-hour session, you will learn the collection of technical skills for the pro-forma Hands-On Exercises In this 3-hour session, you will learn how to leverage Excel to its fullest with respect to (projection) modeling for the acquisition and individual unit renovations (with presenting, finding and quality-checking data and formulas, and in creating basic macros. continued operation) of a rental apartment building. The principles and skills taught apply equally to duplexes and 1,000-unit portfolios. Topics covered include: Topics covered include: Charting and graphing Leveraging pivot tables Integration of historical property data and existing rent roll into your pro-forma Setting up quality control checks Modeling of future lease expirations and renewals MATCH function Modeling of the unit renovation program VLOOKUP function Modeling of operating expense savings gained from the renovation/greening of apartment units Arrays Modeling of acquisition loan financing, residual equity requirement, Combining IF, AND, OR with MATCH and VLOOKUP and permanent take-out loan/refinancing Embedded statements Property disposition INDEX function Sensitivity analysis around key variables Combining and nesting IF statements Named ranges Debugging solutions for errors Basic macros8 getREFM. com
  9. 9. REFM Corporate and University Training Offerings: Course Descriptions Difficulty:Excel For Real Estate (Level 1) Bootcamp Multi-Tenant Commercial Property Acquisition Modeling w/ ARGUS Cash Flow Projection Customization 3-hr | Applicable Real Estate Property Types: All income-producing and unit-sales based 2-hr | Applicable Real Estate Property Types: Office, industrial, retail Hands-On Exercises Hands-On ExercisesIn this 3-hour session, you will learn the basics of operating in Excel, as well as In this 2-hour session, you will learn the collection of technical skills for the modelingadvanced techniques, specifically as they relate to real estate analysis. of the acquisition, operation and disposition of an existing multi-tenant commercial (office, industrial or retail) property. You will also learn the mathematical mechanicsTopics covered include *: behind how ARGUS Valuation DCFTM works, and how to integrate an ARGUS Arithmetic and rounding Avoiding error messages cash flow projection into Excel to perform levered, equity partnership and Statistics Dates and timelines sensitivity analyses. Relative vs. absolute cell references Conditional statements Topics covered include: Inserting and deleting rows and and how to nest them columns Financial functions for Integration of historical property data and existing rent roll into your pro-forma Creating summary tables compounding and discounting Modeling of weighted average expected values based on probability assumptions Internal rate of return (IRR) for future lease expirations or renewals Formatting numbers Mortgage payment calculation How to quickly build a live Excel-based pro-forma valuation model that links Conditional cell formatting directly to a 11-year cash flow projection from ARGUS Data table lookup functions Formula auditing Modeling of acquisition loan financing, residual equity requirement, and Custom formatting Data tables for sensitivity analysis permanent take-out loan/refinancing Format painting Circular references Equity partnership modeling Paste special Keyboard shortcuts Sensitivity analysis on key variables Transpose Best practices Property disposition Presentation of transaction performance indicators in an institutional* All Topics Include Exercises investor-friendly formatExcel techniques and functions taught include: SUM COUNTIF, COUNTIFS ROUND, ROUNDUP, VLOOKUP, HLOOKUP ROUNDDOWN IFERROR MAX, MIN, AVERAGE, MEDIAN RATE Cell anchoring using dollar signs PV, FV EOMONTH, EDATE NPV and XNPV IF, AND, OR, and combinations IRR and XIRR thereof PMT, PPMT, IPMT SUMIF, SUMIFS getREFM. com 9
  10. 10. REFM Corporate and University Training Offerings: Course Descriptions Difficulty: Mixed-Use Apartment / Multi-Family Building Mixed-Use For-Sale Condominium Building Development Modeling / Housing Subdivision Development Modeling 4-hr | Applicable Real Estate Property Types: Multi-family, retail 4-hr | Applicable Real Estate Property Types: Condominium, retail, single family housing Hands-On Exercises Hands-On Exercises In this 4-hour session, you will learn the collection of technical skills for the pro-forma In this 4-hour session, you will learn the collection of technical skills for the (projection) modeling for the ground-up development of a mixed-use rental pro-forma (projection) modeling for the ground-up development of mixed-use apartment building with ground-floor retail and income-producing parking. residential condominium buildings and housing subdivisions. Topics covered include: Topics covered include: Site and building information Uses of funds Site and building information and Uses of funds Apartment unit and mix details Sources of funds subdivision phasing Sources of funds Project timing elements Cash flows and returns Housing unit mix details Pre-sales, market sales, closings, Capital structure Capitalized valuation Project timing elements cash flows and returns Capital structure CFA Institute has approved this program, offered by Real Estate Financial Modeling, LLC, for 3.5 CE credit hours. If you are a CFA Institute member, CE credit for your participation in this program will be automatically recorded in your CE Diary. Mixed-Use Office / Industrial Building Modeling Real Estate Development Development Financial Modeling Training Transactions For Multiple Property Types 4-hr | Applicable Real Estate Property Types: Office, industrial, retail 4-hr | Applicable Real Estate Property Types: All but hotel Hands-On Exercises p Slide Lecture and Hands-On Exercises In this 4-hour session, you will learn the collection of technical skills for the In this 4-hour session, you will learn the collection of technical skills for the pro-forma (projection) modeling for the ground-up development of a commercial pro-forma (projection) modeling for the ground-up development of the following (office or industrial) building (with a ground-floor retail component for office property types: apartment, self-storage, office/industrial/retail, and condominium/ building) and income-producing parking component. single family housing. Topics covered include: Topics covered include: Site & building information and Uses of funds & sources of funds Site and building information and Uses of funds construction type construction type Sources of funds Cash flows and returns Project timing elements Project timing elements Cash flows and returns Capitalized valuation Capital structure Capital structure Capitalized valuation CFA Institute has approved this program, offered by Real Estate Financial Modeling, LLC, for 3.5 CE credit hours. If you are a CFA Institute member, CE credit for your participation in this program will be automatically recorded in your CE Diary.10 getREFM. com
  11. 11. REFM Corporate and University Training Offerings: Course Descriptions Difficulty:Principles of Commericial Real Estate Analysis Excel ToolkitReal Estate Finance (11 Modules) 16-hr | Applicable Real Estate Property Types: All income-producing and unit-sales based 2-hr | Applicable Real Estate Property Types: All income-producing and unit-sales basedp Slide Lecture and Hands-On ExercisesThis multi-session, semester length-equivalent course provides you with a critical Hands-On Exercises In this 2-hour session, you will learn the top 25+ Excel functions, tools andsolid foundation in commercial real estate finance and investments. Among many techniques that are most used in real estate analysis.other things, you will learn about discounting property cash flows, commercial realestate leases, pro-forma (projection) modeling, and how to think critically about Specific Excel functions, tools and techniques covered include:real estate and real estate transactions. The required text is Real Estate Finance Conditional statements: simple, and SUMIF, COUNTIF& Investments: Risks and Opportunities, third edition by Peter Linneman, the top involving AND / ORgraduate-level real estate finance textbook. EDATE, EOMONTH VLOOKUP / HLOOKUP Data tablesStudents will perform individual and group case study assignments. PV, FV, RATE, NPV, XNPV Goal seekThe course segments are: IRR, XIRR Auditing and debugging tools Module 1: Risks and opportunities; what is real estate?; global real estate PMT, PPMT, IPMT Macro basics, and more! Module 2: Time value of money and discounted cash flow; real estate cycles MAX, MIN Module 3: Fundamentals of commercial leases Module 4: Property level pro forma analysis; financial modeling; internal rate of return; amortization Module 5: Due diligence; capitalization rates Module 6: Development pro forma and feasibility analysis Module 7: Debt financing Module 8: Bankruptcy; commercial mortgage backed securities (cmbs) Module 9: Ground leases; real estate exit strategies Module 10: Real estate companies; real estate private equity; real estate investor perspectives Module 11: Reits and liquid real estate; corporate real estate getREFM. com 11
  12. 12. REFM Corporate and University Training Offerings: Course Descriptions Difficulty: Real Estate Finance (Level 2) Bootcamp Real Estate Private Equity Fund Modeling 3-hr | Applicable Real Estate Property Types: All income-producing and unit-sales based 2-hr | Applicable Real Estate Property Types: All income-producing and unit-sales based Hands-On Exercises In this 3-hour session, you will learn the foundations of real estate finance as well p Slide Lecture and Hands-On Exercises In this 2-hour session, you will learn big picture real estate private equity fund as advanced techniques and topics. basics, the general legal structure of funds based in the U.S., how to set up a fund-level model, and considerations for running sensitivity analyses. Topics Topics covered include: covered include modeling a typical investment’s net cash flow, rolling up of The time value of money model multiple investments, projection of management fees, and the partitioning of cash flows to the limited and general partner ownership interests based on a typical The discounted cash flow model fund catch-up structure. Also includes modeling of individual transaction partner Internal rate of return (IRR) promote structure, and a fund-level claw-back. Mortgage payment calculation Refinancing/interest-only scenario payment calculation Refinancing case study Maximum loan amount calculation Residual land valuation Future net operating income calculation Transaction capital structures Truly Understanding Internal Rate of Financing development transactions Return (IRR) Multiple equity investors discussion 45-min | Applicable Real Estate Property Types: All income-producing and unit-sales based Profit sharing discussion Preferred return, internal rate of return waterfall and promote theory basics p Slide Lecture and Hands-On Exercises In this 45-minute session, you will learn about the nature of the IRR calculation, Excel techniques and functions taught include: and why it reacts the way it does in the various acquisition and development cases Compounding and discounting that are presented in spreadsheet form. Net present value (NPV) and XNPV Topics covered include: Internal rate of return (IRR) and XIRR Time value of money basics Conditional statements How IRR changes over the transacation timeline Mortgage payment (PMT) What the IRR does not tell us Principal payment (PPMT) and interest payment (IPMT) IFERROR Minimum (MIN) and maximum (MAX)12 getREFM. com
  13. 13. REFM Corporate and University Training Offerings: Course Descriptions Difficulty:Distressed Commercial Mortgage Single Transaction Equity Joint Venture Partnership &Note Modeling Waterfall Modeling (Level 3) Bootcamp 2-hr | Applicable Real Estate Property Types: All income-producing and unit-sales based 4-hr | Applicable Real Estate Property Types: All income-producing and unit-sales basedp Slide Lecture and Hands-On ExercisesIn this 2-hour session, you will learn about this less visible but potentially highly p Slide Lecture and Hands-On Exercises In this 4-hour session, you will learn about equity joint venture partnerships forprofitable way of investing in real estate, and how to properly model the acquisition individual property transactions.of a distressed mortgage note. Topics covered include:Topics covered include: Rationale behind targeting disproportionate returns to the sponsor What makes a commercial mortgage note distressed in nature How to achieve disproportionate returns through fees and cash flow partitioning The various elements that comprise a mortgage note investment, including: Preferred return overview Collateral value and note face value at original underwriting Preferred return variations with respect to priority of payment Current remaining loan principal Preferred return in context (Payment types A, B and C) Nominal and default interest rates Nature of preferred return (Non-compounded and compounded, Receiver collections non-cumulative and cumulative) How to model the acquisition of a mortgage note: Waterfall distribution overview All cash or with acquisition debt Promote mechanism overview and modeling With and without ongoing debt service Look-back internal rate of return (IRR) method With and without cash flows after foreclosure but before final sale 3-Tier waterfall modeling How to model exit opportunities: Double-promote, 5-tier waterfall modeling Sale of note Double-promote exercise Partial pay down Alternate compounding periods: monthly, daily, quarterly Sale of the underlying collateral Sample partnership structures getREFM. com 13
  14. 14. REFM About REFM REFM is the premier financial modeling solutions provider for Excel-based financial spreadsheet models, financial modeling training, and financial modeling consulting for real estate transactions of all types. REFM provides its customers with the advanced financial modeling knowledge, tools and skills they need to successfully model their transactions and present them with confidence internally and to potential partners, lenders and investors. REFM’s educational training is offered through digital self-study video tutorials and live group training seminars. REFM also provides private consulting services. Based in Arlington, VA, REFM was founded by Bruce Kirsch in 2009. Mr. Kirsch is a recognized expert in and top instructor of Microsoft Excel-based financial modeling for real estate transactions. Through REFM, Kirsch has trained both new and experienced real estate professionals in financial modeling from a wide variety of real estate businesses, organizations and institutions, including private equity, development, brokerage, trade groups and government. Past training clients include: Vornado Realty Trust The JBG Companies Clark Enterprises Skanska USA Commercial Development Alvarez & Marsal Abu Dhabi Investment Authority GTIS Partners LNR Property Holland and Knight LLP14 getREFM. com
  15. 15. INSTRUCTOR BIOGRAPHIES Bruce Kirsch Bulkeley Banks President & CEO Senior Director Bruce Kirsch began his real estate career at CB Richard Ellis, where he marketed Bulkeley Banks joined REFM in 2010 and develops high-rise New York City office buildings for re-development in the top-producing REFM financial models, spearheads consulting client Midtown Manhattan Investment Properties Institutional Group. After CBRE, Kirsch engagements and instructs. Mr. Banks holds a Masters was recruited to be the director of acquisitions at Washington, DC-based Metropolis in Professional Studies in Real Estate from Georgetown Development Company, a cutting edge local developer of urban infill design-forward University, where he served as the finance co-chair on residential lofts. While at Metropolis, Kirsch sourced, analyzed and negotiated the the Student Advisory Board in Real Estate. Prior to joining acquisition of three privately-owned District of Columbia sites to support the development the company, Mr. Banks worked at the University of of 500,000 SF of mixed-use condominium, multi-family and retail product. Chicago’s Evolution and Ecology Lab analyzing genetic variation in botany. He also holds a BA in Philosophy After leaving Metropolis, Kirsch engaged in his own urban and suburban condominium from the University of Chicago, where he was awarded and single family detached housing ventures. Kirsch was then selected as one of the Herman S. Dunlap Scholarship. the two executives to run New York City-based developer and consultant The Clarett Group’s Washington, DC business. While at The Clarett Group, named one of New York City’s most important real estate development companies by Crain’s New York Business, Kirsch was responsible for analyzing and making urban and suburban site acquisition recommendations for development of trophy-level office, condominium, multi-family and age-restricted multi-family properties in the greater Washington metropolitan area. In addition, Kirsch had significant day to day project management responsibilities for the entitlement, financing and marketing of the company’s existing Washington, DC metropolitan area development portfolio. Kirsch was additionally involved in the marketing and implementation of The Clarett Group’s consulting business. Mr. Kirsch holds an MBA in Real Estate from The Wharton School of the University of Pennsylvania, where he was awarded the Benjamin Franklin Kahn/Washington Real Estate Investment Trust Award for academic excellence. Kirsch started teaching on real estate topics while at Wharton as the Wharton MBA Real Estate Club’s Co-Vice President of Education. Kirsch was also a member of the Wharton team that won first place at the National Real Estate Finance Challenge case competition. Prior to Wharton, Bruce performed quantitative equity research on the technology sector at The Capital Group Companies, the manager of the American Funds, the largest family of mutual funds in the United States. Mr. Kirsch was a faculty member in real estate at the Georgetown University School of Continuing Studies for three years. Mr. Kirsch graduated with a BA in Communication from Stanford University and is an editor of The Wharton School’s Professor Emeritus Peter Linneman’s third edition of Real Estate Finance and Investments: Risks and Opportunities. getREFM. com 15
  16. 16. Offices:2000 Clarendon Boulevard, Suite B1 226 Fifth Avenue, Third Floor GetREFM.comArlington, VA 22201 New York, NY 10001 Tel 703-243-2896
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