This is the second course for the ULI Certificate in Commercial Real Estate Pro-forma Fundamentals.
Building on the first pro-forma modeling course, this four-part online program will help further build the participants' financial modeling and Excel skills. Students will learn more advanced Excel functions for valuation, amortization, rent roll, construction and permanent financing, construction draws, and cash flows.
In each session, students will receive concise direction in spreadsheet construction. At the end of the last session, students will have a complete pro-forma model that can be scaled further to include waterfalls, stochastic processes, portfolio analysis, and visual displays of results.
Each session of the workshop is designed to build on the previous one. Participants are expected to use learned skills to build individual sections and maintain the pace of the workshop. However, as in the first course, the completed stages will be distributed at the end of each session.
Students Will Learn
- Advanced Excel skills required to build a development pro forma for a multifamily project of any size;
- Graphically demonstrate the construction draw;
- Develop the methodology for drawing construction dollars using an S-curve;
- How to quantify project cash flows; and
- Additional components to a development pro forma:
- Rent roll
- Construction financing
- Construction draw
- Permanent financing
- Scenario analysis to quantify risk.