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Pro Forma Modeling with Excel Part II: ULI Online Live Workshop
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Building on the earlier introductory pro forma modeling course, this four-part online live program will help further build the participants’ financial modeling and Excel skills. Attendees will learn more advanced Excel functions for valuation, amortization, rent roll, construction and permanent financing, construction draws, and cash flows.
Students will receive concise direction in each session. At the end of the last session, attendees 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, to avoid the possibility of anyone falling behind, the completed stages will be distributed the evening before each workshop.
Session 1: April 23, 2013 1:30–3:30 p.m. ET
The first session begins with a review of the Introduction to Pro Forma Modeling program and the component structure of a pro forma. This review will include scalability and modularity, how the pro forma is used in analysis, and how the pro forma will be scaled through the four sessions. The goal is to ensure a complete understanding of the 4-unit multifamily pro forma and Excel basics.
The amortization table will be expanded to include custom amortization as well as a pricing curve for variable interest rates. The model will then be able to amortize using the three main methods: Constant Payment Mortgage, Interest Only, and Custom Amortization.
Session 2: April 25, 2013 1:30–3:30 p.m. ET
The second session will focused on the development of a rent roll and unit count for an "n" unit building. This will demonstrate the scalability of the base model adding features such as additional units and several retail rentals. The additional sheet, 'Rent_Roll', will be developed and added to the existing model.
Session 3: April 30, 2013 1:30–3:30 p.m. ET
This session will focus on further expansion of the existing pro forma model to include a construction/draw page as well as construction financing. As in the previous section, an additional page, "Draw", will be added to scale the current model to allow a construction portion. In addition, one of the tranches will be modified for the construction portion providing two loan products: Construction and Permanent.
Session 4: May 2, 2013 1:30–3:30 p.m. ET
The final session will focused on the complete cash flow for the project from "cradle to grave". A final sheet will be created, "inflow_outflow", demonstrating how cash enters and exits the project, i.e. both debt and equity. The model will be reviewed in total and each segment addressed and demonstrating how capital is utilized.
While a waterfall will not be constructed as part of this course, the location and method to complete one will be discussed and demonstrated. Participants will leave with a working model which is scalable and modular for any asset class.
Roger P. Staiger
Stage Capital, LLC
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