Masterclass in Strategic Real Estate Development Finance and Excel Modelling for Property Developers

Module 1: Introduction to Real Estate Finance Theory

ü  Understanding the Time Value of Money (TVM) in property

ü  Key real estate investment pillars: Risk vs. Return

ü  Market cycle analysis and its impact on cap rates

ü  Principles of the "Highest and Best Use" (HBU) analysis

ü  Practical Session: Building a TVM calculator and basic valuation tool in Excel

Module 2: The Development Budget and Total Development Cost (TDC)

ü  Hard costs vs. Soft costs vs. Land costs

ü  Constructing a detailed project timeline (S-Curve)

ü  Working with contingencies and inflation escalators

ü  Site acquisition legal and professional fees

ü  Practical Session: Structuring a dynamic development budget with percentage-based soft cost links

Module 3: Pro Forma Income Modeling: Revenue and Absorption

ü  Modeling residential sales (Price per Sq. Ft. vs. Unit Mix)

ü  Commercial lease structures: NNN vs. Gross leases

ü  Calculating absorption rates and "Velocity of Sales"

ü  Operating expenses and Net Operating Income (NOI)

ü  Practical Session: Creating an absorption schedule for a 100-unit residential project

Module 4: Debt Financing and Interest Calculations

ü  Senior debt vs. Mezzanine debt: Roles and risks

ü  Construction loan mechanics and "interest carry"

ü  Loan-to-Cost (LTC) and Loan-to-Value (LTV) constraints

ü  Debt Service Coverage Ratio (DSCR) and Yield on Cost

ü  Practical Session: Building a construction loan draw schedule with circular reference resolution

Module 5: Equity Waterfalls and Joint Venture (JV) Structures

ü  The role of the Sponsor (GP) and the Investor (LP)

ü  Preferred Return and Hurdle Rate structures

ü  Promoting the Sponsor: Catch-up and Carried Interest

ü  Tiered distributions based on IRR targets

ü  Practical Session: Modeling a 3-tier IRR-based equity waterfall

Module 6: Discounted Cash Flow (DCF) and Investment Metrics

ü  Calculating Unlevered vs. Levered IRR

ü  Net Present Value (NPV) and the Discount Rate

ü  Equity Multiple and Cash-on-Cash Return

ü  Exit Cap Rates and Terminal Value calculations

ü  Practical Session: Building a 10-year DCF model and extracting core performance metrics

Module 7: Sensitivity Analysis and Scenario Modeling

ü  Using Data Tables to test Rent vs. Cap Rate variations

ü  Creating "Best Case," "Base Case," and "Worst Case" scenarios

ü  Impact of construction delays on IRR

ü  Breakeven analysis: Sales price and occupancy thresholds

ü  Practical Session: Setting up a dynamic scenario toggle switch for a development model

Module 8: Multi-Phase Development Modeling

ü  Linking phases with shared infrastructure costs

ü  Managing overlapping cash flows from multiple project blocks

ü  Funding gaps and re-investment of early sales proceeds

ü  Allocation of overheads across phases

ü  Practical Session: Constructing a master consolidation sheet for a three-phase development project

Module 9: Taxes, Depreciation, and Post-Tax Returns

ü  Understanding Capital Gains Tax (CGT) in development

ü  Depreciation methods and tax shielding

ü  VAT/GST considerations in construction contracts

ü  Calculating Net Profit After Tax (NPAT)

ü  Practical Session: Integrating a tax calculation module into the final project cash flow

Module 10: Model Auditing, Reporting, and Dashboards

ü  Best practices in Excel modeling (FAST standards)

ü  Using "Trace Precedents" and "Inquire" for error hunting

ü  Creating Executive Summary pages and charts

ü  Protecting the model for external stakeholder use

ü  Practical Session: Designing a professional one-page investment dashboard for a board presentation

About Our Trainers

Our trainers are seasoned investment bankers and real estate development consultants with over 20 years of experience in the EMEA and Asian markets. They have advised on billion-dollar portfolios and are experts in bespoke financial tool development. Their approach is grounded in the reality of the boardroom, ensuring that the techniques taught are those used by leading global firms.

Quality Statement

Phoenix Center for Policy, Research and Training is committed to excellence in professional development. We continuously update our modeling templates to reflect current market conditions, interest rate environments, and international accounting standards, ensuring our participants leave with relevant, world-class skills.

Tailor-Made Courses

We understand that every organization has unique challenges and opportunities as well as unique training needs. Phoenix Training Center offers tailor-made courses designed to address specific requirements and challenges faced by your team or organization. Whether you need a customized curriculum, a specific duration, or on-site delivery, we can adapt our expertise to provide a training solution that perfectly aligns with your objectives. We can customize this Course to focus on your industry, specific risk profile, or internal stakeholder dynamics. Contact us to discuss how we can create a bespoke training program that maximizes value and impact for your team. For further inquiries, please contact us on Tel: +254720272325 / +254737296202 or Email training@phoenixtrainingcenter.com

Admission Criteria

ü  Participants should be reasonably proficient in English. 

ü  Applicants must live up to Phoenix Center for Policy, Research and Training admission criteria.

Terms and Conditions

ü  Discounts: Organizations sponsoring Four Participants will have the 5th attend Free

ü  What is catered for by the Course Fees: Fees cater for all requirements for the training – Learning materials, Lunches, Teas, Snacks and Certification. All participants will additionally cater for their travel and accommodation expenses, visa application, insurance, and other personal expenses.

ü  Certificate Awarded: Participants are awarded Certificates of Participation at the end of the training.

ü  The program content shown here is for guidance purposes only. Our continuous course improvement process may lead to changes in topics and course structure.

ü  Approval of Course: Our Programs are NITA Approved. Participating organizations can therefore claim reimbursement on fees paid in accordance with NITA Rules.

Booking for Training

Simply send an email to the Training Officer on training@phoenixtrainingcenter.com and we will send you a registration form. We advise you to book early to avoid missing a seat to this training. Or call us on +254720272325 / +254737296202

Payment Options

We provide 3 payment options, choose one for your convenience, and kindly make payments at least 5 days before the Training start date to reserve your seat:

ü  Groups of 5 People and Above – Cheque Payments to: Phoenix Center for Policy, Research and Training Limited should be paid in advance, 5 days to the training.

ü  Invoice: We can send a bill directly to you or your company.

ü  Deposit directly into Bank Account (Account details provided upon request)

Cancellation Policy

ü  Payment for all courses includes a registration fee, which is non-refundable, and equals 15% of the total sum of the course fee.

ü  Participants may cancel attendance 14 days or more prior to the training commencement date.

ü  No refunds will be made 14 days or less before the training commencement date. However, participants who are unable to attend may opt to attend a similar training course at a later date or send a substitute participant provided the participation criteria have been met.

Accommodation and Airport Transfer

For physical training attendees, we can assist with recommendations for accommodation near the training venue. Airport pick-up services can also be arranged upon request to ensure a smooth arrival. Please inform us of your travel details in advance if you require these services. For reservations contact the Training Officer on Email: training@phoenixtrainingcenter.com or on Tel: +254720272325 / +254737296202