3170 students


This is the 12th course in the 16-course Accelerator. In this case-based course, you will learn to model debt from the perspective of both the borrower and the lender.

In this course you will:

  1. Learn about the real estate capital stack, and how debt is an important piece of any capital strategy
  2. Build a mortgage amortization table from scratch
  3. Review various Excel strategies for modeling debt service and loan payoff
  4. Take a look at the most common debt metrics and how to calculate each
  5. Learn to size a real estate loan based on DSCR, Debt Yield, and LTV
  6. Layer debt into development cash flows
  7. Learn techniques for calculating construction interest reserve
  8. Model the levered returns of a real estate investment


You are a member of A.CRE Advisors multifamily underwriting team. You and your team recently signed a letter of intent to purchase Foles Tower – a 300 unit, Class A, multifamily high rise in Center City, Anytown.

Thus far, you’ve put together some basic back-of-the-envelope analysis and run a 10-year discounted cash flow on an unlevered (before debt) basis. Your boss has now asked you to layer in debt to understand the risk and returns of the investment on a levered basis.

You have an investment committee meeting scheduled for the end of the week to seek approval to purchase Foles Tower and you’ll need this analysis completed before then. So you sit down with your boss to discuss how best to model the debt.


  • Multifamily; concepts apply to all property types


  • While we recommend using Microsoft Excel, as that is the industry standard, this course will work with most other spreadsheet software such as Google Sheets and OpenOffice Calc
  • This course was built using the Google Chrome browser, thus we recommend you use Google Chrome for optimal view experience
  • This course is best taken on a desktop computer, although the platform is compatible with tablet and mobile devices


  • The course assumes you have at least a basic proficiency working with Microsoft Excel


Spencer Burton is currently President and member of the founding team at Stablewood, a data-infused multi-strategy institutional real estate investor that combines the best of traditional real estate investment with proprietary data analytics and machine learning.

Spencer has over 20 years of real estate experience, both as a fiduciary and principal. Over his career, Spencer has helped close $5+ billion and underwrite $30+ billion of commercial real estate at some of the largest institutional real estate firms in the world. He has worked in land brokerage, residential development, commercial real estate acquisitions, debt production, and Investment Manager for a $60 billion institutional real estate investor.

Spencer is also the co-creator of AdventuresinCRE.com, the industry’s go-to place for commercial real estate financial modeling, education, and career advancement resources. He is also the author of various AI-powered CRE tools and an expert on the practical application of generative AI in commercial real estate.

Spencer Burton holds a Bachelor of Arts in International Affairs with an emphasis in economics from Florida State University and a Masters in Real Estate with a concentration in finance from Cornell University.