Real Estate Financial Modeling

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All-in-One Underwriting Model for Real Estate Development and Acquisition (Updated 5.20.17)

As many of you recall, about a year and a half ago I set out to build an Excel alternative to the widely-used (and now discontinued) ARGUS DCF. With career moves and a lot of other A.CRE-related side projects, this undertaking has been slow…
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All-in-One Walkthrough #5 - The Residual Land Value Calculation Module

This walkthrough, our fifth in the series, explains how the Residual Land Value Calculation module works and how to implement this tool into your analysis. You might recall, a few months back we discussed the concept of residual land value…
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All-in-One Walkthrough #4 - The Rate Matrix Module

This walkthrough, our fourth in the series, explains how the Rate Matrix module works and how to implement this tool into your analysis. The rate matrix concept is new to this site, and not commonly used in the industry. Nonetheless, given…
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All-in-One Walkthrough #3 - Modeling a Hypothetical Retail Development Investment

This walkthrough, our third in the series, takes you through the entire process of modeling a simple development investment. I've created hypothetical assumptions for this exercise written out in PDF format (download link below) and then use…
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Dynamic Amortization Schedule

This is a dynamic debt amortization module that gives the user the capability to model a loan with an interest only period up front and an amortizing floating rate debt repayment period once the interest only period is over. This module also…
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All-in-One Walkthrough #2 - Office, Retail, Industrial Rent Roll Tab

This walkthrough, our second in the series, will detail how to use the office/retail/industrial rent roll (see ORI-RR Tab). The rent roll tab is arguably the most important, and most complex, tab in the All-in-One model. Below we post a video…
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Condominium Development Model

After posting the construction draw module a few weeks back that demonstrates how to calculate the true LTC of a development loan, I decided that since we have yet to publish a condo development model, to build upon that module to create one.…
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All-in-One Walkthrough #1 - Permanent Debt Tab

In an effort to provide greater instruction on how to use our All-in-One Underwriting Tool for Real Estate Development and Acquisition, we'll be developing a series of walkthrough videos and posts on the methodology behind the various components…
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Construction Draw Schedule: Accounting For True LTC

Mitigating A Common and Potentially Costly Error During Development Underwriting When lenders provide debt for a development project, they lend based on a Loan-to-Cost ratio (LTC), which is simply the percent of the total budget the lender…