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Real Estate Financial Modeling Accelerator (Enrollment Open)

Since starting A.CRE, Michael and I have fielded email after email requesting a more structured real estate financial modeling training program on the site.Over the years, we've covered hundreds of real estate modeling topics in our blog,…
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Actual + Forecast Construction Draw Schedule with S-Curve

Several times in the last month, I've been asked to tackle an interesting real estate financial modeling challenge - pare actual construction draw cash flows with s-curve cash flow forecasts to create an Actuals + Forecast Construction Draw…
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Residential Land Development Pro Forma (Updated 2.18.2019)

As many of you know, I started my career in residential land development first as a broker and later as a principal. During that time I built my fair share of residential land development Excel pro formas, modeling returns and forecasting cash…
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Deep Dive - Land Acquisition and Assemblage

This is a topic I'm all too familiar with. You see I cut my teeth in real estate, largely sourcing and negotiating residential and mixed-use land acquisition opportunities.  I've put land deals together both as a fiduciary and as a principal,…
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Single Family Home Construction Pro Forma for Home Builders (Updated 9.24.2018)

I'm often asked to share models centered around residential development and home building. This is an area of real estate I'm completely comfortable in, since I spent the first 10 years of my career in new residential development.Not surprisingly,…
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Development Draw Schedule - Visually Customize Each Line Item

Working a lot with development draw schedules, I have always been looking for a catch all solution as to how one could easily model all the unique ways cash actually flows over time during the process. The norm for many is to model cash flows…
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Construction Draw Schedule: Accounting For True LTC

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 will agree to lend to the borrower. So, if a project costs $10MM, and a lender loans…
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Calculate Residual Land Value in Excel

Here's the scenario. You're a real estate developer. You spot a prime parcel of land that would be perfect for your real estate project. So you approach the owner of the land about selling and she says, "Okay, bring me an offer." How much do…