Real Estate Developer

Bayfield Training
Course summary
Length: 2 days
Price: 1,750 GBP excl. VAT
Language: English
Course type: Open / Scheduled
Next available date: 25/01/2018 - London
Course Dates
25/01/2018   (English)
1,750 GBP
March 2018  (English)
1,750 GBP
June 2018  (English)
1,750 GBP

Course Description

Bayfield Red

Real Estate Developer with Financial Modelling in Excel -  2 day Course

This two day training course from Bayfield Training investigates the different risk and return characteristics involved in property development compared to investment development. This means an entirely new approach using an alternative version of cash flow model.

Residual models (profit and site) are used to identify the main components of a scheme and the usual methods of evaluation such as profit on cost ration, rental yield and interest cover. Construction of development cash flows are then created to show phased income, and construction costs (fixed/variable/incidental), and the impacts on net cash flow. Additional performance metrics are calculated, including geared IRR and equity return.

Because finance is required in stages, development finance is often more difficult to work with than senior debt investment financing. The course will show the easiest way to deal with programmed debt draw-down functions and rolled-up interest. Development schemes mean that project-specific risk assessment is more important, and analysis on sensitivity and different scenarios are investigated in the final part of the course.

At the end of the course participants will have better knowledge to:

  • Learn how to calculate land and profit residuals
  • Learn how to structure a full development cash flow, including phased sales, S-curve and straight line cost functions
  • Learn how to find maximum bidding prices for site development and building refurbishments
  • Understanding development financing considerations and learn how to optimise financing
  • Analyse financial and project completion risks
  • Employ best practice and find solutions to common modelling problems

Bayfield Training is a prominent global supplier of investment grade Real Estate executive education and they have a huge extended network of experts, specialists and professionals within the field of Real Estate Financial Modelling. Using both practitioners and academics who have studied and worked at the highest level, this course provided by Bayfield gives participants a total learning experience due to the relevant and up to date content.

Suitability - Who should attend?

Participants who will benefit from this course are:

  • Developers
  • Real Estate professionals at any level with exposure to real estate financial models on a frequent basis
  • Fund managers
  • Lenders

This course has a pre-requisite of the Real Estate Analyst training course, supplied by Bayfield Training. 

Training Course Content

Over the two days, this training course will cover:

Day One

Learn how to build a discounted cash flow, analyse returns and understand the components of development models

  • Gross versus Net Yields, calculating Net Development Value (NDV)
  • Profit residual, with and without financing
  • Site residual, how to calculate profit without knowing your costs.
  • Introducing financing to site residual calculations
  • Purchase price and acquisition costs
  • Phased Sales, marketing and disposal costs
  • Modelling construction costs using straight line basis, fixed costs, variable costs, incidental costs and construction fees
  • Professional fees
  • Income and expenditure project functions
  • Logic functions, logic tables and array formulae

Day Two

Learn how to build a detailed property development project cash flow, add financing and perform risk analysis on commercial development projects

  • Multiple IRRs, competing projects, scoping and linear programming, maximising performance
  • Return metrics: Equity profit ratio (EPR), Costs paid out of proceeds (POP), Profit on cost ratio (PCR)
  • Alternative site calculation, Net present value (NPV),
  • Modelling construction costs using S-curve , variable costs,incidental costs and construction fees
  • Switching between scenarios
  • Introduction to Development financing, Pari Passu versus Equity First Financing
  • Debt scheduling: brought forward and carried forward method
  • Consideration of the impact of development finance interest, fees and covenants


This Real Estate Developer course is available to participants at £1,750 + VAT*.

*Price for a place on public course in the UK. Please enquire for prices relevant to other locations.

If required, the training is also available as an in-house course. Please contact Bayfield Training for more information.

Provider: Bayfield Training


Bayfield Training - Executive Education in Investment Grade Real Estate

Bayfield Training is a prominent global supplier of investment grade Real Estate executive education. Having begun as pioneers in the field of Real Estate Financial Modelling, today Bayfield has a huge extended network of experts, specialists and professionals within this...

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Bayfield Training

71-75 Shelton Street
WC2H 9JQ Covent Garden, London

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