Real Estate Financial Modelling Certificate

In partnership with:

Get upskilled and recognised by the greatest Real Estate Educational Institutions in the world with the Bayfield Training, University of Cambridge Real Estate Financial Modelling Certificate.

This prestigious eight-week online Real Estate course is suitable for modellers new to Real Estate and experienced Real Estate Analysts looking to formalise their skill set. This course will equip you with skills to start building your own financial models and the certificate will give your employers and colleagues reassurance of your expertise.

If you want to enhance your financial modelling skills over an extended period, the Real Estate Financial Modelling Certificate is the course for you.

Course Details

Duration: 8 weeks
Course delivery: Public & In-house available
Price: £2500 + VAT
Study period: 8 hours per week required
CPD hours: 64 hours

Course Dates

2025 Course Dates

Cohort 13 – 27th January to 24th March 2025

Cohort 14 – 28th April to 23rd June 2025

Cohort 15 – 14th July to 8th September 2025

Cohort 16 – 22nd September to 17th November 2025

REFMC - Alumni

This online real estate course has been put together exclusively for the Real Estate Financial Modelling certificate, using state of the art digital resources such as animations, video-steps, digital whiteboard and video-interactions as well as the spreadsheets, text based resources and tutor contact you would expect from any of Bayfield Training’s classroom based courses. Assessment is in the form of a guided model build exercise and written model appraisal. Participants benefit from an additional months access to the course platform after submission of the assessment.

On this course you will:

  • Become a competent model builder, building Real Estate Financial Models from scratch
  • Learn tricks and concepts from financial modelling experts with decades of experience in practice and academia
  • Learn how to use Real Estate Financial Models to make informed investment decisions
  • Learn at a consistent pace over 8 weeks allowing you to take the time to fully grasp this important skill

This course is suitable for:

  • Chartered Surveyors
  • Asset Managers
  • Financial Controllers
  • Financial Analysts
  • Investment Managers
  • Property Managers
  • Real Estate Students/Recent Graduates

Speak to our advisors today!

You can request a copy of the course brochure below

Module Overview

  • Modules 1-3: All the tools, theory and mathematics required to build a financial model.

  • Modules 4-6: Deal ready Real Estate Financial models, incorporating live data, multi-let investment and development projects.

  • Modules 7-8: Project finance, financial risk and investment analytics.

Module 1

Economic Context

Introduction to Real Estate Asset Modelling and how it relates to and is distinct from Econometric Models.

  • Why Real Estate Asset Modelling is important
  • Understanding the occupier, asset and development markets and the relevant modelling approaches for each
  • Real Estate Sub-Sector Key Performance Indicators
  • Introduction to conventional valuations and financial mathematics
  • Understanding and minimising errors in Financial Models

Module 2

Cash Flow Fundamentals

Constructing a financial model from first principles.

  • Understanding all the components of a basic cash flow model
  • Understand why Corporate Finance Models and Real Estate Models are different
  • Financial Model Design
  • Making the link between valuations, income mathematics and discounted cash flows
  • Internal Rate of Return, Net Present Value,Worth and other metrics
  • Features and techniques to aid fast model building

Module 3

Developing the Cash Flow

Adapting financial models for different periodicities and building rent functions for different rent behaviour.

  • Understanding how leases vary with respect to rent over time: Rent Reviews, Break Clauses, Rent Free Periods, Lease Expiries etc.
  • Developing the concept of a Rent Function in Excel
  • Logic mathematics and Logic functions
  • Projecting rent to adapt to different lease contracts and growth patterns
  • Alternative solutions to Logic functions
  • Comparative analysis of lease structures in different jurisdictions and adapting financial models

Module 4

Real Estate Data

Understanding the different sources of data, constructing basic time series models and recognising basic patterns. 

  • Key Property market indicators
  • Characteristics and application of key input metrics for Real Estate Appraisals
  • Understanding the eight components of Real Estate Price Dynamics
  • Awareness of the different sources of data
  • Reading and using general property market reports
  • Constructing basic time series models and recognising basic patterns

Module 5

Development Appraisals

Constructing a development appraisal from first principles and understanding development return metrics.

  • Understanding the key components of a development project
  • Understanding the difference between development and investment appraisals
  • Residual Appraisals and Profit Calculations
  • Cost orientated cash flows and phased sales
  • Cumulative construction cost patterns: incidental, fixed, loaded and S-curve
  • Development return metrics and Modified IRRs

Module 6

Multi-let Cash Flows

Constructing an advanced multi-let cash flow model and learn different techniques to build flexible rent functions. 

  • Multi-let and portfolio model design principles
  • Building complex date functions and date series
  • The three multi-let rent projection techniques
  • Perpendicular Rent Functions
  • Incorporate advanced rent adjustments into the Rent Function
  • Incorporate sector and period varying rental growth rates
  • Simplifying OPEX and CAPEX projections
  • Discounting techniques on complex and volatile cash flows

Module 7

Project Finance

Constructing a flexible Real Estate Debt Finance model.

  • Revision of the Mathematics of amortisation and debt finance
  • Basic senior debt models and geared net cash flow
  • LTV, IRR and Interest Rate Dynamics
  • Flexible term, repayment options and deferred interest
  • Loan covenant tests
  • Understanding different tranches of debt
  • Understanding how complex debt structures impact the returns to different parties

Module 8

Model Interpretation and Risk Analysis

Learn how to read, analyse and report on real estate financial models.

  • Understand how to read models and develop an investment narrative
  • Visualise model outputs using graph functions, conditional formatting, dynamic symbols and dashboards
  • Learn how to use built-in Sensitivity, Scenario Analysis tools and third-party add-ins
  • Learn how to construct varied project scenarios in a systematic way
  • Introduction to Monte Carlo Analysis and VBA
  • Optimising sale dates and other parameters
  • Create well written, attractive and persuasive reports

Testimonials

This excellent course has been thoughtfully designed to equip participants with a combination of the requisite theoretical knowledge as well as the financial mathematics and technical Excel skills needed to become competent real estate financial modellers. It is essential for anyone working or aspiring to work in property development or investment, regardless of role or level of seniority within the organisation.

Group Chief Operating Officer – Lee Kim Tah Holdings

I enjoyed the Real Estate Financial Modelling course very much, and I found it is practical as well. it could be quite useful in my day-to-day work in analysing a Real Estate project. I would love to continue studying if Bayfield Training provides further courses like this.

MSt in Real Estate Student – University of Cambridge

Delighted to have achieved my certificate in Real Estate Financial Modelling from The University of Cambridge Department of Land Economy and Bayfield Training. A gruelling 8 weeks no doubt but worth every minute. The financial modelling techniques learnt throughout this course are not only super comprehensive but also incredibly applicable to my every day role and has made a markedly positive impact on our business.

Analyst – Castelnau Ltd

From the course, I have become more confident and ambitious in my modelling skills. I have thoroughly enjoyed creating and presenting the most complex Real Estate cash flows for commercial property. I now obtain the core skills needed to build investment and development cash flows from first principles, incorporating debt and model risk.

Residential Real Estate Analyst

Participating in the course along side my final semester at University was challenging but gratifying. From the course, I am now able to confidently create and present the most complex Real Estate cash flows. I can build investment and development cash flows from first principles and incorporate debt and model risk.

Real Estate Student at Oxford Brookes University

Programme Managers

Sonia Martin-Gutierrez

Course Director & Advisor

CEO, Bayfield Training

Nick Mansley

Course Director

University of Cambridge | Executive Director, Real Estate Research Centre,
Department of Land Economy

Natalie Bayfield

Course Creator

University of Cambridge | Senior Fellow, Department of Land Economy
Bayfield Training | Senior Consultant

Planning to study at the University of Cambridge?

The course is delivered in partnership with the Department of Land Economy – they offer a full time Real Estate Masters degree and a part-time Masters in Real Estate degree.  Further details on the links below

MPhil in Real Estate Finance →
Masters in Real Estate →