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Business/commercial/industrial/residential/hotel/recreation, etc.
Life cycle of a real estate project
Key participants
Risks & Control
Growth
Market
Construction/Execution/Operating
Financing
Legal, tax, insurance
Country, FX, etc.
Financing Features
Non-recourse/limited recourse financing
Based on cash flows
Leverage adjustment: Debt/Equity Ratio
Debt Structure: Senior/Mezzanine Debt
Revision of common indicators: cash on cash/yield/cap rate/IRR/NPV
Modelling stages
Base case
Stress case
Debt coverage, covenants, break-even points
Guarantees
Mortgages on real estate assets (land/buildings)
Collateral securities (equity)
Bank guarantees
Business, land, contract and insurance leases
Term Sheet
Production cycle
Study of feasibility/Indicative offer
Credit committee/firm offer/order
Credit document trades
Closing/Syndication/Securitisation
Practical workshop
Financing of an office building, hotel and shopping mall (based on real-life cases).
Financing of a housing estate project
Examples of debt structuring - Observations
Elaborate of a simplified cash flow - participants will create a cash flow that will allow them to establish an offer; based on a practical example and economic / real estate-related data
Calculate the classic bank ratios, LTV, ICR, EBITDA multiples, break-even points
Decision-making and elaboration of an offer
Know how to analyse the fundamentals of real estate
Master the methods of non-recourse financing and real estate securities
Master all aspects of real estate risks
Know how to analyse the returns of real estate projects from a financial (IRR, ROE…) and accounting (cash on cash) point of view, and build a stress case from the banker’s perspective
Determine an asset’s price and risk premium
Overview of the risk analysis factors in real estate and each party’s logic in a real estate investment and financing
Illustration of various financial structures through practical exercises and cash flow studies based on several types of real estate project
Real estate finance professionals
Junior analysts and real estate portfolio managers
