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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
