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Financial Modelling for Real Estate Finance
Euromoney Trading Ltd, July 2011
Real estate construction or investment requires a high level of expertise in building financial models if the building is to be profitable. This book provides you with a step-by-step guide to constructing a financial model for a real estate development.
Over the past decade there has been a huge volume of real estate construction, especially in the Middle East, but much of this has been without much understanding or planning, and without the necessary financial modelling to underpin investment decision-making. The consequence of this lack of planning has often been disastrous.
Real estate construction or investment requires a high level of expertise in building financial models if the building is to be profitable. The book takes the example of the construction of an office tower, and contains three self-contained models - Construct and Sell, Construct and Let, and Buy and Let. The user can build step-by-step either from scratch or using templates to cover such issues as how to model the role of debt, debt covenants, cash waterfalls, inter-creditor relations, how to model risk, and the role of equity and its rewards.
This book is designed for all those who work in real estate companies, construction companies, accountancy firms, valuers, advisory firms and others who are faced with the need to build financial models of real estate developments in Excel. It will also prove useful for those such as lawyers who have jobs that relate very closely to the financial model of real estate developments and for whom Excel models have sometimes been unknown territory. The book has been put together with the assumption that the user has a minimal knowledge of Excel. All the necessary Excel techniques are explained.
The objective of the book is to provide a step-by-step guide to constructing a financial model for a real estate development – in this case, an office.
The key features of this book are:
- Analysis of the components and methodology of real estate modelling
- Step by step construction of the office models
- Three different models to construct - construct and sell, construct and let, buy and let
- Utterly down-to-earth approach, minimum Excel requirements - anyone can use this workbook
- Full analysis of risk and risk management in modelling
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