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The Certificate in Real Estate Finance and Investments (CREFI) - For B2B

Certificate in
Real Estate Finance and Investments (CREFI)

OVERVIEW

Real estate markets are rapidly changing with financing and investment decisions growing in complexity. The banking sector is also facing a new wave of regulations that is changing the way real estate investors access funding. Mezzanine debt, REITs, and equity capital markets have become an increasing source of funds in real estate deals..

With this course, your teams will receive an excellent training that will allow them to learn thoroughly the new trends and techniques in the field of real estate finance and investments.


PROFILE
Executive Education
LANGUAGE
English
FORMAT
100% Online · Self learning
METHODOLOGY
Active learning [ Results oriented ]
LENGTH / CREDITS
About 40 Hours
& 6 ECTS
INTAKES
Anytime



Programme Structure
5 modules to reach a deep understanding of real estate finance and investments.
Learning Approach:
  • A variety of interactive content, activities and videos are provided throughout each module. A good command of English and Excel is required.

Corporate Special Fees

2.000


€ User License*

* Special prices depending on the number of participants >


 
 

ABOUT THE INSTRUCTOR
Jaime Luque


Associate Professor at ESCP Business School (Madrid campus). Professor Luque's teaching specializations include real estate finance, real estate development, and urban economics. He has taught in the MBA, MSc, and BBA programs. Professor Luque is the recipient of the 2017 Ideas Worth Teaching Award by The Aspen Institute Business and Society Program in the United Sates for his educational innovations in real estate. Professor Luque is the author of the book Affordable Housing Development (Springer), which provides insights and practical demonstration of important financial tools often necessary to the financial feasibility of affordable housing projects, including TIF and LIHTC.

COURSE OBJECTIVES

  • Learn to use Excel to undertake pro-forma analysis and practice the different methods of valuing a revenue generating property
  • Understand the different mortgage types available to investors and learn how to design them
  • Calculate mortgage debt with a prepayment option
  • Master the best ways of refinancing debt
  • Recognize the role of debt within the real estate industry, as well as its benefits and risks
  • Learn how the different capital structures of real estate assets are determined and calculated
  • Learn how to calculate cash flows of real estate assets with varying capital structures and scenarios using real estate "waterfall" spreadsheets on Excel
  • Model sophisticated real estate “waterfall” spreadsheets with Excel for a variety of different capital structures and scenarios
  • Run financial feasibility analysis for a real estate development
  • Assess the impact of financial and fiscal subsidies to the financial feasibility of an affordable housing development
  • Understand the real estate sector by looking at the economic forces that drive real estate business cycles.
  • Modify the developer's capital structure to make housing development affordable

CURRICULUM

5 modules to reach a deep understanding of real estate finance and investments.

MODULE  1

Introduction to Real Estate Valuation

OVERVIEW

  • In this module, we will review the basic formulas and procedures for converting typical real estate future cash flows and risk patterns to present value. In doing so, we will use Excel for finding numerical solutions.
MODULE  2

Commercial Mortgage Debt

OVERVIEW

  • The real estate debt market is a large, deep and sophisticated source of funding that requires a rigorous modelling and quantitative analysis. In this module, we will introduce the basic concepts and methodology useful for dealing with real estate debt from the investor’s perspective. We will use Excel to compute mortgage payments and balances for a variety of loan types, compute mortgage yields to evaluate mortgages, and model the implications of refinancing and prepayment decisions.
MODULE  3

Real Estate Equity Investments & Capital Structure

OVERVIEW

  • This module moves beyond debt to consider sophisticated capital structures with multiple layers of debt and equity. We will extend our benchmark model to construct “waterfalls” Excel spreadsheets to model a variety of situations, such as private equity investment. At the end of this module, students will be able to create sophisticated Excel spreadsheets and run sensitivity analyses covering the whole spectrum of real estate finance decisions.
MODULE  4

Affordable Housing Development

OVERVIEW

  • This module covers the financial feasibility analysis of affordable housing development and the implications of using fiscal subsidies such as the Low Income Housing Tax Credits (LIHTC) and the Tax Incremental Financing (TIF).
MODULE  5

Real Estate Business Cycles

OVERVIEW

  • This module is complementary to the core CREFI modules 1, 2, and 3. It is intended to provide the student with a wider perspective on the real estate sector by looking at the economic forces that drive real estate business cycles. Topics include mortgage debt cycles, real estate induced economic recessions, mortgage markets and wealth inequality, and the financial engineering of Mortgage Backed Securities.
Rankings
  • #3

    Europe
    European Business
    Schools (FT 2022)

  • #5

    Worldwide
    Executive MBA
    (FT 2022)

  • #4

    Worldwide
    Master in
    Management
    (FT 2023)

  • #1

    Worldwide
    Advanced Master
    in Finance
    (FT 2023)

  • #12

    Worldwide
    Executive Education
    The Top 50 Schools
    (FT 2022)

  • #1

    Spain
    European Business
    Schools (FT 2023)

Brochure Download
Please fill in your details to receive the Certificate in Real Estate Finance and Investments (CREFI) brochure via email.

Testimonials from our Participants

Success Stories


Claudia Russo
Italy
“Amongst business students, Real Estate is still not one of those standard or evident sectors considered as a career path ”

“There is a misconception that working in real estate means selling apartments at an agency. By broadening this common yet limited definition, Real Estate becomes a complex and deep sector with very technical jargon and principles. The CREFI enables students to grasp the specific concepts of the financial side of investments in Real Estate as well as the methods used to value them. It is important to not only be able to follow a pro-forma analysis but also to be able to understand a waterfall spreadsheet and to interpret what a yield is.  .”

Rafael Chadelat
France
“The CREFI’s certificate is one of the few certificates that allowed me to better understand and master real estate concepts, metrics, valuation, and financial models in a short period of time as well as the more complex role of debt within the real estate field.

This certificate allowed me to obtain interviews with prestigious companies and secure my current internship with UIR which has a high volume of acquisitions. I am proud to be part of the ever-growing ESCP Real Estate alumni network.”

Sophia Goppinger
Germany
“What I really liked about this programme was the applicability of the concepts learnt in the real estate industry. Jaime Luque is a very practice-oriented and hands-on professor”

“This programme gave me the necessary theoretical foundation to further dive into this vertical. I learnt about real estate investment models including operating cash flow, diversification, the US investable capital markets to get an overview and even more. Participating in this course was the best decision that I´ve ever taken because otherwise, I would not be where I am today.”

Ravij Chhabra
India
“What I liked most about this course was the professor, the content and how it was organized. There are a lot of exercises at the end of each module to implement what you are learning right away ”

“The course is very practical: you learn, you implement it and you are ready for the world, which is super appealing. Furthermore, it is so comprehensive that you get to learn everything you need to know about this business (in terms of knowledge and skills), not only about real estate but also about investment banking.”
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Why ESCP Business School is the best option for your Company

ESCP Europe
[ IT ALL STARTS HERE

Established in 1819, ESCP Business School is the world's first business school. The School has chosen to teach responsible leadership, open to the world and based on European multiculturalism. Six campuses in Berlin, London, Madrid, Paris, Turin and Warsaw are the stepping stones that allow students to experience this European approach to management.

Several generations of entrepreneurs and managers were thus trained in the firm belief that the business world may feed society in a positive way.

This conviction and ESCP’s values - excellence, singularity, creativity and plurality - daily guide our mission and build its pedagogical vision.


Accredited
Certificate in Real Estate Finance and Investments (CREFI)

  • ESCP is at the forefront of Real Estate Education & Research
  • Ranked among the world´s best Business Schools
  • Our expertise in Real Estate includes Real Estate Technology & Innovation, Real Estate Big Data & Analytics, Smart Cities & Urban Design, Housing Affordability, Real Estate Finance & Investments, Real Estate Management, Real Estate Development, Real Estate Law
  • Our practical approach and flexibility ensures a cutting-edge learning experience 
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