Professional Training
5.0 (11 Reviews)

Real Estate Developer (Development DCF Modelling) Course

Bayfield Training, In London
2 days
1,750 GBP excl. VAT
Next course start
18 September, 2024 (+2 start dates)
Course delivery
2 days
1,750 GBP excl. VAT
Next course start
18 September, 2024 (+2 start dates)
Course delivery
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Course description

Bayfield Training

Real Estate Development cash flows require greater skill and flexibility from Analysts, and an ability to work with simultaneously with project partners. Value add and opportunistic property investments are complex both in their initial scope and their cash flow projections.

Breakdown of training

This course will show delegates how to appraise projects in Excel, incorporate and communicate updates as they happen and ultimately understand how to convert an opportunistic property investment into a core asset that can be sold on.

Residual models (profit & site) are demonstrated first to illustrate the main components of any scheme and the traditional methods of evaluation such as profit on cost ratio, rental yield and interest cover. Development cash flows are then constructed in detail looking in particular at phased income as well as fixed, variable and incidental construction costs and their impact on the net cash flow. Additional performance metrics are calculated including geared IRR and return on equity.

Development financing can be trickier than straightforward senior debt investment financing. This is because finance is often required in stages. The brought forward carried forward method demonstrated on the course, is the easiest way to deal with programmed debt drawdown functions and rolled-up interest.

The assessment of project specific risk is arguably much more important in development schemes. Sensitivity analysis and scenario analysis are covered in the final section of the course.

On this course you will…

  • Learn how to calculate land and profit residuals
  • Learn how to structure a full development cash flow, including phased sales, S-curve and straight line cost functions
  • You will be taught how to find maximum bidding prices for site development and building refurbishments
  • Understanding development financing considerations and learn how to optimise financing
  • Analyse financial and project completion risks
  • Employ best practice and find solutions to common modelling problems

Included in the Course

  • CPD Accredited Certificate & LinkedIn Proficiency Badge
  • Course Manual (In-Person Course Delegates receive a Hard Copy, Virtual Course Delegates receive a Virtual Copy and have the option to purchase a Hard Copy at an additional fee)
  • Course Files
  • Online Learning Platform access - Further Learning Resources (Reading, Files and Videos)
  • Post Course Support - Two Months of Questions & Answers, and One year of support is available for an additional fee

Bayfield Training is a prominent global supplier of investment grade Real Estate executive education and they have a huge extended network of experts, specialists and professionals within the field of Real Estate Financial Modelling. Using both practitioners and academics who have studied and worked at the highest level, this course provided by Bayfield gives participants a total learning experience due to the relevant and up to date content.

Upcoming start dates

Choose between 2 start dates

18 September, 2024

  • Classroom
  • London
  • English

24 October, 2024

  • Classroom
  • London
  • English
  • Application deadline: 23/10/2024

Suitability - Who should attend?

Participants who will benefit from this course are:

  • Developers
  • Surveyors
  • Real Estate professionals at any level with exposure to real estate financial models on a frequent basis
  • Fund managers
  • Asset managers
  • Land managers
  • Planning managers
  • Lenders

This course has a pre-requisite of the Real Estate Analyst training course, supplied by Bayfield Training. 

Outcome / Qualification etc.

CPD accredited Training worth 15 Hours.

Training Course Content

Over the two days, this training course will cover:

Day One

Learn how to build a discounted cash flow, analyse returns and understand the components of development models

  • Gross versus Net Yields, calculating Net Development Value (NDV)
  • Profit residual, with and without financing
  • Site residual, how to calculate profit without knowing your costs.
  • Introducing financing to site residual calculations
  • Purchase price and acquisition costs
  • Phased Sales, marketing and disposal costs
  • Modelling construction costs using straight line basis, fixed costs, variable costs, incidental costs and construction fees
  • Professional fees
  • Income and expenditure project functions
  • Logic functions, logic tables and array formulae

Day Two

Learn how to build a detailed property development project cash flow, add financing and perform risk analysis on commercial development projects

  • Multiple IRRs, competing projects, scoping and linear programming, maximising performance
  • Return metrics: Equity profit ratio (EPR), Costs paid out of proceeds (POP), Profit on cost ratio (PCR)
  • Alternative site calculation, Net present value (NPV),
  • Modelling construction costs using S-curve , variable costs,incidental costs and construction fees
  • Switching between scenarios
  • Introduction to Development financing, Pari Passu versus Equity First Financing
  • Debt scheduling: brought forward and carried forward method
  • Consideration of the impact of development finance interest, fees and covenants

Why choose Bayfield Training

Over 25 years in business

Original Content, Unique Delivery

+90% courses review rating from past delegates

Customer Outreach Award 2019


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Average rating 5

Based on 11 reviews.
Reviews are published according to our review policy.
Write a review!
26 Sep 2023
RED Testimonial

The trainer was great and took the time to regularly check in with the group to see if assistance was required. I will be recommending others to take this course.

Oliver V.
21 Feb 2023
RED Testimonial

The trainer was excellent. They made sure we covered all content and tailored the speed to the ability of the class. They were very knowledgeable and explained anything requeste...

Show more
Chris R.
21 Feb 2023
RED Testimonial

The trainer was very good. The pace was fast and we covered a lot in two days. It was particularly beneficial to see the trainer use keyboard shortcuts and teach us a few.


This Real Estate Developer course is available to participants at £1,750 + VAT*.

*Price for a place on public course in the UK. Please enquire for prices relevant to other locations.

If required, the training is also available as an in-house course. Please contact Bayfield Training for more information.

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Bayfield Training
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Bayfield Training - Real Estate Executive Education 

Bayfield Training is a prominent global supplier of investment grade Real Estate executive education. Having begun 25 years ago as pioneers in the field of Real Estate Financial Modelling, today Bayfield has a huge extended network of experts, specialists and...

Read more and show all courses with this provider