Real Estate Development Financial Modeling
- Structured financial modelling methods with real-world application
- Step-by-step program with accessible pacing for all experience levels
- Available internationally through Gilmavuret's virtual learning environment
What the course covers
A sequential breakdown of each topic. Read through stages in order or use the expandable sections to review specific areas.
Course Modules
- Module 1 — Project timeline setup: phases, milestones, and month-by-month structure
- Construction cost budget: hard costs, soft costs, contingency
- Draw schedule and construction loan mechanics
- Module 2 — Revenue modeling: presales, lease-up, stabilized occupancy
- Operating expenses and net operating income at stabilization
- Exit valuation: cap rate method and comparable sales
- Module 3 — Equity structure: LP/GP split, preferred return, promote
- Waterfall distribution mechanics and audit techniques
- Project-level IRR vs equity IRR distinction
- Module 4 — Sensitivity analysis: construction cost overruns, lease-up delays, cap rate shifts
- Presenting the model to lenders and equity investors
Is this relevant for residential vs commercial projects
The case study is a mixed-use project, but the modeling techniques apply equally to purpose-built rental, condominium, and commercial development. Differences across asset types are noted throughout the course.
Real estate development models have a different logic than corporate finance models. The timeline is project-based, the cash flows are lumpy, and the capital structure often includes multiple investor classes with different return priorities.
What this course focuses on
Participants work through a mixed-use development case from land acquisition through stabilization. The model includes a construction draw schedule tied to project milestones, a bridge loan facility with interest reserve, and a waterfall distribution structure with a preferred return and carried interest.
Why waterfalls cause confusion
Equity waterfall modeling is the section most developers and analysts struggle with. The logic is not technically difficult, but the sequence of conditions is easy to implement incorrectly. The course spends roughly two hours on waterfall mechanics specifically, including how to audit the output against a manual calculation.
Tools and data
The course uses Excel throughout. Participants receive a project brief, a comparable rent and sale data sheet, and a partially completed model to work from. Instructor Philippa Adekunle has structured financing for residential and commercial projects across Ontario and British Columbia over nine years.
Quick facts
- International virtual delivery
- Flexible self-paced schedule
- Practical Excel-based exercises
- Certificate on completion
Financial modelling is a skill built through repetition with real data. The exercises here use publicly available company filings, so every number you work with connects to an actual business decision.
Enrolment
- Price: CAD $545
- Single-day registration. A team rate of CAD $480/person applies for four or more attendees.
- Open to all time zones