Online Certificate in
Real Estate Finance and Investments
This online certificate will give you an in-depth understanding and hands-on approach to cutting-edge techniques in the field of real estate finance and investment. The programme also includes seminal lectures on real estate economics, with a particular emphasis on business cycles and affordable housing development.
Real estate markets are now highly competitive and companies often rely on well-trained workers capable of making investment decisions in an environment of complexity.
For investors, intermediaries, and other real estate players to remain successful, building experience in an exceedingly specialized market has become a must.
With this completely online programme, you will receive excellent training in real estate finance, investments, and economics. The self-learning methodology will allow you to make progress at your own pace from anywhere in the world to complete 40 hours of diverse interactive content, activities, and videos throughout each of the five modules. All topics are foundational and taught from an international perspective.
Objectives
1
Learn to use Excel to undertake pro-forma analysis and practice the different methods of valuing a revenue generating property
2
Understand the different mortgage types available to investors and learn how to design them
3
Calculate mortgage debt with a prepayment option
4
Master the best ways of refinancing debt
5
Recognize the role of debt within the real estate industry, as well as its benefits and risks
6
Learn how the different capital structures of real estate assets are determined and calculated
7
Learn how to calculate cash flows of real estate assets with varying capital structures and scenarios using real estate "waterfall" spreadsheets on Excel
8
Model sophisticated real estate “waterfall” spreadsheets with Excel for a variety of different capital structures and scenarios
9
Run financial feasibility analysis for a real estate development
10
Assess the impact of financial and fiscal subsidies to the financial feasibility of an affordable housing development
11
Understand the real estate sector by looking at the economic forces that drive real estate business cycles
Additional benefits
Subscribe to CREFI and become an active member of the ESCP community, attend the Real Estate Association’s events in Madrid, Paris, and London, and gain access to a large network of real estate professionals worldwide.
About the instructor
This course is taught by Dr. Jaime Luque, who is a Full Professor of Real Estate at ESCP Business School (#4 business school in Europe in 2024 according to the Financial Times) and holds the Real Estate Tech Innovation Chair-sponsored by the Government of the Principality of Monaco. Professor Luque has taught for decades courses on real estate finance and economics in MBA, MSc, and BBA programmes both in the United States and Europe. Professor Luque is also the recipient of the 2017 Ideas Worth Teaching Award by The Aspe Institute Business and Society Program in the United States for his educational innovations to address affordable housing development. His book Affordable Housing Development provides insights and practical demonstration of important financial tools often necessary to the financial feasibility of affordable housing projects, including TIF and LIHTC.
Audience
- Professionals with no previous studies in real estate who want to enhance their knowledge in the fields of real estate finance, investments and economics.
- Individuals with undergraduate degrees who are considering additional education in real estate finance or have an interest in exploring real estate as a professional area of interest.
- Individuals with undergraduate degrees who want to prepare for more intense programmes such as a Master of Science in Real Estate, a Master of Science in Finance, or a Master in Management.
- Young graduates who want to signal real estate expertise in their resumes.
- Professionals with an MBA or other master’s degree who are ready to advance or change careers.
- Master and MBA students who need an extra specialized certification as part of their curriculum.
Fees
Online Certificate in
Real Estate Finance and Investments
Curriculum
-
Real Estate Valuation
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.
-
Real Estate Equity Investments & Capital Structure
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.
-
Debt: Mortgage Types, Prepayment, and Refinancing
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.
-
Financial Aspects of Affordable Housing Development
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).
-
Real Estate Economics & Business Cycles
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.
Audience
- Professionals with no previous studies in real estate who want to enhance their knowledge in the fields of real estate finance, investments and economics.
- Individuals with undergraduate degrees who are considering additional education in real estate finance or have an interest in exploring real estate as a professional area of interest.
- Individuals with undergraduate degrees who want to prepare for more intense programmes such as a Master of Science in Real Estate, a Master of Science in Finance, or a Master in Management.
- Young graduates who want to signal real estate expertise in their resumes.
- Professionals with an MBA or other master’s degree who are ready to advance or change careers.
- Master and MBA students who need an extra specialized certification as part of their curriculum.
Fees
Online Certificate in
Real Estate Finance and Investments
Admissions
Documents to be included:
- Motivation letter in English (200-500 words)
- Updated Curriculum Vitae in English
- Copy of passport
- Photo in jpeg format
The Online Certificate in Real Estate Finance and Investments is open for applications all year round. Apply here.
Audience
- Professionals with no previous studies in real estate who want to enhance their knowledge in the fields of real estate finance, investments and economics.
- Individuals with undergraduate degrees who are considering additional education in real estate finance or have an interest in exploring real estate as a professional area of interest.
- Individuals with undergraduate degrees who want to prepare for more intense programmes such as a Master of Science in Real Estate, a Master of Science in Finance, or a Master in Management.
- Young graduates who want to signal real estate expertise in their resumes.
- Professionals with an MBA or other master’s degree who are ready to advance or change careers.
- Master and MBA students who need an extra specialized certification as part of their curriculum.