Overview Chapter 21 discusses Real Estate Investment Trusts (REITs) and liquid real estate. Changes in U.S. tax law and in lender demands in the early 1990s... read more →
Overview For real estate companies, the aggregate corporate pro forma will generally differ from the sum of property-level cash flows. The value of a real estate... read more →
Overview Chapter 18 discusses property ownership exit strategies. Real estate owners sell properties for various reasons. Developers are in the business of creating buildings and may... read more →
Overview A ground lease is a special case when the owner of a building does not have a fee simple interest in the land. Rather, the... read more →
Overview Chapter 16 provides a detailed overview of the commercial mortgage-backed security (CMBS) industry. In the 1970s, real estate loans were primarily made by local commercial... read more →
Overview This chapter focuses on what can happen when a borrower defaults on a senior mortgage loan. One distressed loan resolution option is bankruptcy. Senior lenders... read more →
Overview This chapter emphasizes the different perspectives of lenders and borrowers and how that dynamic plays into the negotiated terms of a loan. Lenders must focus... read more →
Overview Chapter 14 focuses on why you might borrow. The chapter notes four reasons: You do not have sufficient cash to cover the full cost of... read more →
REFM Office Building Development Modeling Tutorial [content ...]
Overview Developers attempt to determine if a development project makes financial sense by performing financial feasibility analyses. Simple “back of the envelope” calculations provide an initial... read more →
