This opening course in commercial real estate finance targets the intersection of property and capital markets.
Introduction to Debt Financing and Financial Analysis
In today’s environment, commercial real estate development only occurs when property markets demand additional space and capital markets are able to provide the needed financing. The opening course in commercial real estate finance targets this intersection of property and capital markets. It highlights the market analysis necessary to support commercial leasing activity, the income and expense analyses flowing from those leases, and the resulting value creation. While addressing equity capital sources, the course focuses more directly on debt capital and understanding loan sources, lenders’ underwriting guidelines, and cash flow analysis. (Equity capital sources and requirements are addressed in detail in the second course in this sequence, Real Estate Finance II.) Finally, participants have an opportunity to complete a commercial development feasibility analysis.
Participants are expected to bring a laptop computer with Microsoft Excel to the course.
Richard L. Haney, Jr.
Professor of Real Estate and Finance
Mays Business School
Texas A&M University
College Station, Texas
Haney is a specialist in real estate finance, development, and valuation. A professor of real estate and finance, his teaching responsibilities include graduate courses in real property finance, development, valuation, and mortgage market analysis. He has published widely in scholarly and professional journals and has extensive experience teaching professional development courses, including 25 years of teaching in the ULI Real Estate School.
Haney is a full member of ULI, a fellow of the Homer Hoyt Advanced Studies Institute, and a faculty fellow of the schools of mortgage banking at both Stanford University and Northwestern University. He is also coauthor of three textbooks, including the second edition of the ULI’s Real Estate Development: Principles and Process.
- Developing and owning real estate
- The intersection of the property and capital markets
- Land productivity and the income stream
- How leases can direct the size and shape of the built environment
- Using market analysis to uncover underlying supply and demand forces
- Understanding commercial property revenues and expenses
- The income pro-forma and cap rate valuation
- Property, debt, and equity ratios
- Commercial real estate capital sources
- Construction and permanent loan underwriting
- Commercial development feasibility analysis