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所在平台: Udemy |
课程主页: https://www.udemy.com/course/real-estate-financial-development-modeling-course/
课程评论：没有评论
**课程名称：** 房地产金融建模课程 - 办公楼开发 **课程概述：** 本课程以一个具体的案例研究为基础，旨在教授学员如何为一家位于巴塞罗那核心办公区的现代化、定制化办公楼开发项目进行月度现金流建模。学员将扮演 Udemy Capital 投资专家的角色，为一位愿意签订为期 10 年总部租赁合同的主要租户构建详细的财务模型。 **核心建模内容包括：** * **土地购置及相关费用：** 确定土地购买价格，使其满足不低于 15% 的杠杆化内部回报率 (LIRR) 和 1.80 倍的股权倍数 (EM) 要求。同时，需考虑房地产转让税、公证及注册费、买方经纪费和尽职调查费用。 * **开发项目成本：** 建模 10,000 平方米的建筑面积，包含 18 个月的建设期。需要计算硬性成本（按每平方米单价）、软性成本（硬性成本的百分比）、应急金（硬性成本和软性成本的百分比）、租赁成本（一个月租金）以及租户装修费用（按每平方米单价，分期支付）。 * **运营阶段：** 建模 10,000 平方米的商业可出租面积 (GLA)。需要考虑租金（按每平方米单价）、年度租金增长（每年 2.50%）、免租期（5 个月）、运营费用 (Opex)（毛租金收入的百分比）、不可收回费用（Opex 的百分比）以及建筑物资本性支出维护费（毛租金收入的百分比）。 * **退出/销售策略：** 设定 5 年的持有期，以及 4.25% 的退出资本化率 (Exit Cap Rate) 和 1.50% 的销售成本。 * **融资结构：** * **收购阶段：** 土地购置预计仅使用股权。 * **开发贷款：** 采用贷款成本比例 (LTC) 60%，包含 1.00% 的贷款安排费，并采用全包利率 5.50%。贷款将在再融资时一次性偿还。 * **再融资：** 在免租期和租户装修期稳定后进行再融资，贷款价值比 (LTV) 为 55%，再融资资本化率为 4.75%，全包利率 4.50%，采用法式摊销，贷款期限为 15 年。 **最终产出要求：** 为满足投资委员会的审批要求，学员需要提供： * **年度现金流表：** 详细展示项目全生命周期的年度现金流。 * **关键指标：** * 土地购买价格 * 杠杆化内部回报率 (LIRR) * 股权倍数 (Equity Multiple) * 利润 * 股权峰值（Equity Peak） * **敏感性分析表：** * 租金和硬性成本的敏感性分析 * 土地购买价格和退出资本化率的敏感性分析 **课程目标：** 通过本课程，学员将能够掌握在房地产投资领域，特别是办公楼开发项目中，进行全面、精准的金融建模技能，并能够为投资决策提供有力的财务支持。
This course is based on the following Case Study:BackgroundAs an investor at Udemy Capital specializing in office building developments, you are planning to purchase a land plot to develop a modern, build-to-suit office building for a major tenant who is willing to sign a 10-year lease (with no break options) for their headquarters. As part of Udemy Capital's underwriting process you need to model the following assumptions on a monthly cash flow basis. If you think, that some of these assumptions may not make sense or could be more accurate, feel free to change them as long as you justify it properly.Land & Acquisition CostsLocation: Barcelona's Prime Office AreaPurchase of the Land on 01 January 2025Land Purchase Price: to be determined by a minimum Levered IRR (LIRR) of 15% and an Equity Multiple (EM) of at least 1.80xBuildability: 10,000 sqmReal Estate Transfer Tax: 10% over Land Purchase PriceNotary & Registry: 0.25% over Land Purchase PriceBuy-Side Brokerage Fee: 1.50% over Land Purchase PriceDue Diligence: 75,000€DevelopmentProject: 10,000 sqmConstruction Period: 18 months starting in Month 1Hard Costs: 1,800 €/sqmSoft Costs: 15% over Hard CostsContingency: 5% over Hard + Soft CostsLeasing Costs: 1 month of RentTenant Improvements: 23.50 €/sqm to be paid out for 2 months and starting the first month of rentOperationsGross Leasable Area (GLA): 10,000 sqmRent: 23.50 €/sqmYearly Rental Bump: 2.50% on each lease anniversaryFree Rent: 5 months of rentOperating Expenses (Opex): 15% over Gross Rental IncomeNon-Recoverable Expenses: 10% of OpexBuilding Capex Maintenance: 5% over Gross Rental IncomeExit / SaleHolding Period: 5 yearsExit Cap Rate: 4.25%Selling Costs: 1.50% over Sales ProceedsAcquisition LoanNone, land will be acquired with EquityDevelopment LoanLoan to Cost (LTC): 60%Arrangement Fee: 1.00% over Loan ProceedsEquity First StructureAll-in interest rate: 5.50%Repayment: bullet at RefinanceRefinance LoanRefinance Month: at stabilization after TIs and Free Rent PeriodsArrangement Fee: 1.00% over Loan ProceedsLTV: 55% of value at refinanceCap Rate at Refinance: 4.75%All-in interest rate: 4.50%Amortization: French amortization scheduleLoan Term: 15 yearsOutputsIn order for your Investment Committee to consider this deal you will need to show:Annual Cash Flow TabLand Purchase PriceLevered IRREquity MultipleProfitEquity PeakSensitivity Tables- Rent and Hard Cost- Land Purchase Price and Exit Cap Rate
