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  • CREF program: 10 total courses to earn CREF certificate
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Program Overview

10 courses

10 Required Courses

40-50 Hours

Average completion time

Receive a Certificate

To verify your skills

500,000+ 5-star ratings

Best-in-class training, as rated by you

Your Road to a Commercial Real Estate Finance Specialization

This comprehensive specialization consists of 10 courses and 1 mortgage case study to deliver practical, real-world skills for commercial real estate finance.

Step 1.

10 Required Courses

Take 10 required courses to build your foundation in commercial real estate finance.

Real Estate Fundamentals
4.8 (55 Ratings)
1h 23min
1h 23min
How to Read a Commercial Real Estate Appraisal
4.8 (14 Ratings)
1h 11min
1h 11min
How to Read a Lease and Analyze a Rent Roll
4.8 (10 Ratings)
1h 22min
1h 22min
Environmental Due Diligence for Credit
4.8 (14 Ratings)
1h 12min
1h 12min
Real Estate Financial Modeling
4.9 (78 Ratings)
2h 14min
2h 14min
Construction Finance Fundamentals
4.9 (20 Ratings)
1h 15min
1h 15min
Structuring a Construction Loan
4.7 (7 Ratings)
1h 4min
1h 4min
Construction Loan-in-Process
4.9 (8 Ratings)
42min
42min
Commercial Mortgages
4.9 (23 Ratings)
2h 4min
2h 4min
Rocky Mountain Holdings Ltd. - Commercial Mortgage
4.8 (27 Ratings)
57min
57min
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Get Specialized

Specializations allow narrow and deep focus on a targeted subject area, with particular attention to specific analysis techniques and actionable skills.

They are designed to deepen your industry acumen and to prepare you for faster professional growth within the sector.

Commercial Real Estate Finance Specialization Learning Objectives

1
43%
Real Estate Lending
2
24%
Construction Finance
3
16%
Real Estate Financial Modeling
4
12%
Environmental Analysis and Due Diligence
5
5%
Lease and Rent Roll Analysis
1
2
3
4
5
  1. 1.
    43%
    Real Estate Lending
  2. 2.
    24%
    Construction Finance
  3. 3.
    16%
    Real Estate Financial Modeling
  4. 4.
    12%
    Environmental Analysis and Due Diligence
  5. 5.
    5%
    Lease and Rent Roll Analysis

Real Estate Lending

  • Understand the important elements of, and process behind, commercial real estate lending – both for income-producing investment deals as well as owner-occupied property transactions
  • Explain the differences and similarities between different types of real estate loans and different property classes
  • Examine key property valuation metrics and how they relate to the credit analysis process
  • Explore the key property parameters that affect the credit underwriting process
  • Understand how key variables drive loan amount, risk rating, credit terms, and commercial mortgage pricing
  • Familiarize yourself with all the important documents and reports required to understand and analyze a real estate transaction

Real Estate Financial Modeling

  • Understand how a developer or an investor looks at potential development deals
  • Learn best practices of capital structure modeling in Excel
  • Perform sensitivity analysis
  • Understand why joint ventures are frequently used in real estate investing
  • Explore IRR Hurdles and model a 3-tier cash flow waterfall
  • Build and present a development deal summary

Construction Finance

  • Identify the phases and key players of the real estate development process
  • Explain the line items of a developer’s budget, derive a risk-assessed loan-to-cost, and review development and construction cash flows
  • Determine how the price of debt ties into the construction budget and project evaluation
  • Understand the construction payment cycle and address strategies and processes for non-performing loans

Environmental Analysis and Due Diligence

  • Explain why environmental due diligence is important in the credit assessment process
  • Identify environmental risk factors at a property or within a business operation
  • Understand the differences between the 3 levels of environmental site assessments (ESAs)
  • Read and interpret a Phase I Environmental Site Assessment report

Lease and Rent Roll Analysis

  • Outline and analyze the key components of a lease
  • Explain a variety of different lease types and how their terms differ
  • Identify red flags in leases that may present issues for a lender or an investor
  • Understand the purpose of a rent roll and analyze the data presented in it

Taught by Industry Experts

Kathy Poettcker

Kathy Poettcker currently runs her own consulting company in the area of real estate and infrastructure finance. Her background includes acquisitions, financing and asset management within investment banking, private equity, and operating company environments.
Lisa Dorian

Lisa Dorian

Lisa Dorian is Co-Founder, and formerly Chief Risk Officer and Managing Director, of CFI. As a finance executive, she gained extensive experience in governance, risk, and compliance, as well as business process and strategy.
Tim Vipond, FMVA

Tim Vipond, FMVA

Tim is the Co-Founder and CEO of CFI Education with an extensive background in entrepreneurship, financial analysis, and investment banking.
Kyle Peterdy

Kyle Peterdy

Kyle is VP, Commercial Banking & Credit with CFI. Kyle’s background is in commercial lending, including real estate transactions and construction project financing, where he spent significant time assessing physical environmental risks.

Explore Your Career Options

Over 85% of executives, supervisors, and HR professionals agree that certified individuals bring value, gain credibility, and are seen as top performers.
* Source

  • Credit Analysts

    Credit Analysts

    Analyze and structure real estate borrowing for various types of capital providers like banks, REITs, and Pension Funds.
  • Risk Manager & Credit Adjudicator

    Risk Manager & Credit Adjudicator

    Assess and approve transactions for banks and other financial institutions.
  • Private Real Estate Lenders

    Private Real Estate Lenders

    Work with private capital providers and family offices to underwrite more effective real estate loans.
  • Real Estate Investors and Advisors

    Real Estate Investors and Advisors

    Understand how lenders and external capital providers assess transactions to seek out better deals and negotiate better structures.
  • Commercial Mortgage Brokers

    Commercial Mortgage Brokers

    Analyze and package deals more effectively to facilitate quicker turnarounds and better terms for clients.
  • Commercial Relationship Managers

    Commercial Relationship Managers

    Work with commercial real estate investors and developers on behalf of lending institutions.

Our Learners Work At:

What Our Students Say

Over 75% of CFI learners report improved productivity or competency within weeks.

Love that I could understand the terms and processes, not having any prior knowledge of Real Estate.

Giselle Palmer

Introduced us to unique considerations in modeling the real estate industry, including differences in sale and construction timelines, maximum land loans, and tiered waterfall equity. These considerations can be complex, but the course introduces these concepts in a digestible way.

Jude Baguio

I specialized in real estate management as part of my undergraduate degree but this course still exposed me to a variety of topics I needed clarification on. Highly informative and I will be recommending this course to my colleagues.

Paolo Hermogenes

My understanding of real estate financial modelling has been improved a lot. Easy to follow and includes great templates as well.

Sigit Syahranie

Frequently Asked Questions

If you haven’t found your answer from our FAQ, please send us a message.

If you haven’t found your answer from our FAQ, please send us a message.