Real Estate Finance

Real Estate Finance

This course surveys the concepts, methods, and techniques of financing real estate transactions. Instruction covers sources, characteristics, and parameters of mortgage capital; fixed- and variable-rate mortgages; government-assisted financing, including VA, FHA, and first-time buyer programs; documentation; amortization, loan constants, present value, compound interest, APR, and debt coverage ratios; loan underwriting, including credit analysis and qualifying; loan processing, closing, and servicing; foreclosures; and construction, permanent, gap, wraparound, and leasehold financing. Case studies for financing proposals for single-family, multifamily, and commercial/industrial transactions are featured.

This programme aims to provide participants with an adequate background of capital markets focussing on property as an asset class. Participants will develop a thorough understanding of real estate investment analysis and valuations. It will also help them to develop technical competence in valuing real estate in an asset allocation basket, and to construct optimal portfolios in within property (retail, residential, commercial, and industrial) as a sector or relative to other asset classes (bonds, equities, private equity). Furthermore it will help participants to understand and identify different suppliers of capital for property. That will enhance the understanding of how such suppliers and customers value those capital investments.

Programme benefits
The programme includes the following:

An overview of Portfolio Theory and its application in Real Estate
Capital Asset Pricing Model (CAPM) and its application in property - new research and methods of discounting cashflows
In depth review of systematic (market) risk
Direct versus Indirect Property Investments
Effects of Valuations Smoothing / Unsmoothing and Temporal Lags in Valuations
Equilibrium Asset Pricing, property investments supplies versus demand and how that determines cost of capital
Basic Intro to Property Derivatives
Real Estate Investment Trusts (REITs) and Commercial Mortgage Backed Securities (CMBS) and their relevance in the South African Market
A recent Case Study in Valuation ?Smoothing and Lags and (group work)
Literature Review on Equilibrium Asset Pricing ?Group Work

A Trump U Course- Real estate investing means a lot more than curb appeal: success is in the numbers. From researching income potential, to financing a purchase and examining how cash flow affects value, you`ll master the figures! Much more than textbook learning, this course connects you to experts and interactive activities--and instructs using real investment decisions as examples.Students may complete this course within a reasonable period of time. Contact Hours give an indication of how much time is needed to take this class. As an extra added value, registered students will have unlimited access to course materials for 12 months from the day of enrollment. A Trump IACET Accredited Course.

Students learn the policies, problems, and methods involved in financing real property. Covers loans and lenders, debt and security, money markets, financing alternatives, and institutional and governmental sources of funds.

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