Section 1.1 - Orientation
Section 1.2 - Here’s What to Expect
Section 1.3 - Asset Types
Section 1.4 - The Total Real Estate Capital Strategy
Section 1.5 - Stabilized Properties: The What and Why
Section 1.6 - Rules of Investing
Section 1.7 - Sample Transaction: Stabilized Property Example #1
Section 1.8 - Sample Transaction: Stabilized Property Example #2
Lesson 2: Real Estate “Whole Loan” Financing Continuum: The Lenders
Section 2.1- Real Estate Risk
Lesson 3: The Different Types of Real Estate Properties: The Assets
Section 3.1 - Stabilized Properties
Section 3.2 - Unstabilized or Value Added Properties
Section 3.3 - Opportunistic Properties
Lesson 4: What is Permanent Financing?
Section 4.1 - Definition
Section 4.2 - Typical Permanent Financing Structure
Section 4.3 - Repaying the Permanent Loan
Lesson 5: Types of Permanent Financing
Section 5.1 - Life Company or Portfolio Loans
Section 5.2 - Bank Loans
Section 5.3 - Commercial Mortgage Backed Securities (CMBS) or Conduit Loans
Section 5.4 - Agency Lenders: Freddie Mac (FHLMC), Fannie Mae (FNMA), & FHA/HUD
Lesson 6: Analyzing Stabilized Properties
Section 6.1 - From the Owner’s Perspective
Lesson 7: Property Profitability
Section 7.1 - Cash-On-Cash Return
Section 7.2 - Leveraged Cash-On-Cash Return
Section 7.3 - Positive Leverage
Lesson 8: How Much Leverage Will this Building Support?
Section 8.1 - Cap Rates: The Key to Income Property Value
Section 8.2 - Loan to Value: The Lender’s Key Metric
Section 8.3 - Debt Service Coverage Ratio (DSCR): Another Key Lender Metric
Section 8.4 - Amortization or Loan Constant
Section 8.5 - Solving for the Loan Constant
Lesson 9: Permanent Loan Underwriting: Deep Dive on How the Numbers Work
Section 9.1 - Underwriting the Stabilized Loan
Section 9.2 - Tenant Assumptions
Lesson 10: Solving for the “Underwritten NOI”
Section 10.1 - Deductions
Lesson 11: Asset Class Review: All Commercial Properties Were Not Created Equal
Section 11.1 - Office Properties
Section 11.2 - Retail Properties
Section 11.3 - Industrial
Section 11.4 - Multifamily
Lesson 12: Conclusion & Looking Ahead
Section 12.1 - Conclusion