Real Estate Finance & Affordable Housing Underwriting
Mastering the Numbers Behind the
Deal
Financing and underwriting are the backbone of real estate development. Whether you’re structuring a new construction or rehab project, understanding how to assess financial feasibility, structure funding, and evaluate risk is critical to success. This 4-week course is designed to teach you how to underwrite real estate projects with a focus on affordable housing, using real-world templates and industry-standard financial models.
Why This Course?
Why?
Underwriting is not just about numbers—it’s about making sound investment decisions and ensuring a project is financially viable. This course provides a hands-on, step-by-step approach to evaluating deals, structuring financing, and assessing borrower risk. You’ll learn how lenders, investors, and developers analyze projects, and by the end of this course, you’ll be able to build and present a full underwriting package like a pro.
What You’ll Learn:
- How to build a full real estate underwriting package from scratch
- The key financial components that lenders and investors look for
- How to evaluate borrower and guarantor financials for funding approval
- The impact of zoning, environmental, and regulatory considerations on underwriting
- How to structure a project timeline, budget, and funding sources
Course Breakdown: Step-by-Step Guide to Underwriting a Project
Week 1: Understanding the Real Estate Underwriting Process
- > The fundamentals of real estate finance and underwriting
- > Breaking down the loan structure: construction to permanent financing
- > Key underwriting metrics: Loan-to-Value (LTV), Debt Service Coverage Ratio (DSCR), Net Operating Income (NOI)
Week 2: Project Analysis & Financial Feasibility
- > Project Overview: Type of development, unit mix, affordability structure
- > Site Analysis: Zoning, environmental considerations, flood zones
- > Market & Demographic Research: Understanding population trends, demand, and economic conditions
- >Project Budget & Funding Sources: How to allocate costs and structure funding
Week 3: Borrower & Guarantor Financials
- >How lenders evaluate borrower net worth, liquidity, and guarantees
- > Development team assessment: Evaluating experience, qualifications, and risk factors
- > Structuring the collateral package: lien position, property value, and risk mitigation
Week 4: Building & Presenting the Underwriting Package
- >Creating a full underwriting package using real-world templates
- > Project timeline analysis: Key milestones from loan closing to lease-up
- > Repayment strategies: Income projections, cash flow analysis, and DSCR assessment
- > Final case study: Presenting a real underwriting package for review
Why This Course is Essential
Knowing how to underwrite and assess project feasibility is an essential skill. This course will give you the practical tools and knowledge to confidently evaluate deals, secure financing, and structure successful, financially sound projects.
Take control of your real estate financing future.