Material Detail

Six downloadable Excel workbooks covering core calculations of US commercial real estate: loan sizing against LTV, DSCR and debt yield; loan amortization, the interest and principal split, and the balloon payment; net operating income, net cash flow and cash-on-cash return; the capital stack with sources, uses, LTC and LTV by layer; direct capitalization value from comparable sales; and net effective rent under both the straight-line and the present-value method. Every formula is checked against a published primary source named beside it, never against the authors' own course material. Sources include the Fannie Mae Multifamily Selling and Servicing Guide, loan agreements, leases and CMBS term sheets filed with the SEC, the OCC Comptroller's Handbook, Treasury regulations, and Microsoft's documentation for the Excel functions used. Where no primary source defines a calculation, the workbook says so and declares the convention it adopts alongside the competing convention and who uses it. Each workbook comes three ways: solved, blank for the student to build every formula from scratch, and an answer key. The formulas are live Excel formulas rather than pasted values, so a student can trace and change any input. Each model is also a guided exercise on the site. No account is needed to open or download any of the six, and all six are released under CC BY 4.0.

The six workbooks described here are licensed CC BY 4.0 and download with no account, no email address and no payment. The page that lists them also shows two further models, a levered acquisition DCF and an equity waterfall, which are labelled on the page as requiring a paid account and are not part of this submission and not openly licensed.

This will delete the comment from the database. This operation is not reversible. Are you sure you want to do it?

Thank you for reporting a broken "Go to Material" link in MERLOT to help us maintain a collection of valuable learning materials.

If you feel this material is inappropriate for the MERLOT Collection, please click SEND REPORT, and the MERLOT Team will investigate. Thank you!

You are being taken to the material on another site. This will open a new window.

Do not show me this again