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Real Estate Financial Modeling provides financial analysis, training and data solutions for the multi-trillion dollar global commercial real estate business.
    "REFM's class was extremely thorough and provided me with resources ... [read more] - Georgetown MBA Student
    “REFM’s development modeling class was very beneficial to my understanding ... [read more] - Wharton MBA Student
    “REFM's financial modeling session not only provided the steps and ... [read more] - GWU MBA Student
    “REFM provided PrimeMark with valuable insight and a competitive advantage ... [read more] - Wayne Slavitt, President and CEO
    “...the skills I learned in REFM’s video tutorials surpassed those ... [read more] - Joseph Stampone, Masters Student
    "I was extremely impressed with the model, videos and overall ... [read more] - Kevin Sheehan, President
    "REFM's model is thorough and detailed to a "T". They ... [read more] - JB, Development Assistant
    "I have found REFM’s Product Modules to be most useful ... [read more] - Ravi Bhatia, PE, PMP
    “REFM’s resources are an innovative and effective way to complement ... [read more] - Charles Schilke, Associate Dean
    "Excellent seminar. Provides the insight and knowledge in order to ... [read more] - Orlando Marin, Senior Development Mgr.
    "A great introduction to the developer's analysis. A semester's worth ... [read more] - Daniel B. - Investment Advisor
    "As a developer, accurate modeling is critically important. REFM does ... [read more] - K. Gessin-Stern, Vice President
    "REFM makes short work of very complicated subjects in real ... [read more] - Jonathan Stern, Associate
    "LOVED the videos - and love that I can refer ... [read more] - Masters Student
    "I found it to be a perfect class to learn ... [read more] - Scott Rosenblum, Masters Student

All Testimonials

    • James Lenhart, Vice President - Citi Property Investors - New York, NY
      "Bruce is a talented real estate professional and experienced real estate financial modeler who knows how to break down difficult financial modeling concepts into easy to understand pieces. The financial models that accompany his tutorials are technically robust and represent real assets for anyone who wants to break into the institutional commercial real estate industry."
    • Victor Svilik, Managing Principal - QVT Mount Auburn Capital LP - Los Angeles, CA
      “REFM Training is the best way to get your Analysts and Associates up to speed so they can produce bullet-proof work. The content and delivery is top-notch -- it’s the teaching that I wish I had when I first started out in the business.”
    • Charles Schilke, Associate Dean - Real Estate Program, Georgetown U. School of Continuing Studies
      “REFM’s resources are an innovative and effective way to complement learning from formal real estate coursework.”
    • Zachary Wenner, Analyst - Holliday Fenoglio Fowler (HFF) - Washington, DC
      "As a graduate of a liberal arts program, REFM Certification helped me demonstrate a firm grasp of the financial concepts that my degree didn't cover."
  • 2-Day Basic & Advanced Modeling Toolkit
    • CY - Cushman & Wakefield
      "REFM packs an amazing amount of information into the seminar. Very instructive for novices and experts alike."
    • Anonymous - Washington, DC Attendee
      "From feeling like Zero Excel expertise to almost 100 in 2 days. Well worth the investment of time and money."
    • Kris Garin - Georgetown MBA 2011
      "Our workshop was two days of first-rate instruction with a powerful mix of excel best practices, useable and well-organized models, and real-world industry insights. A substantial contribution to my professional development and well worth the investment!"
    • David Todd - The Rebkee Company
      "I was immediately able to incorporate techniques and methods taught by REFM to improve my financial models. The training session was very well organized and the Excel templates we received are invaluable."
  • 2-Day Intensive Partnership Modeling Training
    • Dinos Christoforakis - Concord Eastridge, Inc.
      "An excellent way to enhance your Excel skills and especially useful for recent graduates & MBAs who wish to boost their careers in Real Estate financial modeling."
    • Graduate Student - American University, Washington DC
      "The REFM two day intensive course in Financial Modeling for Real Estate was a most productive course for gaining hands on modelling experience and integrating the conventions and underlying real estate theory into working practical efficient analysis and reporting formats for decision making. The instructors were totally intellectually honest, extremely helpful and shared their experiences and knowledge freely. As a capstone to that the networking experience with other real estate developers, professionals and academics affords the opportunity to build rewarding peer relations and build on each other's experiences and techniques. An excellent learning and business experience!"
    • Mark Thompson - President, Real InSITE
      "REFM's 2-day Intensive session was just that - intense! Great mix of excel applications with real estate analysis! Come ready to work."
    • 2-Day Intensive Attendee - July 2010 session in Washington, DC
      "This class provides the insight into real estate modeling that no textbook or classroom could do."
    • Stan W. Converse, III - Managing Director - Gratus Properties
      "...excellent anecdotal information born from education and experience that broadens the student's knowledge base. I would highly recommend their courses to anyone looking to expand their knowledge of modeling in Excel and its use in the field of real estate."
    • Steven - Private Equity Analyst
      "If you are looking to set yourself apart from the rest of the competition in the real estate industry, this class is a small investment towards that goal. In all my classes and experience, nothing has come close to the depth of explanation and expertise that was offered and displayed in this two day class."
    • Barry K. Metcalf - VP - Cadence Capital Partners, LP
      "The material covered in the training session covered every aspect of my business. It was well worth the cost!"
    • Rob Quarton - Real Estate Executive
      “After completing the REFM class, I developed a clear and recognized competitive advantage relative to my peers and competition. It allowed me to effectively and accurately model joint venture real estate partnerships in Excel. It also benefited me by allowing me to successfully complete a modeling test for a job opportunity with a top-tier, national equity intermediary. I cannot thank you enough for designing and implementing a program like this. The market was truly lacking something like this.”
  • Certification In Excel For Real Estate
    • W. Brett Flanders - Real Estate Executive
      "Employers know that the REFM Certification isn’t a cakewalk, so having it on my resume allows me to show them my seriousness about real estate analysis."
  • Consulting
    • Todd Hitt - President and CEO - Kiddar Group Holdings Inc.
      "REFM has assisted Kiddar on multiple occasions in the difficult task of telling a complex story in a simple manner. Their ability to distill mountains of data into a clean, compelling presentation has allowed our company to acquire a number of off market properties by convincing owners that unlocking their land value made long term financial sense."
    • Wayne Slavitt - President and CEO - The PrimeMark Group, Inc.
      "REFM provided PrimeMark with valuable insight and a competitive advantage in evaluating a distressed multifamily land acquisition. I highly recommend REFM’s services and products to anyone who is serious about commercial real estate investment."
    • Thomas Henriksson, LEED AP - Chief Financial Officer - Skanska USA Commercial Development Inc
      "REFM’s outstanding technical grasp and capabilities are matched by their deep understanding of the purpose of each formula as it contributes to the overall analysis. It was a pleasure having them produce Excel-based investment tools that have been deployed across our group nationally."
  • Customizable Excel Models
    • JB, Development Assistant - Washington, DC
      "REFM's model is thorough and detailed to a "T". They don't miss a beat and saved me many stressful long nights number crunching."
    • Ravi Bhatia, PE, PMP - Project Executive - Madison Equities, LLC - New York, NY
      "I have found REFM’s Product Modules to be most useful in forecasting costs on large real estate development projects. The Modules have been particularly useful in conducting scenario analysis by varying assumptions related to construction borrowing rate, equity IRR, construction cost escalations and contingencies. We use REFM to validate our project plan and integrate the construction schedule into the overall project budget and pro forma. REFM has also facilitated our risk management by giving us the data we need to evaluate the project risks on a portfolio basis."
    • Frank Caico, Principal - Clarian Real Estate Partners - Stamford, CT
      "REFM's customizable and transparent proforma is an excellent tool to help evaluate the economics of a prospective deal. The model also offers a way to present a straight-forward and professional package to potential partners, investors and lenders."
    • Matt Pace - Consultant - Boston, MA
      "REFM has clearly taken what most finance executives dread creating from scratch and produced a tool that is robust, easy to communicate and update."
    • Anonymous - Multifamily Developer and Owner
      “Just got awarded a big multifamily deal…the model helped!”
    • Will Lansing - Principal - Valor Development - Washington, DC
      "I have gotten so many compliments on our REFM Models from capital providers, who love their completeness and clean formatting. This has helped us to communicate our story and in turn expedite negotiations."
  • Development Financial Modeling Training
    • Georgetown MBA Student - Georgetown University MBA Class of 2010
      "REFM's class was extremely thorough and provided me with resources and skills essential to real estate modeling. I felt extremely well prepared for my internship at a Denver-based real estate developer and have no doubt that I will use the skills I learned to give me a jump start with my real estate career."
    • Wharton MBA Student - The Wharton School MBA Class of 2010
      “REFM’s development modeling class was very beneficial to my understanding on not only how to successfully build a development pro-forma, but also to gain a much better understanding of the time line, costs and constituents of a development project. REFM’s teaching methods and pace proved effective and engaging in my understanding of the material. Not only would I take this class again, but would highly recommend the course to prospective students.”
    • GWU MBA Student - George Washington University MBA Class of 2009
      “REFM's financial modeling session not only provided the steps and tools necessary to prepare a functional Pro Forma, but also the reasoning and explanation behind the intricacies of the model. Well worth the time and effort!"
    • Orlando Marin, Senior Development Mgr. - The Bluestone Organization - Fresh Meadows, NY
      "Excellent seminar. Provides the insight and knowledge in order to develop more efficient models."
    • Daniel B. - Investment Advisor - Consultant - New York, NY
      "A great introduction to the developer's analysis. A semester's worth of information in a one-shot class."
    • K. Gessin-Stern, Vice President - Chatham Development Company - Manhasset, NY
      "As a developer, accurate modeling is critically important. REFM does a great job of explaining and visually illustrating the key components of building thorough models."
    • Jonathan Stern, Associate - J.E. Robert Companies - New York, NY
      "REFM makes short work of very complicated subjects in real estate modeling. Their approach is thoughtful and comprehensive."
    • Masters Student - NYU Schack Institute of Real Estate
      "LOVED the videos - and love that I can refer to them again as needed. The videos are worth the cost in and of themselves."
    • Scott Rosenblum, Masters Student - NYU Schack Institute of Real Estate
      "I found it to be a perfect class to learn an invaluable skill if you want to break into the real estate industry. Gives you the basics along with the ability to develop your skills outside of his class."
    • Charles A. Fritschler - Vice President - Associate Broker - Brown Harris Stevens Residential Sales - NYC
      "...the Videos and REFM’s teaching are excellent... REFM provides information, insight and tips into real estate planning and analysis. Very glad I took the course and highly recommend it to any real estate professional."
    • Mike Alexander, LEED AP - Georgetown U. - Masters of Real Estate Program Class of 2010
      "REFM's course was a valuable complement to my formal coursework; the "real world" information I learned will provide long term value for many years to come."
    • B. Leon, Deputy Director - New York City Housing Authority Department for Development
      "As a government official planning affordable housing developments, I appreciate the broad coverage of your course and adaptability of the model. My colleagues also benefited from viewing the course videos for a good overview of the development planning and financing process."
    • Bryan Granum, Masters Student - NYU Schack Institute of Real Estate
      "REFM's Excel Spreadsheets are an amazing tool for Real Estate Development Professionals in evaluating the feasibility of their development projects. The Videos and class time spent going over the Excel Spreadsheets allows the user to follow and understand the model in a simplified approach. I would highly recommend REFM for anyone in the Real Estate Development Industry."
    • Private Equity Investor - New York City
      "The Video preparation has enabled me to assimilate the material in the rapidest fashion, while allowing me to come back to any topic should I need to in the future. I highly recommend REFM."
    • James Mack, President of REISA - NYU Schack Institute of Real Estate's Student Association
      "REFM brings particular value to their course because they provide material to practice outside of class before you meet. This allows the student to reinforce the concepts and technical skill set needed to get the most out of his in-class or web-based instruction. They get into great detail very quickly and provide a comprehensive model to work through after the class. It's clear they understand the subject at a deep level and also have the ability to explain complex concepts in an understandable manner. Excellent value!"
    • Gregory Lentini, President - Gregory James & Associates - New York, NY
      “Attending REFM’s Real Estate Development Financial Modeling for Apartment Buildings workshop was an enriching experience that I would highly recommend to both novice and seasoned real estate professionals. Bruce is extremely knowledgeable and has a clear and engaging teaching style... his complete and thorough apartment development model in Excel was invaluable.”
    • Masters Student - Georgetown U. - Masters of Real Estate Program Class of 2010
      "Thank you REFM! This is the single most productive day I have had so far while enrolled at Georgetown's Real Estate program."
    • Masters Student - Georgetown U. - Masters of Real Estate Program Class of 2010
      "...an excellent training system for Real Estate novices and professionals alike."
    • Jim Shirey, Realtor - McEnearney Associates, Inc. - VA/DC/MD
      "REFM simplifies an otherwise complex process."
    • Evette Houston - Wharton Programs for Working Professionals - Phila./Delaware
      "The REFM seminar... took me through the nuts and bolts of a development project from concept to sale. If you're looking for great content and a knowledgeable facilitator, you want to attend this seminar!"
    • Martha Hastings, Associate - Investment Properties - CB Richard Ellis - Baltimore
      "REFM’s training provided me with invaluable insight into the apartment development industry. The REFM interactive seminar equips students with the knowledge to transform the comprehensive model REFM has created into impressive real-world valuations."
    • John Hicks, Asst. Professor - Southern Polytechnic State University - Marietta, GA
      "I attended REFM's recent Atlanta training session in hopes that I would find ways that REFM's excellent material could be adapted for my use in the classroom to further enrich the learning experience that I am trying to provide my students at SPSU. I found the "in person" training session to be of the same quality as the material REFM had already provided me with online. From video 1 through 6 REFM has created a way to teach any student the principles of real estate investment analysis starting from the basics to some of the more advanced methods in a well thought out step by step manner."
    • Tony Williams - Managing Partner - ARCapital - Long Beach, CA
      "This training seminar is clear and concise, adding the videos as reinforcement made all the difference."
    • JAA - Multi-Family Development Project Manager
      "REFM walks you through real-world scenarios, and then through an application of Excel to model your project based on the real-world questions at hand."
  • Excel for Real Estate Bootcamp
    • Kamel M., Principal - Apex Appraisal Services
      "This session has really strengthened my basic Excel skills and improved my confidence. Definitely worth more than the $3,000 I paid in grad school for the same material."
    • Rob Lubeck - Graduate Student
      "This class offers a great fundamental basis for using Excel in the Real Estate world."
    • M.S. - Accountant
      "I was very pleased with the webinar. A lot of material was covered in a short amount of time. I feel that it was a great value and well worth my time."
    • D.M. - Graduate Student
      "I have not been exposed to Excel, and this lesson really helped me a lot. If you are exposed to Excel, this lesson would still be very beneficial."
  • JV Waterfall Bootcamp Webinar
    • Attendee - JV Waterfall Bootcamp
      "Thank you. This was very informative and well presented. I will be back."
    • Attendee - JV Waterfall Bootcamp
      "Overall most helpful & a great presentation."
    • Attendee - JV Waterfall Bootcamp
      "Really fantastic info, thank you. Very clearly explained. Amazing."
    • Attendee - JV Waterfall Bootcamp
      "Totally makes sense now."
  • Real Estate Finance Bootcamp
    • Antoine Tyler - Georgetown U. - MPS in Real Estate, Class of 2012
      "The [Real Estate Finance Bootcamp] course is abstract enough to not lose the students in the details, but detailed enough to provide adequate explanation of the various financial concepts."
    • Erica Gordy - Georgetown University's MPS in Real Estate program - Wash., DC
      "The RE Finance Bootcamp REFM held was a great opportunity to develop my Finance background. As I graduated with a Bachelor of Science in Architecture, this exposure was most necessary before a rigorous semester at Georgetown University.”
    • Jonathan Price - Georgetown U. - Masters of Real Estate Program Class of 2012
      "I would recommend this course [Real Estate Finance Bootcamp] to those trying to break into the real estate field or anyone that needs a refresher course. I will be able to use the financial models for years to come."
    • Undergraduate Student - University of Western Ontario - Canada
      "This [Real Estate Finance Bootcamp] class gave a very practical view of the different aspects of Commercial Real Estate as well as the functional knowledge to be able to complete the tasks necessary."
    • RE Finance Bootcamp Attendee - March 2010
      "Bruce Kirsch is an effective teacher of what can be difficult concepts to grasp. His expertise in excel and the real estate industry makes the learning experience two-fold by understanding excel formulas and functions and applying them directly to the real estate industry."
    • RE Finance Bootcamp Attendee - March 2010
      "REFM does an excellent job at outlining the fundamental principles of finance, and demonstrating specifically how to model risks and returns in the Real Estate business."
    • Himmat Singh - Vice President - Corporate Finance Team - DLF (largest Real Estate firm in India)
      "I have attended both the RE Finance and the Excel Bootcamps and found both to be outstanding learning experiences. REFM does not rush through the teachings and their buildup is perfect. I am convinced I have exponentially enhanced my Excel and RE modelling skills."
    • Matthew Legge - Program in Real Estate - Class of 2013 - Cornell University
      "I've been taught several of the same concepts before in different formats, for example cap rate valuation, and I have to say that your session was superior, especially the practical portions today. Excel is of course very difficult to get excited about, but relating it to profitability quickly changes that."
  • Training General
    • Craig Y., Harvard MBA Student - Harvard Business School MBA Class of 2010
      "The Live Group Training was a great experience. Relevant material for both advanced real estate professionals and individuals curious about the industry coupled with REFM's dynamic teaching style kept the class engaged throughout the day."
    • Nathan G., GWU MBA Student - George Washington University MBA Class of 2010
      "REFM can teach you more about real estate financial modeling with Excel in three hours than most semester-length courses can. Their down to earth teaching style makes it simple and enjoyable for beginners and experienced professionals alike to follow along."
    • S. Binswanger, The Binswanger Co. - Philadelphia, PA
      “I work for a premier real estate investment bank and REFM's program on real estate modeling has been an invaluable tool that I can go back to whenever I need a refresher.”
    • Martin D., Real Estate Entrepreneur - Washington, DC
      “REFM's program isn't just for those learning real estate modeling for the first time. Even with a real estate master's degree from the Carey School of Business at Johns Hopkins, I sometimes need to go back and understand how the model I am using was actually built. REFM's step by step guide is effective because you can understand from cradle to grave how the model is built and understand intuitively why the model is returning a specific IRR or other return statistic.”
    • Luke Davis, Analyst - NOVO Development Corp. - Washington, DC
      "Real Estate Financial Modeling helped me bridge the gap left by my undergraduate finance degree into the world of Real Estate cash flow forecasting and valuation. Even those with just a basic understanding of modeling can greatly benefit from REFM’s unique step by step approach to creating and explaining models with a multitude of intertwined variables. REFM lays the groundwork to allow its users to build on the fundamentals learned to create and tailor complex models for their own needs."
    • UPenn MCP Student - UPenn School of Design Masters in City Planning Class '10
      "REFM's presentation on Real Estate Financial Modeling was truly comprehensive and thorough. REFM does a wonderful job filling in gaps left out in other real estate finance classes that sufficiently cover theory, without teaching their real world application, or application courses, such as courses on Excel which inadequately address real estate finance. Bruce is patient, calm, and humorous, creating a welcome environment for an otherwise stiff subject matter, helping individuals tackle the onerous task of setting up and effectively utilizing real estate financial models."
    • Wayne Slavitt, President and CEO - The PrimeMark Group, Inc. - Los Alamitos, CA
      “REFM provided PrimeMark with valuable insight and a competitive advantage in evaluating a distressed multifamily land acquisition. I highly recommend REFM’s services and products to anyone who is serious about commercial real estate investment.”
    • Kevin Sheehan, President - Property Operations - The Bainbridge Cos. - Florida/Wash. DC
      "I was extremely impressed with the model, videos and overall presentation. REFM has created a "real world" model that is very helpful in understanding how a successful multifamily development would be designed and underwritten. You can't find this in a textbook!"
    • Alok Chanani, Wharton MBA Student - Class of 2010 - The Wharton School
      "The videos and spreadsheet will be invaluable going forward..."
    • Masters Student - Georgetown U. - Washington, DC
      "Bruce is a knowledgeable, great instructor who can take difficult concepts and models and articulate them into easy to digestible steps."
    • Josue S. - Harvard Business School - Class of 2010
      “Fantastic training! REFM equips professionals and students with a clear understanding of critical concepts in real estate finance and a practical financial model that is simple and easy to understand.”
    • James Kasar - Undergraduate - USC Marshall School of Business
      "REFM Training is the difference between thinking you can model real estate transactions and knowing you can."
    • Attendee - 1-Day Advanced Modeling Toolkit, Los Angeles, November 2010
      "Modeling is an essential skill set for real estate professionals and REFM fills that unfortunate gap in most MBA programs."
    • Attendee - 1-Day Advanced Modeling Toolkit, Los Angeles, November 2010
      "Great class with a thorough instructor. Thank you."
    • Attendee - 1-Day Advanced Modeling Toolkit, Los Angeles, November 2010
      "Great course! Highly recommended if you want to learn in-depth real estate financial analysis."
    • Michael Mon - USC MBA Class of 2011
      "As good as an all day Real Estate Excel Modeling Class can get! And I've been to many."
    • Darius Thornton - MPS Real Estate Candidate - Georgetown University
      "REFM's courses are a must for students/professionals who wish to sharpen and advance the financial modeling skills. I look forward to attending again in the future."
    • George R. Farish, II - Student - McCombs School of Business MBA 2012
      "Thanks for a great workshop. Your Excel modeling skills are inspirational!
    • Dinos C. - Associate, Real Estate Investment Firm
      “REFM’s training gave me the edge I needed to get my 1st choice job over many other new business school graduates."
    • Charlene - Great Job
      You did a great job this weekend. I will be recommending your seminar to folks in the future. I wish I had taken this earlier.
  • Video Tutorials
    • USC Undergraduate Student - USC School of Policy Planning/Development Class of 2010
      "REFM’s easy to follow financial modeling system is a breath of fresh air for college students like me that are used to complex lectures and obscure financial concepts without any real world application. I recommend this system for any student looking to improve his or her financial modeling ability and looking to grasp a strong understanding of the underlying principles behind complex calculations."
    • Benjamin Dunford, Real Estate Executive - Dallas, TX
      "REFM has created a truly unique and valuable product that will improve the learning and understanding of any real estate financial analyst. Their thorough examples and clear narrative make learning sophisticated real estate financial modeling simple and accessible."
    • Joseph Stampone, Masters Student - NYU Schack Institute of Real Estate Class of 2010
      “...the skills I learned in REFM’s video tutorials surpassed those I learned in [other] formal seminars. I strongly recommend REFM’s video tutorials and believe it equips students with the training necessary to enter the real estate game."