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About Real Estate Financial Modeling

About REFM

REFM is the premier financial modeling solutions provider for Excel-based financial spreadsheet models, finance and financial modeling training, and financial modeling consulting for real estate transactions of all types. REFM is also the creator of Valuate®, the next-generation commercial real estate financial analysis and marketing platform.

REFM provides its customers with the advanced financial modeling knowledge, tools and skills they need to successfully model their transactions and present them with confidence internally and to potential partners, lenders and investors. REFM’s educational training is offered through digital Self-Study Video Tutorials and Live Group Training seminars. REFM also provides Private Consulting Services.

Based in Atlanta, GA, REFM was founded by Bruce Kirsch in 2009. Mr. Kirsch is a recognized expert in and top instructor of Microsoft Excel-based financial modeling for real estate transactions. Through REFM, Kirsch has trained both new and experienced real estate professionals in financial modeling from a wide variety of real estate businesses, organizations and institutions, including private equity, development, brokerage, trade groups and government.

In addition, REFM has given on-campus real estate financial modeling training sessions to Undergraduate, Masters and MBA students from top schools including The Wharton School, Harvard Business School, Massachusetts Institute of Technology, MIT Sloan, London Business School, UCLA, USC, Georgetown University, Cornell University, University of Chicago and George Washington University.

REFM is a program-level participant in the CFA Institute Approved-Provider Program.

Want to know more? Read The REFM Story

Our Team

Bruce Kirsch

Founder and CEO

Bruce Kirsch began his real estate career at CB Richard Ellis, where he marketed high-rise New York City office buildings for re-development in the top-producing Midtown Manhattan Investment Properties Institutional Group. After CBRE, Kirsch was recruited to be the Director of Acquisitions at Washington, DC-based Metropolis Development Company, a cutting edge local developer of urban infill design-forward residential lofts. While at Metropolis, Kirsch sourced, analyzed and negotiated the acquisition of three privately-owned District of Columbia sites to support the development of 500,000 SF of mixed-use condominium, multi-family and retail product.

After leaving Metropolis, Kirsch engaged in his own urban and suburban condominium and single family detached housing ventures. Kirsch was then selected as one of the two executives to run New York City-based developer and consultant The Clarett Group’s Washington, DC business.

While at The Clarett Group, named one of New York City’s most important real estate development companies by Crain’s New York Business, Kirsch was responsible for analyzing and making urban and suburban site acquisition recommendations for development of trophy-level office, condominium, multi-family and age-restricted multi-family properties in the greater Washington metropolitan area. In addition, Kirsch had significant day to day project management responsibilities for the entitlement, financing and marketing of the company’s existing Washington, DC metropolitan area development portfolio.

Mr. Kirsch holds an MBA in Real Estate from The Wharton School of the University of Pennsylvania, where he was awarded the Benjamin Franklin Kahn/Washington Real Estate Investment Trust Award for academic excellence. Kirsch started teaching on real estate topics while at Wharton as the Wharton MBA Real Estate Club’s Co-Vice President of Education. Kirsch was also a member of the Wharton team that won 1st Place at the National Real Estate Finance Challenge case competition.

Prior to Wharton, Bruce performed quantitative equity research on the technology sector at The Capital Group Companies, the manager of the American Funds, the largest family of mutual funds in the United States.

Mr. Kirsch served as an Adjunct Faculty member in real estate finance at the Georgetown University School of Continuing Studies for three years.  Mr. Kirsch graduated with a BA in Communication from Stanford University and is an Editor of the Third Edition of the leading real estate finance textbook, Real Estate Finance and Investments: Risks and Opportunities, by The Wharton School’s Professor Emeritus Dr. Peter Linneman.

For speaking engagement requests, email speakers@GetREFM.com


Bulkeley Banks

Senior Director / Master Instructor

Bulkeley Banks is REFM’s Senior Director of Financial Modeling, and also serves as Master Instructor for REFM. In these roles, he creates financial models and spearheads consulting client assignments. During his six years with REFM, Mr. Banks has developed and built financial models for both Skanska and Washington, DC’s South West Waterfront Project, among many other assignments. Mr. Banks is also the co-author of all three levels of REFM’s Certification In Excel For Real Estate Exams.

In addition to his work with clients, Mr. Banks is an Adjunct Professor at NYU’s Shack Institute of Real Estate and has lectured on topics in real estate finance at Cornell, Wharton, Columbia and Georgetown, among other Universities.

Mr. Banks holds a Masters in Professional Studies in Real Estate from Georgetown University, where he served as the Finance Co-Chair on the Student Advisory Board in Real Estate. Mr. Banks worked at the University of Chicago’s Evolution and Ecology Lab analyzing genetic variation in botany.  He also holds a B.A. in Philosophy from the University of Chicago, where he was awarded the Herman S. Dunlap Scholarship and was a four year varsity swimmer and letterman with the Men’s Swim Team.

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