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.  Mr. Kirsch is  also the co-author of Real Estate Finance and Investments: Risks and Opportunities, along with the founding chairman of The Wharton School’s Real Estate Department, Dr. Peter Linneman.

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, London Business School, UCLA, USC, Georgetown University, Cornell University, University of Chicago and George Washington University, among many others.

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

As the founder of Real Estate Financial Modeling (REFM), Bruce Kirsch has trained thousands of students and professionals around the world in Excel-based projection analysis.  In addition, REFM’s self-study productsExcel-based templates and its Valuate® property valuation and investment analysis software are used by more than 100,000 professionals.  Mr. Kirsch’s firm has assisted with modeling for the raising of billions of dollars of equity and debt for individual property acquisitions and developments, as well as for major mixed-use projects and private equity funds. Mr. Kirsch has also maintained a blog on real estate financial modeling, Model for Success, authoring more than 500 posts, and he is the co-author of Real Estate Finance and Investments: Risks and Opportunities, along with Dr. Peter Linneman.

Mr. Kirsch began his real estate career at CB Richard Ellis, where he marketed highrise New York City office buildings for re-development in the Midtown Manhattan Investment Properties Institutional Group.  After CBRE, Mr. Kirsch was recruited to lead acquisitions at Metropolis Development Company, and later joined The Clarett Group, a programmatic development partner of Prudential.

While at The Clarett Group, Mr. Kirsch was responsible for making development site recommendations for office, condominium and multi-family properties in the greater Washington, D.C. metropolitan area.  In addition, Mr. Kirsch had significant day-to-day project management responsibilities for the entitlement, financing and marketing of the company’s existing D.C.-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.  Prior to Wharton, Mr. Kirsch performed quantitative equity research on the technology sector at The Capital Group Companies.  Mr. Kirsch served as an Adjunct Faculty member in real estate finance at Georgetown University School of Continuing Studies.  Mr. Kirsch graduated with a BA in Communication from Stanford University.

For speaking engagement requests, email speakers@GetREFM.com

Bulkeley Banks

Vice President / Master Instructor

Bulkeley Banks is REFM’s Vice President of Financial Modeling, and also serves as Master Instructor for REFM. In these roles, he creates financial models, spearheads consulting client assignments, and delivers corporate and university trainings. During his seven 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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