ForgewellForgewellCERTIFICATIONS
Real Estate Modeling

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Forgewell Real Estate Financial Modeling Certification

Three levels, eight modules, chapter quizzes, readiness exams, and a final exam — pass at 80% to earn your certificate.

8

Modules

3

Practice

80%

To pass

PracticeFinal exam
01

Level 1

Core Finance Foundations

Build the language of real estate finance: NOI, cap rates, investor returns, property types, rent rolls, expenses, and clean operating-model logic.

  1. 1Preview

    Real Estate Finance Foundations

    Core metrics, property types, capital stacks, and return language.

    Open module
  2. 2

    Building the Operating Model

    Rent rolls, vacancy, expense recoveries, reimbursements, and NOI build-up.

    Open module
02

Level 2

Underwriting and Deal Structuring

Move into acquisition underwriting, debt sizing, development feasibility, bid discipline, lender constraints, and sensitivity-driven investment decisions.

  1. 3

    Acquisition Underwriting

    Purchase price, closing costs, sources and uses, stabilized assumptions, and sensitivity.

    Open module
  2. 4

    Debt Financing

    LTV, debt yield, DSCR, interest-only periods, amortization, and refinance cases.

    Open module
  3. 5

    Development Modeling

    Land, hard costs, soft costs, construction timing, lease-up, and stabilization.

    Open module
03

Level 3

Advanced Returns and Certification Prep

Master waterfalls, exit valuation, full model audits, investor-level returns, and final case-study recommendations before the certification exam.

  1. 6

    Waterfalls and Investor Returns

    Preferred returns, promotes, catch-ups, IRR hurdles, and sponsor/LP splits.

    Open module
  2. 7

    Exit Strategy and Valuation

    Exit cap rates, sale proceeds, disposition costs, reversion value, and hold-period return.

    Open module
  3. 8

    Final Case Study

    Interpret a full acquisition model, identify weak assumptions, and make an invest/pass recommendation.

    Open module