ForgewellCertification Platform
Real Estate Modeling

Course dashboard

Forgewell Real Estate Financial Modeling Certification

Follow the same Forgewell structure: three levels, module quizzes, readiness exams, final exam, and certificate page after passing.

8

Modules

3

Practice

80%

Pass

PracticeFinal
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.

1Preview

Real Estate Finance Foundations

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

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2Full Access

Building the Operating Model

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

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Level 2

Underwriting and Deal Structuring

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

3Full Access

Acquisition Underwriting

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

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4Full Access

Debt Financing

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

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5Full Access

Development Modeling

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

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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.

6Full Access

Waterfalls and Investor Returns

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

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7Full Access

Exit Strategy and Valuation

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

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8Full Access

Final Case Study

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

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