Courses to learn CRE debt?

It's all pretty basic... Below is really from the multifamily perspective, but a lot of this is applicable across asset types. 
 

• Like all things CRE, you've got certain key inputs.
  • Lender NOI - Probably the most important input, as it plays into every sizing scenario (LTV / DSCR / Debt Yield). Working with a stabilized lender on a refi? You're going to likely be restricted to historical expenses (w/ some allowance to back out certain controllables if you can demonstrate they are non-reoccuring), T1/T3 rental income, and T12 other income (can push for T1/T3 if you have certain rent roll charges being introduced and a proof of concept of ramp up, I.E fixed RUBs, cable/internet, charged parking, etc.). We will call this the "as-is NOI".  For bridge & certain pref/mezz, you'll size to a future year stabilized NOI (usually in Y3 / Y5 - based on projected rents & budgeted stabilized expenses (comp support from portfolio & appraisal)). We will call this the "as-stabilized NOI".  
  • Cap Rate / Value - Drives LTV sizing constraint. If an arms-lenth acquisition, appraiser will likely conclude to the purchase price. If a refi, appraisal will pull sale comps and conclude based on $/unit, $/per sqft, & cap rate, based on their NOI conclusion). This is referred to as the "as-is value". If bridge, appraisal will include an as-stabilized value (same methodology as above, but assumes stabilized NOI valued @ today's market cap rates). 
  • Rate - Factors into DSCR sizing. Most lenders price over an index rate (US Treasury) that matches with the term of the loan. If floating rate, you're pricing over SOFR. Competitive stabilized loans price anywhere from 140 - 225 basis points over the applicable index rate. Lower range spreads for higher quality / lower leverage / affordable assets. Higher range for the opposite. Bridge loans today are pricing ~ 250 - 350 basis points over SOFR. Bridge lenders will also assume a future-year fixed rate and use that as an additional DSCR sizing test based on projected stabilized NOI to try and ensure that their loan can be taken out by a conventional loan at loan maturity (welcome to the stress in CRE...). 
• Sizing Tests - Lenders will model at-least two of these scenarios & fund on the lesser-of. If you have a 2nd lien / pref equity, you would add their basis & corresponding annual payments to the tests below.
  • As-is Max LTV - Loan Amount / As-Is Value
  • As-stabilized Max LTV - Loan Amount / As-stabilized Value
  • Max LTC - Loan Amount / All-in Cost Basis (Value + Cap-Ex)
  • As-is Min. Ammortizing DSCR - As-is NOI / Amortizing Annual Debt Service. The formula for this is PV(rate/12,amortization years*12,-(NOI/Minimum DSCR))
  • As-stabilized Min. Ammortizing DSCR - As-Stabilized NOI / Amortizing Annual Debt Service (same formula as above, but your rate is going to your assumed fixed-rate in the future (likely stressed above current rates) & your NOI is your as-stabilized NOI).
  • As-is Debt Yield - As-is NOI / Loan Amount
  • As-stabilized Debt Yield - As-stabilized NOI / Loan Amount 

The hard part of this topic, and the reason why good mortgage bankers / debt brokers are actually valuable, is having a working understanding of all these inputs / sizing scenarios for the multitude of capital sources out there (in particular, understanding how lenders differentiate in their approach to determining NOI).