Hey guys,
Have an upcoming superday with a real estate debt fund. Modeling exam to begin for 45 minutes, technicals to follow. Any ideas on what to expect? I'm guessing a pretty basic test on excel skills? Thanks guys, would appreciate any insight.
Just FYI, I'm an undergrad senior with a minor in RE.
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I can't imagine it will be too bad. I would know how to size deals using debt metrics (debt yield, DSCR and LTV). I agrue with people on this site all the time about this but as a check for you use 7-8% for multi and about 10% for everything else - DY on stabilized NOI if you get sizing questions. The deals you will be looking at will not be stabilized.
Most of the debt funds have warehouse lines they use to get their returns. Loan on the loan. So don't be shocked they ask you to solve for the spread to get a certain IRR. Also, don't forget about points going in and on exit (50 bps to 100 bps+). This will be as complicated as it gets.
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