Upcoming Course: Fundamentals of Underwriting

At the end of June, we’re launching Thesis Driven’s Fundamentals of Real Estate Underwriting — a 5-week online course designed for operators, sponsors, and analysts to master the technical skills needed to build institutional-quality models.

Underwrite Like a Pro — Build Models That Close Deals

What You’ll Learn:

📊 Build Bulletproof Excel Models
From income and expenses to debt and equity waterfalls—create dynamic models you’ll actually use on real deals.

🏢 Underwrite Across Property Types
Master the differences in underwriting multifamily, office, retail, and industrial—lease terms, revenue models, op-ex, and more.

📈 Model Capital Stacks Like a Pro
Layer in senior debt, mezzanine loans, preferred equity, and joint venture structures with real-world accuracy.

💸 Value Properties with Confidence
Use cap rates, DCFs, and comparable sales to triangulate value—and calculate IRRs, MOICs, and yield on cost.

🧮 Stress Test & Sensitize Like an Analyst
Run downside scenarios and sensitivity analyses to sharpen your investment intuition and protect your downside.

🧠 Speak the Language of Capital
Learn the financial metrics and structuring terms that institutional investors and lenders expect you to know cold.

📁 Capstone Project: The Investment Committee
Underwrite a full case study (Coral Gables Junction), model multiple capital structures, and write an investment memo that stands up in a real-world setting.

We’ll look forward to seeing you in a Thesis Driven course this summer.

— Kam, Brad & Paul