Cambridge Finance Introduction to Property Development Course

Date(s) - 19/06/2019 - 20/06/2019
9:30 am - 4:30 pm

Novotel Waterloo


The Introduction to Property Development Course will teach you how construction and major refurbishments work, from theory to practice, and walk you through how to evaluate financial viability and making decisions concerning site acquisitions, professional team setup, project and budget management, development appraisals, funding and exit strategies.

Who should attend this course:

This course is suitable to those willing to learn about the whole life-cycle of property development, from site assembly to funding and disposal.

This course is aimed at professionals willing to develop their own real estate development schemes and to those working in surveying, planning and constructions companies seeking to understand how the whole development process works.


Duration: 2 days
Location: London
CPD Hours: 12
Level: Basic
Maximum number of delegates: 10


Day 1

Introduction to property development and investment in UK

  • Property development and investment as a business
  • Market overview & where to find opportunities and the pipeline
  • Development and investment strategies
  • Return metrics
  • Real estate economics & cycles – entry & exit planning
  • Exit strategies: sale, refinance, part-equity release

Identifying and evaluating opportunities

  • Market analysis: starting at the end and working backwards to assess the market cycles
  • Real estate and regional cycles explained
  • Doing simple (back of the envelope) appraisals to evaluate the pipeline

Building and project management

  • Contract types
  • Monitoring works and phase completions
  • Cost control, overruns and how to deal with budgets

Obtaining planning permission and enhancing existing planning permission

  • Planning permission explained
  • Types of permits (no planning, outline, permitted development, full permission, enhancement potential)
  • Pitfalls to watch for and managing expectations

Structuring the offer for the site

  • Reducing capital requirements: Purchase options explained
  • Delayed completion options
  • Full cash offers
  • Landowner joint-ventures
  • Landowner taking back 2nd mortgage on site
  • Overage agreements
  • Assessing the legal title and searches

Establishing a Special Purpose Vehicle (SPV)

  •  Legal forms
  • Tax implications
  • Day-to-day management
  • Systems and processes: accounting, bookkeeping, construction control
  • International structures

Assembling the professional team

  •  Setting up the professional and advisory teams: from quantity surveyors, to architects, accountants, construction companies, financial modelling & control, joint-ventures partners, solicitors and lawyers, and tax advisors
  • Sourcing, engaging and motivating the team

Day 2

Structuring joint-ventures (JVs) with external developers

  • JV structures explained
  • Control and voting rights: theory and practice
  • Operating arrangements at the company and project level
  • Profit-split structures explained: from simple to complex
  • Deadlock resolution

Funding the development project

  •  Sources and types of funding available: rates, sample terms and investment structures
  • Principles of corporate finance: picking the right capital structure to fund the property development project
  • Working with brokers
  • Typical senior debt terms and structures
  • Typical mezzanine debt terms and structures
  • Sourcing additional equity
  • Inter-creditor and shareholders agreement
  • Aligning capital in a bid to offer for the site
  • Basics of development loan structures
  • Lending criteria and typical capital structures
  • Lending fees

Development appraisals and feasibility analysis

  • Principles of valuation for commercial and residential properties
  • Assessing GDV, key development costs to build and manage, assessing professional fees, interest costs and contingencies.
  • ‘Golden Rules’ for property development appraisals
  • Example of a full cash flow appraisal
  • Profit on cost calculation, IRR, cash multiples, etc

Exit options, sales, marketing strategy and tactics in practice

  •  What drives value in any area
  • Sources of market intelligence
  • Assess competitive schemes and their pipeline
  • Real estate cycles reiterated and applied
  • Marketing and client segmentation (assessing the neighbourhood)
  • Marketing strategy and tactics for your project
  • Estate agents: structures, hiring and firing
  • Fitting out show homes
  • Marketing overseas
  • Structuring offers for buyers
  • Controlling sales and marketing budget

Case study:

  • Mixed-use site development in North London
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