PLANA6265 Underwriting Intensive Fall A 2024

Java Python SYLLABUS

CLASS TITLE: Underwriting Intensive

SEMESTER YEAR: FallA 2024

COURSE NUMBER: PLANA6265

I. COURSE DESCRIPTION

This core course examines the many aspects of underwriting income-producing real estate. Taking the risk-adverse viewpoint of the lender, students will learn to develop and piece together the complex components of an internal credit committee pro forma. Students will learn how to effectively underwrite office, retail, industrial, multifamily and hotel real estate. This class will develop students’ understanding of what lenders look for. Armed with this knowledge, students will be able to effectively communicate with lenders and achieve better terms for the kind of projects they will ultimately encounter in their careers.

This is a half-semester core course structured as a series of lectures that focus on the specific nuances of a different asset class each week. Students will be evaluated on their homework submissions, their exams and their ability to engage in an active class discussion. Topics and dates may change as students’ progress is assessed.

II. COURSE REQUIREMENTS AND ASSIGNMENTS

Students are expected to attend every class and complete and submit each assignment (if due) prior to the start of class. Students are expected to complete all work individually.

The homework will prepare students for an engaging discussion in which all are expected to heavily participate.

Office hours are always open. Please do not hesitate to come by, especially if you are struggling with the homework or concepts in class.

Reminder - Columbia Counseling and Psychological Services are always there to help - especially if you feel things are getting too much. There is no shame in asking for help. For PLANA6265 Underwriting Intensive Fall A 2024 their resources, please click HERE (https://www.health.columbia.edu/content/counseling-and-psychological-services-columbia-university) .

Policy on ChatGPT and other AI Tools: Students are not allowed to use generative Artificial Intelligence (AI) or machine learning tools to complete deliverables for this course. Individuals must complete their own work and properly acknowledge the circumstances, ideas, sources, and assistance upon which the work is based. The use of AI is prohibited in this course and shall be treated similarly to unauthorized assistance and/or plagiarism per Columbia University’s academic policy.

(https://cssi.columbia.edu/content/academic-violations)

(https://cssi.columbia.edu/content/academic-violations)

III. COURSE GRADING CRITERIA

Below is a breakdown of the course grade:

· Completion of Assignments: 40% .  In-Class Exams: 50%

· Attendance and in-class participation: 10%

Only exceptional performers will receive a High Pass.

IV. COURSE OUTLINE (classes are subject to change)

Class 1: September 5th – Multifamily Underwriting, Commercial Credit Policy, the Sizing Matrix and the Underwriting Timeline

Assignment due: None

Class 2: September 12th [NOTE THAT CLASS HAS A 6:30PM START] – Office Underwriting, the Commercial Rent Roll, Lease Abstract/Analysis, Credit Enhancements (TI/LC), Rate Calculation and Financial Covenants

Assignment due: HW 1 – Multifamily UW

Class 3: September 19th – Industrial & Retail Underwriting (Mixed-Use), Co-Tenancy Clauses, Loan Guarantees, Earn-Outs and the Loan Application

Assignment due: HW 2 – Office UW