Bayfield Training Limited

Bayfield Training is a prominent global supplier of investment grade Real Estate executive education. Having begun as pioneers in the field of Real Estate Financial Modelling, today Bayfield has a huge extended network of experts, specialists and professionals within this sector. This enables the company to provide a wide range of education for businesses and employees within the field of International Real Estate.

For the past 25 years, Bayfield has been at the forefront of bridging the gap between academic training and professional development in the real estate industry. As a trusted partner to commercial property consultancies, developers, asset managers, and REITs, Bayfield has set the industry standard for real estate financial modelling training.

Bayfield Training is recognised internationally for the pioneering of both the subject and the training technique. Bayfield Training has three unique styles of course delivery - Classroom, Virtual and more recently Online Self Study. The key to the success and popularity of our courses is the combination of advanced Excel spreadsheet financial modelling skills and years of background and experience in the property industry. All courses combine theory both in property finance and financial modelling with instructive exercises in Excel using practical and relevant examples.

With a selection of CPD-accredited courses in real estate financial modelling, strategy, and leadership and management, Bayfield has helped real estate professionals around the world to hone their skills and advance their careers. Aspiring executives have come to rely on Bayfield’s comprehensive range of training courses and services for their professional development needs. All our trainers have been instructed in the ‘Bayfield training technique’ so that they all deliver our superb modelling courses to the same high standard.

Bayfield Training has established an exceptional partnership with the University of Cambridge's Department of Land Economy. In collaboration with the University of Cambridge's prestigious Department of Land Economy, we offer the exclusive Real Estate Financial Modelling Certificate which provides Bayfield Training's customers and the University of Cambridge's MPhil and MST Students with a distinctive learning experience that blends academic rigor with practical skills.

Furthermore, earlier this year we launched the Bayfield Online Academy. This dynamic platform offers a broad range of essential Excel courses which have been designed to elevate your skills. The beauty of these courses lies in their self-paced online learning structure, allowing you to embark on your learning journey at a time that suits you best. Here you are able to learn more about our Bayfield Online Academy.

If you’re interested in a course with us, please feel free to visit Bayfield Training's website or contact us, contact details can be found in the column on the right hand side. 

Creating an environment for Real Estate professionals to learn, network and progress their careers is something that we strive to encapsulate here at Bayfield Training. We will continue our mission to bridge the academic and professional gap in the Real Estate Sector.

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Jacob Noble


Products and services

Real Estate Financial Modelling Certificate | 8-Week Self-study Course

Get upskilled and recognised by the greatest Real Estate Educational Institutions in the world with the Bayfield Training , University of Cambridge Real Estate Financial Modelling Certificate.

In partnership with the Land Economy, University of Cambridge

This eight-week online course is suitable for modellers new to Real Estate and experienced Real Estate Analysts looking to formalise their skill set. This course will equip you with skills to start building your own financial models and the certificate will give your employers and colleagues reassurance of your expertise.

Module Overview:

  • Modules 1-3: All the tools, theory and mathematics required to build a financial model.
  • Modules 4-6: Deal ready Real Estate Financial models, incorporating live data, multi-let investment and development projects.
  • Modules 7-8: Project finance, financial risk and investment analytics.

This online course has been put together exclusively for the Real Estate Financial Modelling certificate, using state of the art digital resources such as animations, video-steps, digital whiteboard and video-interactions as well as the spreadsheets, text based resources and tutor contact you would expect from any of Bayfield Training’s classroom based courses. Assessment is in the form of a guided model build exercise and written model appraisal.

On this course you will:

  • Become a competent model builder, building Real Estate Financial Models from scratch
  • Learn tricks and concepts from financial modelling experts with decades of experience in practice and academia
  • Learn how to use Real Estate Financial Models to make informed investment decisions
  • Learn at a consistent pace over 8 weeks allowing you to take the time to fully grasp this important skill

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Real Estate Analyst - Financial Modelling in Excel

Financial modelling for commercial property investments. The original and industry standard.

Create flexible real estate financial models in Excel. Case studies focus on core, core plus and value add property investments. This course shows you how to model income producing property, build rent functions, model costs and calculate returns. It also shows you how to interpret and analyse the results. The Real Estate Analyst course has been taught non-stop to global real estate firms over the last 20 years, and is without doubt the core financial modelling training in your career portfolio.

On this course, you will…

  • Learn how to structure an investment cash flow from first principles and how to value and appraise property investments
  • Build annual and quarterly discounted cash flows
  • Look in depth at modelling tenancy schedules: rent reviews, upward-only, break options, lease expiry
  • Build OPEX and CAPEX into your cash flow
  • Analyse risk using sensitivity tables and charts
  • Employ best practice and find solutions to common modelling problems

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Real Estate Developer - Financial Modelling in Excel

Financial modelling in Excel for all types of Property Development.

This course will show delegates how to appraise projects in Excel, incorporate and communicate updates as they happen and ultimately understand how to convert an opportunistic property investment into a core asset that can be sold on.

On this course you will…

  • Learn how to calculate land and profit residuals
  • Learn how to structure a full development cash flow, including phased sales, S-curve and straight line cost functions
  • You will be taught how to find maximum bidding prices for site development and building refurbishments
  • Understanding development financing considerations and learn how to optimise financing
  • Analyse financial and project completion risks
  • Employ best practice and find solutions to common modelling problems

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Real Estate Investor - Financial Modelling in Excel

Advanced Real Estate Cash Flow Modelling for professionals investing across sectors, globally.

The Real Estate Investor course follows on from the Real Estate Analyst course widening the application financial modelling and commercial considerations to new sectors, geographies and project types. The course includes an introduction to development cash flow modelling, from how to best represent the risks associated with the costs, to methods and considerations of development financing. In addition to the office sector, modelling of retail investment assets and commercial residential development are also covered. Additionally the geographical investment universe is expanded to include how to model pan-European real estate cash flows accounting for different indexation rules and methods.

On this course you will…

  • Revise operational models of real estate assets and stress for core income
  • Apply modelling techniques to an expanded range of real estate sectors and geographies
  • Consider both investment and development cash flows
  • Understand the sources and use of funds
  • Learn about typical debt covenants and how to incorporate them
  • Learn how to optimise debt structures

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Real Estate Modelling Masterclass

Structured finance and risk modelling for all types of real estate project.

This advanced financial modelling course will benefit Real Estate Professionals looking to develop their financial modelling skills to the next level. This course is intended to the most ambitious modellers in the property industry who would like to be fully proficient in building complex real estate models.

On this course you will...

  • Understand how the application and use of Structured Finance products in Real Estate
  • Learn how to introduce several tranches of debt in a development project
  • Understand how to model different parties to a project
  • Create Joint Venture structures between Developers, Lenders and Equity Partners
  • Learn advanced modelling techniques to analyse underlying asset risk
  • Understand how underlying asset risk impacts return to all parties to a project

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Real Estate Financial Modelling School

A week of financial modelling combining the Real Estate Analyst, Real Estate Investor and Real Estate Modelling Masterclass.

Real Estate Financial Modelling School is an intensive week meticulously designed to teach the best practices to create flexible and robust cash flows in Excel. This school combines three of our courses:

All of the courses are interlinked to give you a full understanding of the subject using Excel.

On this course you will…

  • Implement cash flows in excel throughout the whole week.
  • In the first two days you will learn how to develop rent functions and net operating income. We will show you how to value and appraise property investments and analyses the results.
  • On the third and fourth day you will learn how to model and analyse development projects using both residuals and cash flow methods. It will show you how to interrogate and compare alternative return metrics such as profit-equity multiples, profit and cost, net present value, worth and internal rate of return. You will also learn how to model cash flow from different sector office, retail and leisure.
  • On the fifth day debt structures will be covered as well as joint ventures and partnership financing. You will also learn how to implement the full spectrum of the risk analysis from sensitivity to Monte Carlo.

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Introduction to Real Estate Fund Management

Demystifying Real Estate Fund Management for those investing or stepping up their careers.

A course introducing the fund management process, specifically applicable to real estate funds. The course revises the real estate market and the opportunities available before comparing the risks and reward of investment in the underlying asset with investment in shares of a real estate fund (aka indirect real estate investment). When setting up a fund, the various different structures available and the broader legal framework for real estate investment activity in the UK is reviewed. Finally financial analysis of the fund revising portfolio modeling theory and benchmarking performance are demonstrated using spreadsheet models.

On this course, you will…

  • Understand the fund origination process; real estate investment and strategy
  • Gain appreciation of investment management at the fund level
  • Learn the different types of funds available
  • Analyse real estate portfolio risk and return
  • Review the UK and international available benchmarks
  • Learn how to manage real estate risk at the portfolio level

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An Introduction to Real Estate

A one-day course to help you understand the real estate sector, its characteristics and its importance to the general economy. This course will help anyone supporting or moving into the sector with the knowledge and tools to communicate effectively with real estate professionals. By the end of the course delegates will have gained key skills in Real Estate Investment strategy and Analytics. They will also become familiar with the players, structure, general terminology and overall needs of Real Estate.

On this course, you will…

  • Learn what is Real Estate and why it is different from other asset classes
  • Get to grips with the overall size and structure of the UK Real Estate Market
  • Learn and analyse the links between the different parts of the property market
  • Understand who works in the Real Estate Market, their qualifications and their job descriptions
  • Recognise how and when to use basic real estate concepts: Rent, Value, Yield, Risk and Return, etc…
  • Learn how to read a real estate market report
  • Understand how current affairs, politics and economics affects Real Estate Investment
  • Use household names and iconic companies, cities and buildings to help consolidate your appreciation of this exciting sector

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Commercial Real Estate Development

Take the risk out of property development by learning the mistakes and successes of others.

Real Estate Development is complex in its formation and delivery. The interrelationship and sophistication of the property development industry requires a deeper understanding of public policy, physical planning, municipal regulation, market research, the legal framework, site appraisal, economic evaluation, financial arrangements, contractual procedures, building design, construction techniques and marketing.

This course will ask the questions as to when, what and how development is initiated by use of case studies, development models, interactive play and discussion.

Over the two days the programme will take you through the journey from site selection through to completion.

On this course you will:

  • Gain an insight into the Development Process at a Macro & Micro level
  • Learn where development sits within the Real Estate Market
  • Learn what constitutes Development physically and economically
  • Understand the various agencies involved in the Development Process
  • Learn the different characteristics of Real Estate Sectors
  • Learn an insight into the principles of design for different types of project.
  • Learn How to look and access opportunities.
  • Learn how to put together a feasibility study and prepare a financial plan
  • Benchmark returns and understand the risks throughout the life of the project
  • Learn how to mitigate risks.
  • An understanding of the team dynamics, their inputs and agenda’s
  • Learn research techniques that support each stage in the development process
  • Negotiate with your peers to problem solve a project crisis

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Financial Modelling in ARGUS

Learn how to use ARGUS to an intermediate level and utilise its most advanced features.

In this two-day course, attendees will learn how to use ARGUS to an intermediate level and will be exposed to its most advanced features. No previous ARGUS knowledge is required and attendees do not need any specific knowledge before taking the class. A limited exposure to commercial real estate or finance is sufficient as all relevant financial concepts are covered in class.

With the introduction of Argus Enterprise, there have been substantial changes from Argus DCF. Even if you’re an experienced user of DCF, you will benefit from this class.

On this course, you will….

  • Build ARGUS financial models using nothing more than a few assumptions
  • Edit and audit existing models for errors and unreasonable assumptions
  • Determine an appropriate purchase price and leverage based on desired rates of return and risk tolerance
  • Build detailed cash flow projections, sources and uses schedules, and other financial reporting tools such as discounted cash flow analysis (Net Present Value and IRR)
  • Estimate future sale prices based on cash flow and other approaches
  • Account for the impact of debt financing
  • Model complex partnerships and determine the returns to each investor
  • Develop detailed construction budgets for development projects
  • Build advanced mortgages
  • Understand how to use ARGUS to model all major property types (office, industrial, retail, residential, and hotel)
  • Run advanced scenario and sensitivity analyses on individual properties and portfolios
  • Export all data and reports to customized reports in Excel

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Real Estate Private Equity Modelling in Excel

Incorporate your project models from our Real Estate Analyst course into the three statement operational cash flow of a corporate entity.

Learn how to structure and model Real Estate Private Equity Funds. The course models the link between individual project appraisals taught on our Real Estate Financial Modelling School and the entity that purchases them. The individual property and tenant variables are combined from their NOI and incorporated into a three-statement operating model. You will also learn how to design an incentive scheme, model the distribution of dividends and value the fund. A variety of scenarios are then modelled such as Leveraged Buy-Outs (LBOs) and Venture Capital Contributions. Finally, you will test the key drivers of the underlying assets on overall returns.

On this course you will:

  • Build a Real Estate Private Equity Fund model
  • Understand Private Equity market structure and strategies
  • Understand the basics of Fund Valuation and related metrics
  • Review accounting principles as applied to Real Estate Funds
  • Model dividend policy and distributions under various scenarios
  • Analyse risk using metrics, tables and charts
  • Use risk analysis techniques to further define fund structures

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Understanding Property Accounts

Learn how to read a set of property accounts under International Financial Reporting Standards (IFRS).

This course will show you an insightful way to read a set of property accounts under International Financial Reporting Standards (IFRS). The 1-day course includes essential topics related to the realms of accounting, finance, and real estate investment, which will help delegates have more comprehensive understanding of property companies.

Delegates leave this course with an understanding of how to read, question and understand property financial reports. This course goes further to help delegates to obtain skills on examining the fundamental value of a property company by conducting a wide range of finance analysis tools.

On this course you will…

  • Recognise the underlying principles of accounting and the nature of property reporting
  • Uncover key information in property company accounts that will provide you with a better understanding of the property or portfolio.
  • Empower yourself to ask relevant questions when reviewing accounts.
  • Understand what key information needs to be provided to accountants so as to ensure accounts are accurately prepared.
  • Key ratio analysis of accounts and understanding funding and where the cash is going

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