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  • CREF program: 10 total courses to earn CREF certificate
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Program Overview

10 courses

10 Required Courses

40-50 Hours

Average completion time

Receive a Certificate

To verify your skills

500,000+ 5-star ratings

Best-in-class training, as rated by you

Your Road to a Commercial Real Estate Finance Specialization

This comprehensive specialization consists of 10 courses and 1 mortgage case study to deliver practical, real-world skills for commercial real estate finance.

Step 1.

10 Required Courses

Take 10 required courses to build your foundation in commercial real estate finance.

Real Estate Fundamentals
4.8 (55 Ratings)
1h 23min
1h 23min
How to Read a Commercial Real Estate Appraisal
4.8 (14 Ratings)
1h 11min
1h 11min
How to Read a Lease and Analyze a Rent Roll
4.8 (10 Ratings)
1h 22min
1h 22min
Environmental Due Diligence for Credit
4.8 (14 Ratings)
1h 12min
1h 12min
Real Estate Financial Modeling
4.9 (77 Ratings)
2h 14min
2h 14min
Construction Finance Fundamentals
4.9 (19 Ratings)
1h 15min
1h 15min
Structuring a Construction Loan
4.7 (7 Ratings)
1h 4min
1h 4min
Construction Loan-in-Process
4.9 (8 Ratings)
42min
42min
Commercial Mortgages
4.9 (22 Ratings)
2h 4min
2h 4min
Rocky Mountain Holdings Ltd. - Commercial Mortgage
4.8 (25 Ratings)
57min
57min
Hide All Courses

Get Specialized

Specializations allow narrow and deep focus on a targeted subject area, with particular attention to specific analysis techniques and actionable skills.

They are designed to deepen your industry acumen and to prepare you for faster professional growth within the sector.

Commercial Real Estate Finance Specialization Learning Objectives

1
43%
Real Estate Lending
2
24%
Construction Finance
3
16%
Real Estate Financial Modeling
4
12%
Environmental Analysis and Due Diligence
5
5%
Lease and Rent Roll Analysis
1
2
3
4
5
  1. 1.
    43%
    Real Estate Lending
  2. 2.
    24%
    Construction Finance
  3. 3.
    16%
    Real Estate Financial Modeling
  4. 4.
    12%
    Environmental Analysis and Due Diligence
  5. 5.
    5%
    Lease and Rent Roll Analysis

Real Estate Lending

  • Understand the important elements of, and process behind, commercial real estate lending – both for income-producing investment deals as well as owner-occupied property transactions
  • Explain the differences and similarities between different types of real estate loans and different property classes
  • Examine key property valuation metrics and how they relate to the credit analysis process
  • Explore the key property parameters that affect the credit underwriting process
  • Understand how key variables drive loan amount, risk rating, credit terms, and commercial mortgage pricing
  • Familiarize yourself with all the important documents and reports required to understand and analyze a real estate transaction

Real Estate Financial Modeling

  • Understand how a developer or an investor looks at potential development deals
  • Learn best practices of capital structure modeling in Excel
  • Perform sensitivity analysis
  • Understand why joint ventures are frequently used in real estate investing
  • Explore IRR Hurdles and model a 3-tier cash flow waterfall
  • Build and present a development deal summary

Construction Finance

  • Identify the phases and key players of the real estate development process
  • Explain the line items of a developer’s budget, derive a risk-assessed loan-to-cost, and review development and construction cash flows
  • Determine how the price of debt ties into the construction budget and project evaluation
  • Understand the construction payment cycle and address strategies and processes for non-performing loans

Environmental Analysis and Due Diligence

  • Explain why environmental due diligence is important in the credit assessment process
  • Identify environmental risk factors at a property or within a business operation
  • Understand the differences between the 3 levels of environmental site assessments (ESAs)
  • Read and interpret a Phase I Environmental Site Assessment report

Lease and Rent Roll Analysis

  • Outline and analyze the key components of a lease
  • Explain a variety of different lease types and how their terms differ
  • Identify red flags in leases that may present issues for a lender or an investor
  • Understand the purpose of a rent roll and analyze the data presented in it

Taught by Industry Experts

Kathy Poettcker

Kathy Poettcker currently runs her own consulting company in the area of real estate and infrastructure finance. Her background includes acquisitions, financing and asset management within investment banking, private equity, and operating company environments.
Lisa Dorian

Lisa Dorian

Lisa Dorian is Co-Founder, and formerly Chief Risk Officer and Managing Director, of CFI. As a finance executive, she gained extensive experience in governance, risk, and compliance, as well as business process and strategy.
Tim Vipond, FMVA

Tim Vipond, FMVA

Tim is the Co-Founder and CEO of CFI Education with an extensive background in entrepreneurship, financial analysis, and investment banking.
Kyle Peterdy

Kyle Peterdy

Kyle is VP, Commercial Banking & Credit with CFI. Kyle’s background is in commercial lending, including real estate transactions and construction project financing, where he spent significant time assessing physical environmental risks.

Explore Your Career Options

Over 85% of executives, supervisors, and HR professionals agree that certified individuals bring value, gain credibility, and are seen as top performers.
* Source

  • Credit Analysts

    Credit Analysts

    Analyze and structure real estate borrowing for various types of capital providers like banks, REITs, and Pension Funds.
  • Risk Manager & Credit Adjudicator

    Risk Manager & Credit Adjudicator

    Assess and approve transactions for banks and other financial institutions.
  • Private Real Estate Lenders

    Private Real Estate Lenders

    Work with private capital providers and family offices to underwrite more effective real estate loans.
  • Real Estate Investors and Advisors

    Real Estate Investors and Advisors

    Understand how lenders and external capital providers assess transactions to seek out better deals and negotiate better structures.
  • Commercial Mortgage Brokers

    Commercial Mortgage Brokers

    Analyze and package deals more effectively to facilitate quicker turnarounds and better terms for clients.
  • Commercial Relationship Managers

    Commercial Relationship Managers

    Work with commercial real estate investors and developers on behalf of lending institutions.

Our Learners Work At:

What Our Students Say

Over 75% of CFI learners report improved productivity or competency within weeks.

Love that I could understand the terms and processes, not having any prior knowledge of Real Estate.

Giselle Palmer

Introduced us to unique considerations in modeling the real estate industry, including differences in sale and construction timelines, maximum land loans, and tiered waterfall equity. These considerations can be complex, but the course introduces these concepts in a digestible way.

Jude Baguio

I specialized in real estate management as part of my undergraduate degree but this course still exposed me to a variety of topics I needed clarification on. Highly informative and I will be recommending this course to my colleagues.

Paolo Hermogenes

My understanding of real estate financial modelling has been improved a lot. Easy to follow and includes great templates as well.

Sigit Syahranie

Frequently Asked Questions

If you haven’t found your answer from our FAQ, please send us a message.

What is the Commercial Real Estate Finance Specialization and who is it designed for?
The Commercial Real Estate Finance Specialization prepares you to analyze, model, and structure complex property deals with confidence. It is designed for professionals in banking, lending, investment, and brokerage who want to sharpen their ability to evaluate loans, underwrite deals, and interpret appraisals in today’s real estate market.
What are the admission requirements for the Commercial Real Estate Finance Specialization?
You don’t need a formal finance degree to enroll, but a basic understanding of credit and finance will help. To get started, you’ll only need a computer with internet access and Microsoft Excel 2016 or newer. The program welcomes both newcomers to real estate finance and experienced professionals who want to deepen their technical skills.
How long does it take to complete the Commercial Real Estate Finance Specialization, and how flexible is it?
Most learners finish the program in 40-50 hours, but you set the pace that works best for your schedule. You can start anytime, pause when needed, and return to lessons as often as you like during your CFI subscription. This flexibility makes it easy to balance learning with work or studies.
What career opportunities can the Commercial Real Estate Finance Specialization help me pursue?
Earning this certificate helps you stand out in competitive roles across lending, credit analysis, investment, and advisory services. You’ll graduate with applied skills in real estate modeling, deal structuring, and risk assessment—abilities that employers look for when hiring or promoting in the commercial real estate space.
How does CFI ensure the Commercial Real Estate Finance Specialization is practical and job-ready?
The curriculum is built on real-world case studies drawn from commercial property transactions. You’ll practice skills like projecting cash flows, evaluating loan structures, and interpreting third-party appraisals, so what you learn directly mirrors the work done by analysts and lenders on the job.
How are exams conducted in the Commercial Real Estate Finance Specialization, and how do I earn my certificate?
Each course includes an online assessment with applied exercises and knowledge checks. To earn your certificate, you must complete all required lessons and score at least 80%. Once complete, your blockchain-verified digital certificate is instantly issued to your learner dashboard for download and sharing.
Is the Commercial Real Estate Finance certificate recognized by employers?
Yes. CFI certificates are globally recognized and valued for their emphasis on practical, desk-ready skills. Adding this specialization to your resume demonstrates that you can analyze real estate investments, assess credit risk, and structure transactions with professional rigor.
Are CFI courses accredited?
Yes. CFI is accredited by the Better Business Bureau and is an approved NASBA sponsor. Many courses qualify for CPE credits in the United States and CPD credits in Canada, making it easier to meet ongoing professional requirements while building real estate finance expertise. You can find more information here.
How much does the Commercial Real Estate Finance Specialization cost, and what’s included with my subscription?
The specialization is included in CFI’s all-access subscription, so you pay nothing extra. Your annual membership gives you unlimited access to every course, template, and certificate in the CFI catalog.
What kind of learner support and resources are available during the Commercial Real Estate Finance Specialization?
You’ll have access to detailed case-based lessons, ready-to-use Excel models, and step-by-step guidance designed to replicate real-world real estate finance projects. Beyond the coursework, you can connect with CFI’s global network of finance professionals. Learners on the Full Immersion plan receive personalized model feedback, instant help with AI Tutor, and exclusive access to industry tools to accelerate their career growth.

If you haven’t found your answer from our FAQ, please send us a message.

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