REFM
Excel for Real Estate bootcamps and unlocked CRE modeling templates.
About REFM
REFM (Real Estate Financial Modeling) provides commercial real estate financial modeling training and Excel-based analysis tools. Its Excel for Real Estate Certification bootcamps run in three levels, from Excel fundamentals through real estate finance to single-transaction equity joint venture partnership and waterfall modeling, delivered as video courses with Excel templates and certification exams. REFM also sells unlocked Excel model templates used by developers and equity investors for development and acquisition analysis, including construction spend, capex budgeting, and sensitivity testing of rents and returns. Courses and templates are purchased individually or in bundled levels through its online course shop.
✓ Pros
✓Structured certification path from Excel basics to JV waterfall modeling
✓Templates come unlocked so formulas can be inspected and customized
✓Course bundles combine training with working Excel models
✗ Cons
✗Training-first offering; the software is Excel templates rather than a hosted app
✗Pricing is spread across individual course and template pages in the shop
✗Certification focus may be more than practitioners who only want a model need
Who This Is For
Roles
Company Size
Property Types
REFM Features
✦ Level 1: Excel for Real Estate
4+ hour course on Excel operation and practical techniques for real estate analysis.
✦ Level 2: Real Estate Finance
Hands-on course covering real estate finance foundations plus advanced Excel techniques.
✦ Level 3: JV Partnership & Waterfall Modeling
Course on dollars-in/dollars-out dynamics of single-transaction equity JV partnerships and waterfalls.
✦ Unlocked Model Templates
Fully unlocked Excel pro formas for development and acquisition analysis, including capex and construction spend.
✦ Sensitivity Analysis
Templates support stress testing of variables such as rent and comparative return analysis.
REFM FAQ
How much does REFM cost?
REFM does not publish pricing; it is one-time purchase. Contact the vendor for a quote.
Who is REFM for?
REFM is built for Analysts, Developers, Investors, Students, working with commercial, multifamily properties.
What are alternatives to REFM?
Popular investment & valuation alternatives include Argus by Altus Group, CREModels, Dealpath.
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Popular Comparisons
Argus by Altus Group vs Dealpath
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Argus by Altus Group vs Juniper Square
Argus values the assets; Juniper Square manages the fund and its investors — GPs running institutional capital typically need both layers.
Dealpath vs Juniper Square
Dealpath runs the acquisitions pipeline; Juniper Square runs fundraising and fund administration — they cover opposite sides of a GP's business.
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