A 6-module video course that walks you through building a real development pro forma from zero — site research, revenue, debt, returns, taxes, refinancing, and construction. Taught at Fordham University's Real Estate Institute.
| 01Pro Forma FoundationsFree |
| 02Debt, Cash Flow & Returns🔒 Paid |
| 03Stress-Testing the Deal🔒 Paid |
| 04Tax & Investor Mechanics🔒 Paid |
| 05Refinancing & Affordable Housing🔒 Paid |
| 06Entitlements & Construction🔒 Paid |
You can find a hundred pro forma templates online. Almost none of them explain why each input exists, where it comes from, or how it changes the outcome of a real deal.
You get a locked spreadsheet with formulas you can't see explained — fine for plugging in numbers, useless for understanding the model.
Academic courses cover concepts in the abstract. You finish without ever building a full underwriting model start to finish.
The established financial modeling programs are broad, multi-course libraries — a lot to buy through if all you need is development underwriting.
Most courses aren't taught by someone actively running development and TI projects — so the "why" behind each assumption is missing.
Module 1 is yours the moment you sign up. No credit card, no trial period. It's the same foundation used to build every module after it.
You fill in models today — this course teaches you why each line exists, so you can build one from scratch, not just maintain someone else's.
You review pro formas but don't build them — this course gives you the fluency to read a deal critically and ask the right questions.
Every module includes full session video, the matching slide deck, and the sample Excel pro forma model referenced in that session.
Underwriting basics, the 7-step framework, financial modeling assumptions, and NYC zoning & site research.
Debt service & amortization in Excel, cash flow projections, and the core return metrics used to evaluate a deal.
Scenario and sensitivity analysis — how to pressure-test assumptions before you commit capital.
Income tax & depreciation in the pro forma, plus how investor distribution waterfalls actually work.
Refinancing to permanent debt, plus subsidy debt and pro forma mechanics specific to affordable housing deals.
Entitlements, pre-development timing, and how the construction phase flows through the pro forma.
Jarrett LiBuono is the owner of KJL Consulting Group, a WBE-certified owner's representative and construction project management firm in NYC, and an instructor at Fordham University's Real Estate Institute, where he created and taught this course. He works on ground-up residential and commercial TI projects — the assumptions in this course come from deals he underwrites, not textbook examples.
A Build Intelligence education product — the same underwriting framework taught in the Fordham classroom, available on demand.
Also see LevelSet AI — the AI-powered bid leveling system, built by the same team.
Module 1 shows you the framework. The Full Course takes you all the way through a complete development underwriting build.
Module 1 — Pro Forma Foundations. Enough to run the 7-step framework on your own deal today.
All 6 modules, start to finish — everything to build a complete development underwriting model.
Founding price for early enrollees. Standard price $797–$897 after launch. · Want a 1:1 underwriting review with Jarrett? Ask about add-on coaching →