Course Syllabus

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SYLLABUS

CLASS TITLE: Underwriting

SEMESTER YEAR: Fall 2025

COURSE NUMBER: PLANA6265

CALL NUMBER: 13309

NUMBER CREDITS: 3pts

DAY, TIME, ROOM: Wednesdays, 3:30pm-5:30pm ET, 113 Avery

Instructor: Christopher W. Munsell, cwm2132@columbia.edu

Office Hours: Wednesdays, 1:30pm ET - 3:30pm ET in 320M Fayerweather

Class assistant: Jules Jacolot, jj3533@columbia.edu

 

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 their resources, please click HERE. 

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.

 

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: CLASS IN FACULTY HOUSE - 3:30PM START September 3rd – Multifamily Underwriting, Commercial Credit Policy, the Sizing Matrix and the Underwriting Timeline

Assignment due: None                                                        

 

Class 2: September 10th – Office Underwriting, the Commercial Rent Roll, Lease Abstract/Analysis, Credit Enhancements (TI/LC) and Rate Calculation

Assignment due: HW 1 – Multifamily UW

 

Class 3: September 17th – Loan Guarantees, and Earn-Outs

Assignment due: HW 2 – Office UW.

 

Class 4: September 24th – Hotel Underwriting, Third-Party Reports and Financial Covenants

Assignment due: None

 

Class 5: October 1st – Hotel Underwriting (continued), and Org Chart Analysis 

Assignment due: HW 3 – Hotel UW

 

Class 6: October 8th – Open Forum Review Session, and 1st Half Wrap Up

Assignment due: Prepare questions for Midterm Review

 

Class 7: October 15th – MIDTERM EXAM

Assignment due: STUDY FOR MIDTERM

 

Class 8: October 22nd – Retail Underwriting, Industrial Underwriting, Co-Tenancy Clauses, and the Loan Application/Term Sheet

Assignment due: None

 

Class 9: October 29th – CPACE and Sustainable Underwriting Considerations, Real Estate Taxes and Alternative Mortgage Products

Assignment due: HW 4 – Retail Underwriting

Guest Speaker: Caissa Martinez, North Bridge (CPACE Lender)

 

Class 10: November 5th – Mixed Use Underwriting, Site Inspection, the Multi-Property Pro Forma Template and Independent Use Valuation 

Assignment due: None

 

Class 11: November 12th – Mixed-Use Review, Personal Financial Statement (PFS), Real Estate Owned Schedule (REO) – Student Breakout Session, Borrower Submission Checklist. and Open Forum Final Exam Preparation

Assignment due: HW 5 – Mixed-Use Underwriting

 

Class 12: November 19th – FINAL EXAM TBD or EXTRA REVIEW

Assignment due: STUDY FOR FINAL EXAM/Prepare Study Questions

 

Class 13: December 3rd – HOLD POSSIBLE FINAL EXAM

Assignment due: STUDY FOR FINAL EXAM

 

 

Course Summary:

Date Details Due