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T he basic idea behind any financial model is to bring order and understanding
to the numerous variables and complex information that financial transactions
present. Learning to build one from a blank spreadsheet is often a daunting task
to newcomers because of the sheer amount of information and nearly infinite
methods of manipulating data. This book seeks to bring a systematic, well-explained
method to constructing a particularly popular and adaptable type of model—the
cash flow model. Through the use of thorough explanation, graphical examples,
and the simultaneous application of learned methods featured in the Model Builder
exercises, anyone with a background in finance and basic spreadsheet understanding
can develop and understand a fully functioning financial model.
The most significant aspect of the model that will be created is that it is
constructed within a real-world context focusing on the structured finance industry.
Many other financial modeling books explain either application functions or specific
theoretical concepts. These books are good for learning a program or understanding
an academic topic, yet they are difficult to translate into a functioning financial
model. By combining specific application instruction with theory, this book teaches
skills that can be applied instantly to professional level modeling.
While the book focuses on structured finance analysis, the model created here
can be adapted for use in other fields. A fundamental question is whether a cash
flow model is the appropriate choice for the transaction under consideration. With
cheap memory, powerful processors, and constant evolutions in financial analytics,
a multitude of models are available ranging from real-time market value models to
code-intensive Monte Carlo simulations. The cash flow model is primarily used for
transactions that involve assets generating cash flow, which is applied against a set of
liabilities. These transaction types are often encountered in structured, asset-based,
and project finance and typically include the following asset classes:
■ Automobile loans and leases
■ Residential mortgages
■ Commercial mortgages
■ Equipment leases
■ Credit card receivables
■ Insurance/annuity arbitrage
■ Emerging market remittances
■ CBO/CLO/CDO
■ Small business loans
■ Timeshares
■ Infrastructure (toll road, airport, etc.)
■ Resources (oil, timber, etc.)
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