| Description |
1 online resource |
| Series |
Wiley finance series |
|
Wiley finance series.
|
| Summary |
"Text contains both numerical examples and excerpts from contracts, in order to provide useful explanations followed by immediate practical cases"-- Provided by publisher. |
| Bibliography |
Includes bibliographical references and index. |
| Note |
Machine generated contents note: Foreword by Prof. Dr. Junhai Liu xi Foreword by Prof. Dr. Matthias Thomas xiii Preface xv Preface to Part Two xvii Acknowledgements xix List of Figures xxi Reader's Manual xxiii Part One Chapter 1 Introduction to Property Financing 3 1.1 Forms of financing: debt and equity 3 1.1.1 Debt 4 1.1.2 Equity 6 1.2 A different approach to property financing 6 1.3 Corporate finance and project finance 7 1.4 Bank financing 8 1.4.1 Property Loans to Private Individuals 9 1.4.2 Property Financing to Cover Financial Requirements 9 1.4.3 Structured Real Estate Financing 10 1.5 Fund raising, securitization, and syndication 10 1.5.1 Traditional Funding and Securitization 11 1.5.2 Funding for Real Estate Loans and Syndication 12 1.5.3 Syndication of Real Estate Loans 13 Chapter 2 Structured Real Estate Financing 15 2.1 Bank roles 17 2.2 Bank loan contractual forms 17 2.3 Loans for development projects 18 2.4 Parts and stages of a structured loan 18 2.4.1 Analysis of the Transaction and Term Sheet 19 2.4.2 Real Estate Valuation 21 2.4.3 Basics of Property Appraisal 23 2.4.4 Due Diligence Process 32 2.4.5 Legal Due Diligence 32 Chapter 3 Loan Agreement 33 3.1 Object and purpose of the loan 34 3.2 Conditions precedent 34 3.3 Amount of the loan 35 3.4 Interest rates 36 3.5 Interest rate risk hedging 38 3.5.1 Interest Rate Cap 38 3.5.2 Collar 38 3.5.3 Interest Rate Swap 38 3.6 Loan allocation 41 3.7 Loan repayment schedule 43 3.8 Fees 43 3.9 Frequency of drawdown and procedures 45 3.10 Events of default 46 3.11 Property insurance 48 3.12 Representations and warranties 49 3.13 Duty to provide information 53 3.14 Costs, taxes, and ancillary charges 56 3.15 Contractual covenants 56 3.15.1 Balance Sheet Covenants 57 3.15.2 Financial Covenants 57 Chapter 4 Loan Repayment, Interest, and Renegotiation 63 4.1 Bullet payments 63 4.2 Pre-amortizing (semi-bullet) 63 4.3 Balloon payment 64 4.4 Fully amortizing repayment plans 65 4.4.1 Fixed-Capital Loan Repayment Plan 66 4.4.2 Floating-Rate Loan Repayment Plan 68 4.4.3 Loan with Interest Rate Caps 71 4.5 Other repayment schedules 73 4.5.1 Negative Amortizing Constant Payment Loan 73 4.5.2 Declining Payment Loan with Constant Amortizing 74 4.6 Restructuring and renegotiation of real estate loans 75 4.6.1 Grant of a New Loan 76 4.6.2 Deferral of Payment Deadlines 76 4.6.3 Restructuring Arrangement 77 Chapter 5 Effects of Financial Leverage on Real Estate Investments 79 5.1 An illustration of financial leverage 80 5.2 The effects of an increase in volatility 81 5.3 The effect of financial leverage on returns 82 5.4 The effect of financial leverage on risk 82 5.5 "No Free Lunch" 84 5.6 The mechanics of financial leverage 84 5.7 The effect of the spread 85 5.8 A brief summary of when to use financial leverage 86 Chapter 6 Structured Real Estate Financing Case Studies 89 6.1 Structured financing for an income producing property 90 6.1.1 Description of the Transaction 90 6.1.2 Term Sheet for an Income Producing Property 90 6.2 Structured financing for a real estate portfolio acquisition 100 6.2.1 Description of the Portfolio Acquisition 100 6.2.2 Term Sheet for the Financing of a Real Estate Portfolio 101 6.3 Financing of a real estate development project 113 6.3.1 Description of the Residential Development Project 113 6.3.2 Term Sheet for the Development Project Loan 113 6.4 Financing a shopping centre: credit application 121 6.4.1 Players Involved 121 6.4.2 Financial Analysis and Key Figures 126 6.4.3 Risk Appraisal 128 6.4.4 Risk Rating and Risk-Reward 131 6.4.5 Conclusion and Recommendation 131 Chapter 7 Hybrid Forms of Financing 133 7.1 Description 133 7.2 Procedures for establishing mezzanine finance and cost 137 7.2.1 The Debt Component 137 7.2.2 Equity Kicker 139 7.3 Covenants in a mezzanine financing 140 7.4 Economic mechanics of hybrid financing 141 7.4.1 Mezzanine Financing for an Income Producing Property 142 7.4.2 Preferred Equity for Development Projects 144 7.5 Waterfall payout agreement 148 7.6 Intercreditor agreement 154 Chapter 8 Basel Accords and Effects on Real Estate Financing 159 8.1 Basel II 160 8.2 Basel III 160 8.3 The Basel Accords and real estate financing 161 8.4 Standardized Approach 162 8.5 IRB Foundation and Advanced methods 163 Part two Outline of the most relevant legal issues in selected jurisdictions Chapter 9 China 171 Chapter 10 England and Wales 177 Chapter 11 France 185 Chapter 12 Germany 201 Chapter 13 India 207 Chapter 14 Italy 215 Chapter 15 Spain 229 Authors 235 Giacomo Morri 235 Antonio Mazza 235 Alessandro P. Scarso 236 References 237 Index 241. |
| Contents |
Cover; Title Page; Copyright; Contents; Foreword by Prof. Dr. Junhai Liu; Foreword by Prof. Dr. Matthias Thomas; Preface; Preface to Part Two; Acknowledgements; List of Figures; Reader's Manual; Part One; Chapter 1 Introduction to Property Financing; 1.1 Forms of financing: debt and equity; 1.1.1 Debt; 1.1.2 Equity; 1.2 A different approach to property financing; 1.3 Corporate finance and project finance; 1.4 Bank financing; 1.4.1 Property Loans to Private Individuals; 1.4.2 Property Financing to Cover Financial Requirements; 1.4.3 Structured Real Estate Financing. |
|
1.5 Fund raising, securitization, and syndication1.5.1 Traditional Funding and Securitization; 1.5.2 Funding for Real Estate Loans and Syndication; 1.5.3 Syndication of Real Estate Loans; Chapter 2 Structured Real Estate Financing; 2.1 Bank roles; 2.2 Bank loan contractual forms; 2.3 Loans for development projects; 2.4 Parts and stages of a structured loan; 2.4.1 Analysis of the Transaction and Term Sheet; 2.4.2 Real Estate Valuation; 2.4.3 Basics of Property Appraisal; 2.4.4 Due Diligence Process; 2.4.5 Legal Due Diligence; Chapter 3 Loan Agreement; 3.1 Object and purpose of the loan. |
|
3.2 Conditions precedent3.3 Amount of the loan; 3.4 Interest rates; 3.5 Interest rate risk hedging; 3.5.1 Interest Rate Cap; 3.5.2 Collar; 3.5.3 Interest Rate Swap; 3.6 Loan allocation; 3.7 Loan repayment schedule; 3.8 Fees; 3.9 Frequency of drawdown and procedures; 3.10 Events of default; 3.11 Property insurance; 3.12 Representations and warranties; 3.13 Duty to provide information; 3.14 Costs, taxes, and ancillary charges; 3.15 Contractual covenants; 3.15.1 Balance Sheet Covenants; 3.15.2 Financial Covenants; Chapter 4 Loan Repayment, Interest, and Renegotiation; 4.1 Bullet payments. |
|
4.2 Pre-amortizing (semi-bullet)4.3 Balloon payment; 4.4 Fully amortizing repayment plans; 4.4.1 Fixed-Capital Loan Repayment Plan; 4.4.2 Floating-Rate Loan Repayment Plan; 4.4.3 Loan with Interest Rate Caps; 4.5 Other repayment schedules; 4.5.1 Negative Amortizing Constant Payment Loan; 4.5.2 Declining Payment Loan with Constant Amortizing; 4.6 Restructuring and renegotiation of real estate loans; 4.6.1 Grant of a New Loan; 4.6.2 Deferral of Payment Deadlines; 4.6.3 Restructuring Arrangement; Chapter 5 Effects of Financial Leverage on Real Estate Investments. |
|
5.1 An illustration of financial leverage5.2 The effects of an increase in volatility; 5.3 The effect of financial leverage on returns; 5.4 The effect of financial leverage on risk; 5.5 "No Free Lunch"; 5.6 The mechanics of financial leverage; 5.7 The effect of the spread; 5.8 A brief summary of when to use financial leverage; Chapter 6 Structured Real Estate Financing Case Studies; 6.1 Structured financing for an income producing property; 6.1.1 Description of the Transaction; 6.1.2 Term Sheet for an Income Producing Property; 6.2 Structured financing for a real estate portfolio acquisition. |
| Subject |
Real estate investment -- Finance.
|
|
Mortgages.
|
|
Real estate investment -- Finance -- Law and legislation.
|
|
Mortgage loans -- Law and legislation.
|
|
Hypothèques. |
|
mortgages. |
|
Mortgage loans -- Law and legislation |
|
Mortgages |
|
Real estate investment -- Finance |
|
Real estate investment -- Finance -- Law and legislation |
| Added Author |
Mazza, Antonio, 1964-
|
| Other Form: |
Print version: Morri, Giacomo, 1975- Property finance. Chichester, West Sussex : Wiley, 2015 9781118764404 (DLC) 2014031685 |
| ISBN |
9781118764381 (ePub) |
|
1118764382 (ePub) |
|
9781118764343 (Adobe PDF) |
|
111876434X (Adobe PDF) |
|
1118764404 |
|
9781118764404 |
|
9781118764312 (o-book) |
|
1118764315 (o-book) |
|
(hardback) |
| Music No. |
EB00064235 Recorded Books |
|
More Resources