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099 eBook O'Reilly for Public Libraries
100 1 Morri, Giacomo,|d1975-
245 10 Property finance :|ban international approach /|cGiacomo
Morri, Antonio Mazza with an outline of the most relevant
legal issues in selected jurisdictions ; country reports
edited by Alessandro P. Scarso.|h[O'Reilly electronic
resource]
264 1 Chichester, West Sussex, United Kingdom :|bWiley,|c2015.
300 1 online resource
336 text|btxt|2rdacontent
337 computer|bc|2rdamedia
338 online resource|bcr|2rdacarrier
490 1 Wiley finance series
500 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.
504 Includes bibliographical references and index.
505 0 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.
505 8 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.
505 8 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.
505 8 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.
505 8 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.
520 "Text contains both numerical examples and excerpts from
contracts, in order to provide useful explanations
followed by immediate practical cases"--|cProvided by
publisher.
588 0 Print version record and CIP data provided by publisher.
590 O'Reilly|bO'Reilly Online Learning: Academic/Public
Library Edition
650 0 Real estate investment|xFinance.
650 0 Mortgages.
650 0 Real estate investment|xFinance|xLaw and legislation.
650 0 Mortgage loans|xLaw and legislation.
650 6 Hypothèques.
650 7 mortgages.|2aat
650 7 Mortgage loans|xLaw and legislation|2fast
650 7 Mortgages|2fast
650 7 Real estate investment|xFinance|2fast
650 7 Real estate investment|xFinance|xLaw and legislation|2fast
700 1 Mazza, Antonio,|d1964-
776 08 |iPrint version:|aMorri, Giacomo, 1975-|tProperty finance.
|dChichester, West Sussex : Wiley, 2015|z9781118764404
|w(DLC) 2014031685
830 0 Wiley finance series.
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