Morri / Mazza | Property Finance | Buch |

Morri / Mazza Property Finance

An International Approach + Website

1. Auflage 2015, 272 Seiten, Gebunden, Format (B × H): 173 mm x 244 mm, Gewicht: 612 g Reihe: Wiley Finance Series
ISBN: 978-1-118-76440-4
Verlag: WILEY

Morri / Mazza Property Finance

A holistic guide to financial and legal issues of real estate financing

Property financing pertains to the various sources of capital invested in real estate assets. Built on a solid theoretical background, Property Finance features relevant case studies that cover the most common issues in property lending and financing. You will learn the policies surrounding debt and equity resources, preferred equity, mezzanine debt, and other hybrid forms in both general and country-specific terms. The first, general section of the book addresses real estate lending at an international level, financial cash flows, and the main clauses of financing agreements. The second, country-specific section discusses the more relevant element of European markets with a focus on the United Kingdom, France, Germany, Spain, and Italy.
* The book uniquely focuses on real estate financing exclusively, instead of on investment, valuation, or REITS
* A mix of theoretical and practical examples provides useful explanations followed by immediate practical cases
* A frequently updated website complete with errata corrige, updates, new spreadsheets, useful data, and other features accompanies the information in the book

Featuring practical case studies and a holistic approach to real estate financing topics, Property Financing is the ideal handbook to applicable financial and legal issues for financial students and managers.

Weitere Infos & Material

Foreword by Prof. Dr. Junhai Liu xiForeword by Prof. Dr. Matthias Thomas xiiiPreface xvPreface to Part Two xviiAcknowledgements xixList of Figures xxiReader's Manual xxiiiPart OneChapter 1 Introduction to Property Financing 31.1 Forms of financing: debt and equity 31.1.1 Debt 41.1.2 Equity 61.2 A different approach to property financing 61.3 Corporate finance and project finance 71.4 Bank financing 81.4.1 Property Loans to Private Individuals 91.4.2 Property Financing to Cover Financial Requirements 91.4.3 Structured Real Estate Financing 101.5 Fund raising, securitization, and syndication 101.5.1 Traditional Funding and Securitization 111.5.2 Funding for Real Estate Loans and Syndication 121.5.3 Syndication of Real Estate Loans 13Chapter 2 Structured Real Estate Financing 152.1 Bank roles 172.2 Bank loan contractual forms 172.3 Loans for development projects 182.4 Parts and stages of a structured loan 182.4.1 Analysis of the Transaction and Term Sheet 192.4.2 Real Estate Valuation 212.4.3 Basics of Property Appraisal 232.4.4 Due Diligence Process 322.4.5 Legal Due Diligence 32Chapter 3 Loan Agreement 333.1 Object and purpose of the loan 343.2 Conditions precedent 343.3 Amount of the loan 353.4 Interest rates 363.5 Interest rate risk hedging 383.5.1 Interest Rate Cap 383.5.2 Collar 383.5.3 Interest Rate Swap 383.6 Loan allocation 413.7 Loan repayment schedule 433.8 Fees 433.9 Frequency of drawdown and procedures 453.10 Events of default 463.11 Property insurance 483.12 Representations and warranties 493.13 Duty to provide information 533.14 Costs, taxes, and ancillary charges 563.15 Contractual covenants 563.15.1 Balance Sheet Covenants 573.15.2 Financial Covenants 57Chapter 4 Loan Repayment, Interest, and Renegotiation 634.1 Bullet payments 634.2 Pre-amortizing (semi-bullet) 634.3 Balloon payment 644.4 Fully amortizing repayment plans 654.4.1 Fixed-Capital Loan Repayment Plan 664.4.2 Floating-Rate Loan Repayment Plan 684.4.3 Loan with Interest Rate Caps 714.5 Other repayment schedules 734.5.1 Negative Amortizing Constant Payment Loan 734.5.2 Declining Payment Loan with Constant Amortizing 744.6 Restructuring and renegotiation of real estate loans 754.6.1 Grant of a New Loan 764.6.2 Deferral of Payment Deadlines 764.6.3 Restructuring Arrangement 77Chapter 5 Effects of Financial Leverage on Real Estate Investments 795.1 An illustration of financial leverage 805.2 The effects of an increase in volatility 815.3 The effect of financial leverage on returns 825.4 The effect of financial leverage on risk 825.5 "No Free Lunch" 845.6 The mechanics of financial leverage 845.7 The effect of the spread 855.8 A brief summary of when to use financial leverage 86Chapter 6 Structured Real Estate Financing Case Studies 896.1 Structured financing for an income producing property 906.1.1 Description of the Transaction 906.1.2 Term Sheet for an Income Producing Property 906.2 Structured financing for a real estate portfolio acquisition 1006.2.1 Description of the Portfolio Acquisition 1006.2.2 Term Sheet for the Financing of a Real Estate Portfolio 1016.3 Financing of a real estate development project 1136.3.1 Description of the Residential Development Project 1136.3.2 Term Sheet for the Development Project Loan 1136.4 Financing a shopping centre: credit application 1216.4.1 Players Involved 1216.4.2 Financial Analysis and Key Figures 1266.4.3 Risk Appraisal 1286.4.4 Risk Rating and Risk-Reward 1316.4.5 Conclusion and Recommendation 131Chapter 7 Hybrid Forms of Financing 1337.1 Description 1337.2 Procedures for establishing mezzanine finance and cost 1377.2.1 The Debt Component 1377.2.2 Equity Kicker 1397.3 Covenants in a mezzanine financing 1407.4 Economic mechanics of hybrid financing 1417.4.1 Mezzanine Financing for an Income Producing Property 1427.4.2 Preferred Equity for Development Projects 1447.5 Waterfall payout agreement 1487.6 Intercreditor agreement 154Chapter 8 Basel Accords and Effects on Real Estate Financing 1598.1 Basel II 1608.2 Basel III 1608.3 The Basel Accords and real estate financing 1618.4 Standardized Approach 1628.5 IRB Foundation and Advanced methods 163Part two Outline of the most relevant legal issues in selected jurisdictionsChapter 9 China 171Chapter 10 England and Wales 177Chapter 11 France 185Chapter 12 Germany 201Chapter 13 India 207Chapter 14 Italy 215Chapter 15 Spain 229Authors 235Giacomo Morri 235Antonio Mazza 235Alessandro P. Scarso 236References 237Index 241

Morri, Giacomo
GIACOMO MORRI, Ph.D., MRICS, is Senior Professor in the Accounting, Control, Corporate Finance and Real Estate Department at SDA Bocconi School of Management and Lecturer in Real Estate Finance at Bocconi University. He is Past-president and Board Member of the European Real Estate Society. He also sits on the board of several real estate companies and works as freelance advisor.

ANTONIO MAZZA is Teaching Fellow at SDA Bocconi School of Management. He has been working for almost 25 years in the real estate market for both Italian and foreign banks and he is currently General Manager of "Aareal Bank AG" Italy and board member of several Italian companies within the "Aareal Group". He is Professional Member of the Royal Institution of Chartered Surveyors and a member of several Italian Banking Association.

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