




版权说明:本文档由用户提供并上传,收益归属内容提供方,若内容存在侵权,请进行举报或认领
文档简介
12三月2024第七章住宅融资分析(房地产金融与投资-武汉理工大学7.1IncrementalBorrowingCost
增量借款成本Example:Alenderwillingtomakea80%firstmortgageloan,or$80000,for25yearsat12%interest.Thesamelenderisalsowillingtolend90%,or$90000,for25yearsat13%interest.BothareCPMs.Howshouldtheborrowercomparethesealternatives?增量借款成本计算LoanAmountLoanConstantMonthlyPaymentsAlt.IIat13%90000×0.0112784=1015.05Alt.Iat12%80000×0.0105322=842.58Difference10000Difference172.477.1.1EarlyRepaymentLoanAmountMonthlyPaymentsLoanBalanceAfter5YearsAlt.IIat13%900001015.0586639.88Alt.Iat12%80000842.5876522.56Difference10000172.4710117.327.1.2OriginationFeesLoanFeesNetAmountDisbursedMonthlypaymentsAlt.IIat13%90000-2700=873001015.05Alt.Iat12%80000-1600=78400842.58difference=8900172.47IncrementalBorrowingCostversus
aSecondMortgage增量借款成本与具有相同期限的第二抵押贷款利率是竞争的。增量借款成本大约同第二抵押贷款的有效成本相同增量借款成本与利差7.1.4Relationshipbetweentheincrementalcostandtheloan-to-valueratio
增量借款成本与抵借价值比的关系增量借款成本代表了贷款人对贷出额外资金,即增加抵借价值比率在边际上所要求的收益率。
EffectofLoan-to-ValueRatioonLoanCost7.1.5DifferenceinMaturitiesLoanAmountPaymentsYear1-25PaymentsYear26-30Alt.IIIat13%,30ys90000995.58995.58Alt.Iat12%,25ys80000842.580Difference10000153.00995.58前提interestratesfallsufficiently决策需知1、termsonthepresentoutstandingloan2、newloantermsbeingconsidered3、anychargeassociatedwithpayingofftheexistingloanoracquiringthenewloan.7.2LoanRefinancingExampleAborrowermadeamortgageloan5yearsagofor$80000at15%interestfor30years(monthlypayment).After5years,interestratesfall,andanewmortgageloanisavailableat14%for25years.Theloanbalanceontheexistingloanis$78976.50.Supposethattheprepaymentpenaltyof2%mustbepaidontheexistingloan,andthelenderwhoismakingthenewloanavailablealsorequiresanoriginationfeeof$2500plus$25forincidentalclosingcostsifthenewloanismade.Shouldtheborrowerrefinance?Costtorefinance:Prepaymentpenalty:(2%×78976.50)1580Originationfee,newloan2500Recording,etc.,newloan254105Monthlysavingsduetorefinancing:Existingloan,$80000,15%,30years1011.56Newloan,$78976.50,14%,25years950.69Differenceinmonthlypayments60.877.2.1EarlyRepayment:LoanRefinancingIftheborrowerplanstoholdthepropertyforonly10moreyearsafterrefinancing,isrefinancingstillworthwhile?Loanbalance,15thyear—existingloan72275Loanbalance,10thyear—newloan71386Difference889IRRfromSavingWhenRefinancing053010152520-0.050.050.100.150.200Internalrateofreturn%Yearsheldafterrefinancing7.2.2EffectiveCostofRefinancing通过再融资作出新贷款的费用是$4105借款人实际得到$74871.50(=78976-4105)对新贷款每月付款$950.69,共25年。再融资的有效贷款成本7.2.3BorrowingtheRefinancingCost借款人借入再融资成本,新贷款总额变为$83081.5(=78976.5+4105)是否再融资?方法一方法二7.3EarlyLoanRepayment:
LenderInducements借款人的贷款利率低于市场利率时,贷款人可能向借款人提供折扣以促使借款人提前偿清贷款。Supposeaborrowerhasaloanthatwasmade10yearsago.Theoriginalloanamountwas$75000tobeamortizedover15yearsat8%interest.Thebalanceoftheloanisnow$35348,andthepaymentsare$716.74permonth.Thecurrentmarketinterestis12%.Supposethelenderdiscountstheloanby$2000,sothatonly$33348mustbepaidtothelender.Isthisattractivetotheborrower?7.4MarketValueofaLoanThemarketvalueofaloanistheamountthatanewlenderorinvestorwouldpaytoreceivetheremainingpaymentsontheloan.Example:supposealoanwasmadefiveyearsagofor$80000withaninterestrateof10percentandmonthlypaymentsover20-yearloanterm.Paymentsontheloanare$772.02permonth.Supposethatrateiscurrently15%LoanbalanceMarketvalue7.5EffectiveCostofTwoorMoreLoansSupposeanindividualboughta$100000propertyandmadeamortgageloan5yearsagofor$80000at10%interestforatermof25years.Themarketvalueofthepropertyhasriseninvalueoverthepastfiveyearsto$115000.Theamountofcashequityrequiredbythebuyertoassumetheseller’sloanwouldbe$39669Purchaseprice-seller’smortgagebalance=115000-75331=39669选择方案1、20年期,12%利率,$92000的新贷款(80%的住宅价值)2、承接原贷款并接受14%的利率,20年期$16669(=92000-75331)的第二抵押贷款。Monthlypayment,assumeloan726.96Monthlypayment,secondmortgageloan207.28934.24SecondmortgageandShorterMaturitiesIfafive-yeartermwereavailableonasecondmortgageloanat14percentinterest,wouldtheborrowerstillbebetteroffbyassumingtheexistingandtakingasecondmortgage?Assumeloan:($80000,10%,)20years726.96Secondmortgage:$16669,14%,5years387.86Total1114.827.6Effectofbelowmarketfinancingonhouseprice
低于市场利率融资对住宅价格的影响The‘price’ofthehousewouldbehigherwithbelowmarketingfinancingthanmarketratefinancing.Whichalternativeisbestforthebuyer?1.Supposeahomecouldbepurchasedfor$105000subjecttoanassumableloanat9%interestratewitha15-yearterm,abalanceof$70000,andpaymentsof$709.99permonth.2.Acomparablehomewithoutanyspecialfinancingcosts$100000,andaloanfor$70000couldbeobtainedatamarketrateof11%witha15-yearterm.Inanalyzingthisproblem,wemustconsiderwhetheritisdesirableforthebuyertopayanadditional$5000incashforthehometoreceivethebenefitoflowerpaymentsonthebelowmarketloan.DownPaymentPaymentMarketrateloan30000795.62Loanassumption35000709.99Difference500085.63AssumingaLowerLoanBalanceSupposethebalanceontheassumableloaninourexampleisonly$50000andmonthlypaymentare$507.13.Thebuyer,however,needsfinancingof$70000,theamountthatcannormallybeborrowedatmarketrates.Thebuyermayalsoobtainasecondmortgageof$20000for15yearsata14%ratewithpaymentsof$266.35permonth.DownPaymentMonthlyPaymentMarketrateloan30000795.62Loanassumption+Secondmortgage35000773.48Difference500022.147.7CashEquivalenceHowmuchthebuyercouldpaytobeindifferenttopurchasingthehomewithabelowmarketrateloanoronethatmustbefinancedatthemarketrate.1.$70000,9%,15years,$709.992.Marketrate:11%ThecashequivalentvalueoftheassumableloanThenetbenefitthatthebuyerreceives7.8CashEquivalency:
SmallerLoanBalanceThebalanceofassumable9%loanisonly$50000(paymentsof$507.13permonth).Theadditionalsecondmortgageof$20000couldbeobtainedfor15yearsat14%rate.A$70000newfirstmortgage(70%ofthehousevalue)couldbeobtainedat11%ratewitha15-yearterm.Thehomewouldprobablysellfornomorethan$1019507.9CashEquivalency:
ConcludingCommentsAtleastthreeadditionalsituationscouldarisethatwouldaffecttheanalysis:1.Thebelowmarketfinancingisnottransferabletoasubsequentbuyer.2.Marketratesatthetimethepropertyissoldarenolongergreaterthanthecontractrateontheassumableloan.3.Interestratecoulddropaftertheloanisassumed.Allofthesituationdiscussedabovetendtoreducethepremiumabuyerwouldpayforabelowmarketinterestrateloan.7.10WraparoundLoans(重叠贷款)Wraparoundloansareusedtoobtainadditionalfinancingonapropertywhilekeepinganexistingloaninplace.Thewraparoundlendermakesaloanforafaceamountequaltotheexistingloanbalanceplustheamountofadditionalfinancing.ExampleAnexistingloan:balanceof$90000,8%,15years,monthlypaymentsof$860.09Thecurrentvalueoftheproperty:$150000Anadditional:$30000Firstmortgagefor15yearswithan80%loan-to-valueratio:11.5%interestratecurrentlySecondmortgage:15%ratefor15yearsWraparoundloan:$12000,10%,15years,monthlypaymentsof$1289.53Thewraparoundlenderwillmakethe$860.09paymentontheoldloan.Isthewraparoundloanadesirable
温馨提示
- 1. 本站所有资源如无特殊说明,都需要本地电脑安装OFFICE2007和PDF阅读器。图纸软件为CAD,CAXA,PROE,UG,SolidWorks等.压缩文件请下载最新的WinRAR软件解压。
- 2. 本站的文档不包含任何第三方提供的附件图纸等,如果需要附件,请联系上传者。文件的所有权益归上传用户所有。
- 3. 本站RAR压缩包中若带图纸,网页内容里面会有图纸预览,若没有图纸预览就没有图纸。
- 4. 未经权益所有人同意不得将文件中的内容挪作商业或盈利用途。
- 5. 人人文库网仅提供信息存储空间,仅对用户上传内容的表现方式做保护处理,对用户上传分享的文档内容本身不做任何修改或编辑,并不能对任何下载内容负责。
- 6. 下载文件中如有侵权或不适当内容,请与我们联系,我们立即纠正。
- 7. 本站不保证下载资源的准确性、安全性和完整性, 同时也不承担用户因使用这些下载资源对自己和他人造成任何形式的伤害或损失。
最新文档
- 环境科学基本原理测试卷
- 委托代理采购协议书
- 高速公路坡脚墙施工方案
- 楼房地基与基础的施工方案
- 双方合作投资合同协议书
- 土地用途转换咨询代理合同
- 房地产项目合作合同协议书
- 2025年三段论试题及答案
- 金刚砂一次成型施工方案
- 室内防腐木花池施工方案
- 2025年北京社会管理职业学院单招职业适应性考试题库及答案参考
- (完整版)第五章养殖场环境保护
- 不定式作表语之哪吒趣味课件-高中英语
- 2025年江苏省南京市锅炉压力容器检验研究院招聘20人历年高频重点模拟试卷提升(共500题附带答案详解)
- 妇女保健知识讲座课件
- 《不间断电源工作原理》课件
- 上海2025年上海商学院招聘笔试历年参考题库附带答案详解-1
- 2025新高考数学核心母题400道(教师版)
- 2025云南昆明空港投资开发集团招聘7人历年高频重点模拟试卷提升(共500题附带答案详解)
- 征信异议申请书
- 高中不同主题阅读理解高频词汇清单-2025届高三下学期英语一轮复习专项
评论
0/150
提交评论