第七章住宅融资分析房地产金融与投资-武汉理工大学

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