住宅融资分析(房地产金融与投资-武汉理工大学.ppt

Chapter7ResidentialFinancialAnalysis住宅融资分析,Howtocomparetwoloanswithdifferentloanterm如何比较具有不同条款的贷款Howtodecidewhethertorefinanceorprepayaloan如何判定是否再融资Howtodecidewhetheraloanassumptionisdesirable贷款的代偿债务是否合理,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,7.1.1EarlyRepayment,7.1.2OriginationFees,IncrementalBorrowingCostversusaSecondMortgage,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-ValueRatioonLoanCost,7.1.5DifferenceinMaturities,前提interestratesfallsufficiently决策需知1、termsonthepresentoutstandingloan2、newloantermsbeingconsidered3、anychargeassociatedwithpayingofftheexistingloanoracquiringthenewloan.,7.2LoanRefinancing,Example,Aborrowermadeamortgageloan5yearsagofor$80000at15%interestfor30years(monthlypayment).After5years,interestratesfall,andanewmortgageloanisavailableat14%for25years.Theloanbalanceontheexistingloanis$78976.50.Supposethattheprepaymentpenaltyof2%mustbepaidontheexistingloan,andthelenderwhoismakingthenewloanavailablealsorequiresanoriginationfeeof$2500plus$25forincidentalclosingcostsifthenewloanismade.Shouldtheborrowerrefinance?,7.2.1EarlyRepayment:LoanRefinancing,Iftheborrowerplanstoholdthepropertyforonly10moreyearsafterrefinancing,isrefinancingstillworthwhile?,IRRfromSavingWhenRefinancing,7.2.2EffectiveCostofRefinancing,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?,7.4MarketValueofaLoan,Themarketvalueofaloanistheamountthatanewlenderorinvestorwouldpaytoreceivetheremainingpaymentsontheloan.,Example:supposealoanwasmadefiveyearsagofor$80000withaninterestrateof10percentandmonthlypaymentsover20-yearloanterm.Paymentsontheloanare$772.02permonth.,Supposethatrateiscurrently15%,Loanbalance,Marketvalue,7.5EffectiveCostofTwoorMoreLoans,Supposeanindividualboughta$100000propertyandmadeamortgageloan5yearsagofor$80000at10%interestforatermof25years.Themarketvalueofthepropertyhasriseninvalueoverthepastfiveyearsto$115000.Theamountofcashequityrequiredbythebuyertoassumethesellersloanwouldbe$39669Purchasepricesellersmortgagebalance=11500075331=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。,SecondmortgageandShorterMaturities,Ifafive-yeartermwereavailableonasecondmortgageloanat14percentinterest,wouldtheborrowerstillbebetteroffbyassumingtheexistingandtakingasecondmortgage?,7.6Effectofbelowmarketfinancingonhouseprice低于市场利率融资对住宅价格的影响,Thepriceofthehousewouldbehigherwithbelowmarketingfinancingthanmarketratefinancing.,Whichalternativeisbestforthebuyer?,1.Supposeahomecouldbepurchasedfor$105000subjecttoanassumableloanat9%interestratewitha15-yearterm,abalanceof$70000,andpaymentsof$709.99permonth.2.Acomparablehomewithoutanyspecialfinancingcosts$100000,andaloanfor$70000couldbeobtainedatamarketrateof11%witha15-yearterm.,Inanalyzingthisproblem,wemustconsiderwhetheritisdesirableforthebuyertopayanadditional$5000incashforthehometoreceivethebenefitoflowerpaymentsonthebelowmarketloan.,AssumingaLowerLoanBalance,Supposethebalanceontheassumableloaninourexampleisonly$50000andmonthlypaymentare$507.13.Thebuyer,however,needsfinancingof$70000,theamountthatcannormallybeborrowedatmarketrates.Thebuyermayalsoobtainasecondmortgageof$20000for15yearsata14%ratewithpaymentsof$266.35permonth.,7.7CashEquivalence,Howmuchthebuyercouldpaytobeindifferenttopurchasingthehomewithabelowmarketrateloanoronethatmustbefinancedatthemarketrate.1.$70000,9%,15years,$709.992.Marketrate:11%,Thecashequivalentvalueoftheassumableloan,Thenetbenefitthatthebuyerreceives,7.8CashEquivalency:SmallerLoanBalance,Thebalanceofassumable9%loanisonly$50000(paymentsof$507.13permonth).Theadditionalsecondmortgageof$20000couldbeobtainedfor15yearsat14%rate.A$70000newfirstmortgage(70%ofthehousevalue)couldbeobtainedat11%ratewitha15-yearterm.,Thehomewouldprobablysellfornomorethan$101950,7.9CashEquivalency:ConcludingComments,Atleastthreeadditionalsituationscouldarisethatwouldaffecttheanalysis:1.Thebelowmarketfinancingisnottransferabletoasubsequentbuyer.2.Marketratesatthetimethepropertyissoldarenolongergreaterthanthecontractrateontheassumableloan.3.Interestratecoulddropaftertheloanisassumed.Allofthesituationdiscussedabovetendtoreducethepremiumabuyerwouldpayforabelowmarketinterestrateloan.,7.10WraparoundLoans(重叠贷款),Wraparoundloansareusedtoobtainadditionalfinancingonapropertywhilekeepinganexistingloaninplace.Thewraparoundlendermakesaloanforafaceamountequaltotheexistingloanbalanceplustheamountofadditionalfinancing.,Example,Anexistingloan: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.,Isthewra