Financing Land Development Projects This chapter deals with land development, which involves the acquisition of land with the intention of constructing utilities and surface improvements and then reselling some or all of the developed sites to project developers or, in the case of housing, home builders. Our discussion of land development extends many of the concepts introduced in the previous chapter that dealt with financing development projects. After completing both chapters, you should have a good understanding of the development process, including the mechanics of construction and land development loans.
Financing Project Development This chapter deals with financing the development of income-producing real estate such as apartment complexes, office buildings, warehouses, and shopping centers. Development projects include many risks in addition to those we have discussed in previous chapters for existing projects. We will see that developers of such projects face changing conditions in the national and local economies, competitive pressures from other developments, and changes in locational preferences of tenants, all of which influence the profitability of developing and operating an income-producing property. All these forces combined affect the developer's ability to acquire land, build improvements, lease space to tenants, and earn sufficient revenues to cover operating expenses and repay both a construction and a permanent mortgage loan. This chapter illustrates the mechanics of construction loans, which differ from the permanent loans we have already discussed extensively because they involve draws over the construction period. The next chapter explores land development projects and extends the concepts of the present chapter to development and financing land for subdivisions. 房地产项目开发的主要因素 １）土地面积和价格；２）投资者的期望出价；３）转让项目的价格。 As a part of financing the acquisition of the land and estimating the nature and extent of development, certain regulatory terms and processes must be understood as these may affect (1) the size and the cost of the proposed development, (2) the price that an investor may pay to acquire the land, and (3) the price that a project may bring when it is sold. 开发商投资时，会考虑一下几个因素： The items in this checklist are usually the first items reviewed by a developer when evaluating a site for possible development. 1. Allowable uses per zoning classification. 土地划区分级，即级别和使用类型 2. Minimum lot size per zoning classification. 每种分区区块的最小面积 3. Maximum floor-to-area ratio (FAR) 最大容积率 (是指一个小区的总建筑面积与用地面积的比率。容积率=总建筑面积÷总用地面积) 4. Building bulk/density limits. 建筑容积/密度限制 5. Setback/building line.建筑收进线 6. Building height limits.建筑高度限制 7. Building footprint/envelope.建筑场地占用/房屋外围设施 8. Parking ratios.停车配建指标 要获得ZF规划的批准：Permitting许可证 Essentially, a developer (1) acquires a site, (2) develops the site and constructs building improvements, (3) provides the finish-out and readies the space for occupancy by tenants, (4) manages the property after completion, and (5) may eventually sell the project. 通常土地开发项目有如下几个阶段：（1）获得项目土地；（2）工程、开发建设；（3）竣工交付使用；（4）物业管理；（5）销售。 Developers’ business strategies can be categorized in three general ways. First, many development firms undertake projects with the intention of owning and managing them for many years after completion. These developers view leasing and management as integral parts of their business in addition to the development function. Second, some developers expect to sell their developments after the lease-up phase, or when normal occupancy has been achieved. These developers usually sell projects to institutional investors such as insurance companies or other investment entities, or they may sell completely or in part to syndication firms that form limited partnerships. In these cases, even though they sell the project, development companies may continue to manage them. Third, some developers, particularly those involved in a combination of land development and the development of commercial property such as business parks and industrial parks, normally develop land and buildings for lease in a master-planned development. However, they may also build to suit for single tenants. 开发商的经营策略可以分为三类：1）许多开发商在项目建成交付使用之后还长期持有和管理，把租赁、管理作为其业务的一部分；2）一些开发商在项目竣工后全部租赁出去，或已达到正常的占有率，就将项目售出。通常卖给机构投资者或有限合伙的多个贷方（联合体或辛迪加组织），这种情况下，尽管项目已经出售，开发商仍可继续对其进行管理；3）一些开发商，尤其是商业区和工业园区组合开发的企业，他们所开发的土地和建筑在施工图阶段就开始招租了，或根据租户的需求定制化建造和开发项目。
Financing Corporate Real Estate This chapter focuses on the decision to own or lease real estate that is used by a corporation as part of its core business. We show the decision to own versus lease real estate to be similar to the pure real estate investment decision we analyzed extensively in earlier chapters. A key difference, however, is the impact that ownership or sale-leaseback of real estate can have on the corporation's financial statements. Whether a particular corporation should own or lease depends on whether it has a comparative advantage owning real estate relative to other investors or investment vehicles. CFOs, realizing the importance of property to their bottom line and share price, are increasingly giving corporate real estate more attention. Facilities managers today must justify ownership of real estate against a variety of alternatives that combine the operating control provided by ownership with reduced investment and greater flexibility. Corporations are more likely to accept such alternatives, which include a variety of leasing forms as well as joint-venture ownership, as ownership becomes unnecessary to maintaining operating control of real estate. Corporate real estate 企业选择拥有房地产的原因 Owning, rather than leasing, space used in the operation of the business. 拥有而不必租赁经营所需空间 Investing in real estate as one means of diversification from the core business. 多元化的投资手段之一 Retaining, rather than selling, real estate that may have been used previously in business operations. 保留以前经营使用的房地产 Acquiring real estate for future business expansion or relocation. 为业务扩张或搬迁而购置房地产
Financial Leverage and Financing Alternatives 财务杠杆和融资 This chapter illustrates the concept of financial leverage and discusses the conditions for favorable leverage on both before-tax and after-tax bases. We also show that the use of financial leverage in the hopes of increasing the rate of return on equity is not riskless. That is, increasing the level of debt increases the riskiness of the investment, as we illustrate by showing that debt increases the variance of the rate of returns. Thus, when investors use leverage, they must consider whether the additional risk is commensurate with the higher expected return (assuming positive leverage). Financial leverage deals with the amount of financing. The chapter also discusses several financing alternatives, including different types of participation loans and a sale-leaseback of the land. We also consider the effect of each of these alternatives on the investor's cash flows, rates of return, and the debt coverage ratio, and we calculate the effective cost of each alternative. These calculations are used to determine which type of financing alternative is most appropriate (the structure of the debt). It is impossible to discuss all the possible types of financing alternatives. However, the concepts we discuss in this chapter should help you analyze any alternative encountered in practice.
Underwriting and Financing Residential Properties 第八章 住宅地产的担保与融资 This chapter deals with the process of seeking long-term mortgage financing for owner occupied residential properties. Here we focus on two aspects of this process: loan underwriting and closing . When discussing the underwriting process, we consider borrower and property characteristics and how loan terms are established. We also consider the size of the loan relative to property value, loan payments relative to borrower income, and default risk undertaken by lenders. We discuss the use of mortgage insurance or guarantees that may be necessary to grant a given loan request in cases where the total risk of lending to a specific borrower is too great for a given lender to undertake. Insurance may be provided by private insurers, or, depending on the property and borrower characteristics, insurance or guarantees may be available from various government agencies. We look at the loan closing process in terms of the necessary accounting between the borrower, lender, seller, and other parties to a transaction in which transfer of title and a loan closing occur simultaneously, and we consider federal regulations that require certain practices from the lender regarding uniform disclosure of interest charges, closing statements, and collection of credit and other information about the borrower.
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