第七章住宅融资分析(房地产金融与投资 武汉理工大学.pptVIP

Chapter 7 Residential Financial Analysis住宅融资分析 How to compare two loans with different loan term 如何比较具有不同条款的贷款 How to decide whether to refinance or prepay a loan 如何判定是否再融资 How to decide whether a loan assumption is desirable 贷款的代偿债务是否合理 7.1 Incremental Borrowing Cost 增量借款成本 Example: A lender willing to make a 80% first mortgage loan, or $80000,for 25 years at 12% interest. The same lender is also willing to lend 90%,or $90000, for 25 years at 13% interest. Both are CPMs. How should the borrower compare these alternatives? 增量借款成本计算 7.1.1 Early Repayment 7.1.2 Origination Fees Incremental Borrowing Cost versusa Second Mortgage 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 7.1.4 Relationship between the incremental cost and the loan-to-value ratio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。 7.1.5 Difference in Maturities 7.2 Loan Refinancing 前提 interest rates fall sufficiently 决策需知 1、terms on the present outstanding loan 2、new loan terms being considered 3、any charge associated with paying off the existing loan or acquiring the new loan. Example A borrower made a mortgage loan 5 years ago for $80000 at 15% interest for 30 years (monthly payment). After 5 years, interest rates fall, and a new mortgage loan is available at 14% for 25 years. The loan balance on the existing loan is $78976.50. Suppose that the prepayment penalty of 2% must be paid on the existing loan,and the lender who is making the new loan available also requires an origination fee of $2500 plus $25 for incidental closing costs if the new loan is made. Should the borrower refinance? 7.2.1 Early Repayment: Loan Refinancing If the borrower plans to hold the property for only 10 more years after refinancing, is refinancing still worthwhile? IRR from Saving When Refinancing 7.2.2 Effective Cost of Refinancing 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。 7.2.3 Borrowing the Refinancing Cost 借款人借入再融资成本，新贷款总额变为$83081.5(=78976.5+41