Briefings in Real Estate Finance最新文献

This paper analyses the commercial mortgage loan servicing business in the USA, including historical background, the various loan servicing business models in use, the characteristics of the large third-party loan servicing companies, the duties involved in US-style commercial mortgage loan servicing, the differences between servicing of portfolio (on book) loans and loans securitised in pools, servicing fees and loan servicing technology. Readers considering investing in US commercial mortgages may benefit from information on US servicing practices. Although some of the US loan servicing duties may not be applicable in other countries, the international reader may also benefit from considering specific duties such as collateral review and portfolio surveillance, understanding the differences between portfolio loan and securitised loan servicing, noting the application of technology to operational processes freeing up staff for personal contact with lenders and borrowers, and noting how technology can produce a better servicing product for lender and borrower, through such features as borrower and lender websites and document imaging. Copyright © 2003 Henry Stewart Publications

How should a borrower respond to a draft set of commercial mortgage loan documents? This paper, consisting of four quarterly instalments appearing in the 2003/2004 volume of this publication, seeks to answer that question. The author discusses business and legal issues that mortgage loan documents typically raise for a borrower; some structural variations and the special concerns they might create; the closing process; and some issues that a borrower may want to raise on its own initiative. Copyright © 2003 Henry Stewart Publications

This paper is adapted from a Fitch Ratings report, published in December 2002, entitled ‘Securitisation of corporate sale and leaseback’. The report describes the credit rating agency's approach to analysing such transactions and outlines some of the key issues which Fitch believes should be taken into account by debt investors when investing in property sale and leaseback securitisation. This paper provides an introduction to property securitisation and presents the fundamentals to understanding property sale and leaseback securitisation. Copyright © 2003 Henry Stewart Publications

The aim of this paper is to provide a review of the risk to a mortgage lender in lending on the security of a tenant's leasehold interest in real property and to outline the many ways in which such a risk may be reduced. The paper provides practical suggestions of how this risk reduction may be accomplished to the benefit of the lender, the landlord and the tenant through a combination of careful document review and a well thought out tri-party leasehold mortgage acknowledgment agreement. Copyright © 2004 Henry Stewart Publications

This paper assesses valuation methods of income producing real estate used by real estate appraisers from the perspective of commercial property lenders. Imbedded in any valuation are assumptions made about income growth and property price appreciation. These assumptions are evaluated highlighting models most frequently used by appraisers. When using appraisals, commercial lenders should be particularly aware of growth-related assumptions as they significantly impact the estimated value of any property. This paper provides a method of evaluating the sensitivity of a property's value to differing income growth scenarios using a perpetuity model. The comparative income growth (CIG) technique can improve lenders' risk analysis and loan decision making by building on information provided in property appraisal reports. Copyright © 2003 Henry Stewart Publications

The aim of the Research Reviews is to focus on current academic research that contributes to and enhances professional practice. The objective is to provide the busy practitioner with a synopsis of leading edge research in the area and hopefully to stimulate a desire for greater understanding and application of knowledge and techniques that will enhance professional practice. Copyright © 2002 Henry Stewart Publications.

Loan documents raise many issues for borrowers. This instalment of a four-part paper describes some legal and business issues that are less fundamental than the issues that arise at the earliest stages of a transaction. Copyright © 2004 Henry Stewart Publications

The mid-1990s saw the alignment of real estate and capital markets. The primary driver of this convergence was the emergence of securitisation for real estate debt and equity markets. The evolution of the innovative instruments introduced during this period and their resulting impact on financing the US lodging industry are discussed in this paper. Copyright © 2002 Henry Stewart Publications.