《金融專業(yè)英語》課件Chapter8RealEstateFinance

1、Chapter 8 Real Estate FinanceEnglish in FinanceChapter 8 Real Estate FinanceE8.1Why Invest in Real Estate? Diversification and ProtectionInflation HedgingThe Power of LeverageThe Drawback of Real Estate Investing: Illiquidity8.1Real estate can enhance the risk and return profile of an investors port

2、folio, offering competitive risk-adjusted returns. Usually, the real estate market is one of low volatility especially compared to equities and bonds. 房地產(chǎn)提供有競爭力的風(fēng)險(xiǎn)調(diào)整回報(bào)，房地產(chǎn)市場是一個(gè)低波動(dòng)性的市場Diversification and Protection（多元化和保護(hù)） Real estate has a low, and in some cases, negative, correlation with other maj

3、or asset classes meaning, when stocks are down, real estate is often up. 房地產(chǎn)與其他主要資產(chǎn)類別的關(guān)聯(lián)程度很低Inflation Hedging（通脹保值）The inflation-hedging capability of real estate stems from the positive relationship between GDP growth and demand for real estate.通脹保值能力源于 GDP增長與房地產(chǎn)需求之間的正相關(guān)關(guān)系Real estate can enhance th

4、e riThe Power of Leverage（杠桿的力量）Most conventional mortgages require a 20% down payment. This means that you can control the whole property and the equity it holds by only paying a fraction of the total value.支付總價(jià)值的一小部分就可以控制整個(gè)房產(chǎn)The Drawback of Real Estate Investing: Illiquidity（流動(dòng)性差）A real estate tra

5、nsaction can take months to close.房地產(chǎn)交易可能需要數(shù)月完成The Power of Leverage（杠桿的力量）8.2Individual Ways of Real Estate InvestingBasic Rental PropertiesReal Estate Trading8.2Basic Rental Properties（基礎(chǔ)租賃房產(chǎn)） A person will buy a property and rent it out to a tenant. The owner, the landlord, is responsible for pay

6、ing the mortgage, taxes and maintenance of the property.個(gè)人買房產(chǎn)租給租客，房東負(fù)責(zé)支付抵押貸款款項(xiàng)和稅收，維護(hù)房產(chǎn)Real Estate Trading（房地產(chǎn)交易的炒作）Real estate traders buy properties with the intention of holding them for a short period, often no more than three to four months, whereupon they hope to sell them for a profit. This te

7、chnique is also called flipping（炒房） and is based on buying properties that are either significantly undervalued or are in a very hot area.短期持有房產(chǎn)，不超過3-4個(gè)月，賣掉獲利Basic Rental Properties（基礎(chǔ)租賃房產(chǎn)8.3 Institutional Ways of Real Estate Investing Real Estate Investment GroupsReal Estate Limited PartnershipsRea

8、l Estate Investment Trust Real Estate Mutual Funds8.3Real Estate Investment Groups（房地產(chǎn)投資集團(tuán)）A company will buy or build a set of buildings, often apartments, and then allow investors to buy them through the company, thus joining the group. A single investor can own one or multiple units of self-conta

9、ined living space, but the company operating the investment group collectively manages all the units, taking care of maintenance, advertising vacant units and interviewing tenants.購買或建造一系列建筑，允許投資者通過該公司購買加入，公司集體管理所有單元，負(fù)責(zé)維護(hù)等Real Estate Limited Partnerships（房地產(chǎn)有限合伙企業(yè)）A real estate limited partnership (

10、RELP) is similar to a real estate investment group: It is an entity formed to purchase and hold a portfolio of properties, or sometimes just one property only it is in existence for a finite number of years. An experienced property manager or real estate development firm serves as the general partne

11、r. Outside investors are then sought to provide financing for the real estate project, in exchange for a share of ownership as limited partners. 有經(jīng)驗(yàn)的物業(yè)經(jīng)理或房地產(chǎn)開發(fā)公司擔(dān)任一般合伙人，融資方為有限合伙人，購買和持有一個(gè)房地產(chǎn)投資組合，或者一個(gè)房地產(chǎn)Real Estate Investment Groups（Real Estate Investment Trust (房地產(chǎn)投資信托基金）A real estate investment trus

12、t (REIT) is created when a corporation (or trust) is formed to use investors money to purchase, operate and sell income-producing properties. REITs are bought and sold on the major exchanges, just like any other stock.房地產(chǎn)投資證券化，房地產(chǎn)成為公開交易工具Real Estate Mutual Funds（房地產(chǎn)共同基金）Real estate mutual funds inve

13、st primarily in REITs and real estate operating companies. They provide the ability to gain diversified exposure to real estate with a relatively small amount of capital. 房地產(chǎn)共同基金提供了用相對(duì)較少的資本獲得多樣化房地產(chǎn)投資的能力Real Estate Investment Trust (8.4Commercial Real EstateWhat Is Commercial Real EstateLease Lowdown

14、Commercial Real Estate ClassificationsCommercial Real Estate Firms8.4What Is Commercial Real EstateCommercial real estate is property that is used exclusively for business purposes and that is leased out to provide a workspace rather than a living space.商業(yè)房地產(chǎn)專門用于商業(yè)目的，出租用途是工作場所而非生活空間。Lease Lowdown（租賃

15、的實(shí)際情況）Leases can run from one year to 10 years or more, with office and retail space typically averaging from 5 to 10 years. There are four primary types of commercial property leases, each requiring different levels of responsibility from the landlord and the tenant. First, a single-net lease makes

16、 the tenant responsible for paying property taxes. Second, a double-net (NN) lease makes the tenant responsible for paying property taxes and insurance. Third, a triple-net (NNN) lease makes the tenant responsible for paying property taxes, insurance and maintenance. And fourth, under a gross lease,

17、 the tenant pays only rent, and the landlord pays for the buildings property taxes, insurance and maintenance.租賃期限1-10年或更長，三重凈租賃由租戶承擔(dān)房產(chǎn)稅、保險(xiǎn)和維護(hù)費(fèi)用。What Is Commercial Real EstateCommercial Real Estate Classifications（商業(yè)房地產(chǎn)分類）Commercial real estate is categorized into different classes. Office space, fo

18、r example, is divided into one of three classes: class A, class B or class C. Class A represents the best buildings in terms of aesthetics, age, quality of infrastructure and location. Class B buildings are usually older and not as competitive price-wise as Class A buildings. These buildings are oft

19、en targeted by investors for restoration. Class C buildings are the oldest, usually over 20 years of age, located in less attractive areas and in need of maintenance.比如辦公場所的不同類別代表著美學(xué)、年代、基礎(chǔ)設(shè)施質(zhì)量和位置的不同選擇Commercial Real Estate Firms（商業(yè)房地產(chǎn)企業(yè)）A commercial real estate firm advises on how to best negotiate

20、lease agreements that will attract and keep tenants, a useful service for property owners who need to strike a balance between maximizing rents and minimizing vacancies and tenant turnover. Turnover can be costly for owners because a space must be adapted to meet the specific needs of different tena

21、nts say, if a restaurant is moving into a property once occupied by a yoga studio. 幫助業(yè)主平衡最大化租金和最小化空置率以及住戶周轉(zhuǎn)率Commercial Real Estate Classif8.5Commercial Real Estate InvestingInvesting in Commercial Real EstateAdvantages to Commercial Real EstateDisadvantages to Commercial Real EstateWho Should Invest

22、 in Commercial Real Estate?8.5Investing in Commercial Real EstateInvesting in commercial real estate can be lucrative and serve as a good hedge against the volatility of the stock market. Investors can make money via appreciation when they sell, but most returns are generated through rents collected

23、 from tenants.投資商業(yè)房地產(chǎn)可以對(duì)沖股市波動(dòng)，投資者在出售時(shí)通過升值獲利，向租戶收取租金Advantages to Commercial Real EstateOne of the biggest advantages of commercial real estate is the attractive leasing rates. In areas where the amount of new construction is limited by either land or law, commercial real estate can have impressive r

24、eturns and considerable monthly cash flow. Industrial buildings generally rent at a lower rate, though they also have lower overhead costs compared to an office tower. Commercial real estate also benefits from comparably longer lease contracts with tenants than residential real estate. This gives th

25、e commercial real estate holder a considerable amount of cash flow stability, as long as the building is occupied by long-term tenants.商業(yè)房地產(chǎn)最大的優(yōu)勢之一是租賃費(fèi)率有吸引力，并且商業(yè)房地產(chǎn)也從與租戶簽訂的較長租賃合同中收益。Investing in Commercial Real EDisadvantages to Commercial Real EstateRules and regulations are the primary deterrent f

26、or most people wanting to invest in commercial real estate. The taxes, mechanics of purchase and maintenance responsibilities for commercial properties are buried in layers of legalese that shift according to state, county, industry, size, zoning and many other designations. Another hurdle is the in

27、creased risk brought with tenant turnover, especially relevant in todays market, when unexpected retail closures have left properties vacant with little notice in advance. With a commercial property, each tenant may have very different needs that require costly refurbishing. The building owner then

28、has to adapt the space to accommodate each tenants specialized trade. 規(guī)章制度，租戶更替風(fēng)險(xiǎn)，耗費(fèi)成本翻新Who Should Invest in Commercial Real Estate?Those who have a business, for starters. Aside from that, people best suited for investing in commercial real estate are those who either have a considerable amount of

29、knowledge about the industry and its legal, financial and regulatory aspects, or can employ people who do. 生意初創(chuàng)者，對(duì)商業(yè)房地產(chǎn)行業(yè)及法律、金融和監(jiān)管方面有相當(dāng)多了解的人，能雇傭相關(guān)人員的人Disadvantages to Commercial Re8.6Hot Commercial Real EstateHow do we evaluate the best properties8.6Learn what the insiders know（了解內(nèi)部人員知道什么）To be a pl

30、ayer in commercial real estate, learn to think like a professional. 像專業(yè)人員人員一樣思考，分析房地產(chǎn)的價(jià)值和收益Map out a plan of action（制定行動(dòng)計(jì)劃）Setting parameters is a top priority in a commercial real estate deal. For example, ask yourself how much you can afford to pay and then shop around for mortgages to get a sense

31、 of how much you will pay over the life of the mortgage. Using tools like mortgage calculators can help you develop good estimates of the total cost of your home.了解貸款額度、還款期限、還款能力等，估計(jì)房子總成本How do we evaluate the best properties? Learn what the insiders know（了Get familiar with key commercial real estat

32、e metrics（熟悉關(guān)鍵的商業(yè)房地產(chǎn)指標(biāo)）The common key metrics to use for when assessing real estate include net operating income (NOI), cap rate, and cash on cash.凈經(jīng)營收益 、資本化率、現(xiàn)金投資回報(bào)率Look for motivated sellers（尋找積極的買家）This is someone with a pressing reason to sell below market value. If your seller isnt motivated, h

33、e or she wont be as willing to negotiate.Your job is to find them - specifically those who are ready and eager to sell below market value.尋找渴望以低于市場價(jià)值的價(jià)格出售的人How do we evaluate the best properties? Get familiar with key commerci8.7Commercial Real Estate LoansWhat Is Commercial Real EstateCommercial Re

34、al Estate Loans vs. Residential Mortgages8.7Commercial real estate (CRE) is income-producing property that is used solely for business (rather than residential) purposes. Mortgages secured by liens on the commercial property. Banks and independent lenders are actively involved in making loans on com

35、mercial real estate. Also, insurance companies, pension funds, private investors and other sources provide capital for commercial real estate.商業(yè)房地產(chǎn)是一種可產(chǎn)生收入的財(cái)產(chǎn)，僅用于商業(yè)目的Commercial Real EstateCommercial real estate (CRE) iResidential Mortgages typically made to individual borrowersa type of amortized lo

36、an in which the debt is repaid in regular installments over a period of time, including 25-year and 15-year mortgages. amortized over the life of the loan so that the loan is fully repaid at the end of the loan termCommercial Real Estate Loansoften made to business entities (e.g., corporations, deve

37、lopers, limited partnerships, funds, and trusts) the terms of commercial loans typically range from 5 years (or less) to 20 years, and the amortization period is often longer than the term of the loanResidential Mortgages typicall8.8 Details on commercial real estate loans Loan-to-Value RatiosDebt-S

38、ervice Coverage RatioInterest rates and feesPrepaymentMortgage8.8Loan-to-Value Ratios（貸款價(jià)值比）A figure that measures the value of a loan against the value of the property. A lender calculates LTV by dividing the amount of the loan by the lesser of the propertys appraised value or its purchase price. F

39、or both commercial and residential loans, borrowers with lower LTVs will qualify for more favorable financing rates than those with higher LTVs. LTV=貸款總額/房地產(chǎn)估價(jià)或購買價(jià)中的較低者LVT較低的借款人有資格獲得更優(yōu)惠的融資利率Debt-Service Coverage Ratio（債務(wù)清償覆蓋概率）Commercial lenders also look at the debt-service coverage ratio (DSCR), w

40、hich compares a propertys annual net operating income (NOI) to its annual mortgage debt service (including principal and interest), measuring the propertys ability to service its debt. It is calculated by dividing the NOI by the annual debt service. DSCR=NOI/年度抵押債務(wù)服務(wù)（包括本金和利息）Loan-to-Value Ratios（貸款價(jià)

41、值比）Interest rates and fees（利率和費(fèi)用）Interest rates on commercial loans are generally higher than on residential loans. Also, commercial real estate loans usually involve fees that add to the overall cost of the loan, including appraisal, legal, loan application, loan origination and/or survey fees. Som

42、e costs must be paid up front before the loan is approved (or rejected), while others apply annually.商業(yè)房產(chǎn)貸款利率通常高于住宅貸款Prepayment（提前還款）A commercial real estate loan may have restrictions on prepayment, designed to preserve the lenders anticipated yield on a loan. If the investors settle the debt befor

43、e the loans maturity date, they will likely have to pay prepayment penalties. 提前還款罰金Mortgage（抵押貸款）A mortgage is a debt instrument, secured by the collateral of specified real estate property, that the borrower is obliged to pay back with a predetermined set of payments. Mortgages are also known as “l(fā)iens against property” or “claims on property.” If the borrower stops paying the mortgage, the bank can forec