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E-grāmata: Property Finance

(University of Greenwich, LONDON), (University of Greenwich, LONDON)
  • Formāts: 154 pages
  • Sērija : Building and Surveying Series
  • Izdošanas datums: 25-Jan-2020
  • Izdevniecība: Red Globe Press
  • Valoda: eng
  • ISBN-13: 9781352009385
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Property FinancePalielināt
  • Formāts: 154 pages
  • Sērija : Building and Surveying Series
  • Izdošanas datums: 25-Jan-2020
  • Izdevniecība: Red Globe Press
  • Valoda: eng
  • ISBN-13: 9781352009385
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Property Finance is an accessible and comprehensive guide to the field of property finance, linking the practicalities of property and construction with an understanding of core financial structures and concepts. It introduces the key components of real estate investment and development cycles, and explores the interconnected roles of the financial services industry, property companies, joint ventures, banks, and real estate developers. For this edition, a new co-author, Mark Daley, has been brought on board. He brings a wealth of knowledge and teaching experience to this well-established textbook.

An ideal book for students undertaking real estate or construction-related degrees, it is also useful for personal study or further information and help in this particular area of finance.

Papildus informācija

This textbook provides an overview of the field, linking the areas of property and construction with an understanding of financial structures and concepts. The aim is to present an insight and a strategy for understanding and learning about these concepts and structures.
List of Figures, Tables, Boxes
x
List of Abbreviations
xi
Preface to the First Edition xii
Preface to the Second Edition xiv
Preface to the Third Edition xv
Overview of Contents xvii
A Series of Key Texts xix
Vocabulary of Finance xx
Introduction xxii
1 Introduction to Property Finance
1(20)
1.1 Introduction
1(1)
1.2 Debt and equity finance contrasted
2(1)
1.3 Sources of finance
2(1)
1.4 Commercial property finance
3(1)
1.5 Overseas investment
3(2)
1.6 Sources of corporate finance
5(1)
1.7 The role of the stock market
5(2)
1.8 Lending criteria -- commercial property
7(1)
1.9 Lending criteria -- residential property
8(1)
1.10 General lending criteria
9(2)
1.11 General loan finance terminology
11(1)
1.12 Property finance and the investment market
12(1)
1.13 The financial structure of firms
13(1)
1.14 The finance function
14(1)
1.15 Lengths of loan and interest rates
15(3)
1.16 Advantages and disadvantages of different types of interest rate
18(1)
1.17 Markets and margins
19(1)
1.18 Summary
19(1)
Self-assessed questions
20(1)
References and further reading
20(1)
2 Bank Regulation
21(15)
2.1 Introduction
21(1)
2.2 Need for new regulation
22(1)
2.3 Causes of the financial crash
23(1)
2.4 Cyclical slowdown
23(1)
2.5 The role of subprime lending
24(2)
2.6 Imprudent lending
26(2)
2.7 Background to regulation
28(1)
2.8 Northern Rock
28(2)
2.9 Prudential regulation
30(1)
2.10 The FCA
31(1)
2.11 Bank of England banking stress test
31(1)
2.12 Mortgage rate stress tests
32(1)
2.13 Buy-to-let mortgages
33(1)
2.14 New bank start-ups
33(1)
2.15 Summary
34(1)
Self-assessed questions
34(1)
References
34(2)
3 Commercial and Residential Property Lending
36(20)
3.1 Introduction
36(1)
3.2 Summary of the residential mortgage market
37(1)
3.3 Residential property mortgages
37(1)
3.4 Freehold and long leasehold property
38(1)
3.5 Problems with ground rents
38(1)
3.6 Traditional long leasehold mortgages
39(1)
3.7 Repayment and interest-only mortgages
39(1)
3.8 The lending decision
39(1)
3.9 Interest rates
40(1)
3.10 Fixed and variable rates
40(1)
3.11 Tracker mortgages
40(1)
3.12 Interest rate movements
40(1)
3.13 The repayment mortgage
41(1)
3.14 Example of a typical repayment mortgage
42(1)
3.15 Interest-only mortgage
42(1)
3.16 Help to Buy
43(1)
3.17 Help to Buy ISA
44(1)
3.18 Shared ownership/share to buy
44(1)
3.19 Affordability
45(1)
3.20 Equity release
45(1)
3.21 Buy-to-let mortgages
46(1)
3.22 Taxation and buy-to-let
47(1)
3.23 Offset mortgage
47(1)
3.24 Commercial property debt finance
48(1)
3.25 Types of lending -- hierarchy of loans
48(1)
3.26 Overdrafts
49(1)
3.27 Banking covenants
50(1)
3.28 Long-term loans
50(1)
3.29 Example of an interest rate cap and an interest rate collar
50(1)
3.30 LTV ratios
51(1)
3.31 Servicing a loan
51(1)
3.32 Example of a simple term loan for property purchase
52(1)
3.33 Example of a commercial mortgage refinance transaction
52(1)
3.34 Simple example of a secondary commercial property investment mortgage
53(1)
3.35 Summary
54(1)
Self-assessed questions
54(1)
References
55(1)
4 Corporate Finance
56(30)
4.1 Corporate debt and equity finance
56(1)
4.2 The finance market
57(1)
4.3 Debt-based development finance
58(1)
4.4 Debt-based investment property finance
58(1)
4.5 Loan for owner-occupied commercial property
59(1)
4.6 Joint ventures
59(1)
4.7 Structured finance
59(1)
4.8 Non-recourse and limited recourse loans
60(1)
4.9 Bank loans, syndicated loans and term loans
61(1)
4.10 Sources of equity
62(1)
4.11 Equity finance
62(2)
4.12 Ordinary and preference shares
64(1)
4.13 Corporate debt
65(1)
4.14 Types of corporate debt
66(1)
4.15 Debentures
66(1)
4.16 Mortgage debenture issues
66(2)
4.17 Example of a debenture by British Land
68(1)
4.18 Bonds
68(1)
4.19 Convertible bonds
69(1)
4.20 Deep-discounted bonds
69(1)
4.21 Bond ratings
70(1)
4.22 Convertible loans and mortgages
71(1)
4.23 Examples of short-term and medium-term corporate finance
72(1)
4.24 Commercial paper
73(1)
4.25 Types of equity finance
74(1)
4.26 Equity in corporate funding
74(1)
4.27 Equity partnership arrangements
75(1)
4.28 Venture capital and alternative lenders
75(1)
4.29 Project-based funding
76(1)
4.30 Sale and leaseback
77(1)
4.31 History of sale and leaseback
78(1)
4.32 Sale and leaseback in property development
79(1)
4.33 Bridging finance
80(1)
4.34 Types of bridging finance
80(1)
4.35 Loan terms and financial agreements for property development
81(1)
4.36 Gearing
82(2)
4.37 Summary
84(1)
Self-assessed questions
84(1)
References and further reading
85(1)
5 Securitisation, Unitisation and Build to Rent
86(10)
5.1 Introduction
86(1)
5.2 Direct and indirect investment
87(1)
5.3 REITs and property unit trusts
88(1)
5.4 Securitisation of debt
88(1)
5.5 REITs and taxation
89(1)
5.6 UK REIT regulations
89(1)
5.7 Objectives of securitisation: a summary
89(2)
5.8 Property unit trusts and property authorised investment funds
91(1)
5.9 Build to Rent
92(2)
5.10 Summary
94(1)
Self-assessed questions
95(1)
References and further reading
95(1)
6 The Money Markets
96(17)
6.1 Introduction
96(1)
6.2 Impact of failure of financial markets on the economy
97(1)
6.3 Sectors of the financial markets
97(1)
6.4 Wholesale markets -- interbank markets
98(1)
6.5 An alternative to LIBOR
98(1)
6.6 Mortgage-backed securities, collateralised debt obligations and credit default swaps
98(1)
6.7 Example of a collateral debt obligation
99(1)
6.8 Recent developments
100(1)
6.9 Derivatives
101(1)
6.10 Property futures
102(1)
6.11 Buy and sell positions in futures contracts
102(2)
6.12 Hedging interest rates
104(1)
6.13 Forward rate agreements
104(2)
6.14 Interest rate swaps
106(2)
6.15 Swaptions
108(1)
6.16 Interest rate caps
108(3)
6.17 Summary
111(1)
Self-assessed questions
111(1)
References and further reading
112(1)
7 Joint Ventures, Partnerships and Forward Funding
113(10)
7.1 Introduction
113(1)
7.2 Criteria for choice of joint venture structure
114(1)
7.3 Types of joint venture
115(1)
7.4 Joint venture company (limited liability company)
115(1)
7.5 Special purpose vehicles and joint ventures
116(1)
7.6 An overview of the law regarding partnerships
117(1)
7.7 Other types of joint venture
117(2)
7.8 Crossrail: an example of a private--public partnership
119(1)
7.9 The formal agreement
119(1)
7.10 Forward funding and forward sale
120(1)
7.11 Pre-funded projects
121(1)
7.12 Summary
122(1)
Self-assessed questions
122(1)
References and further reading
122(1)
8 The Property Market since the Second World War
123(16)
8.1 Property cycles and property finance
123(2)
8.2 Tax on property
125(1)
8.3 Mortgage interest relief at source (MIRAS)
126(1)
8.4 The financing of property since the Second World War
126(1)
8.5 The post-war boom period
126(2)
8.6 The financial boom 1967--1973
128(1)
8.7 The investment boom (late 1970s)
129(1)
8.8 The rental boom (late 1980s)
129(2)
8.9 Recession and stability (the 1990s onwards)
131(3)
8.10 Lead-up to the financial crash in 2008
134(1)
8.11 The failure of the money markets
135(2)
8.12 Summary
137(1)
Self-assessed questions
138(1)
References and further reading
138(1)
9 Conclusions
139(2)
Self-Assessed Questions and Answers 141(8)
References 149(4)
Index 153
David Isaac is a former Professor of Real Estate Management in the Department of the Built Environment and a former Director of Research and Enterprise at the University of Greenwich. His expertise covers real estate development, valuation and finance. He has published over 100 articles and papers and 20 books in the area of real estate, several of which are established academic and professional texts. He is a Fellow of the Royal Institution of Chartered Surveyors. David had been very active in developing and teaching distance programmes internationally, particularly in Hong Kong and China, for the past 20 years. Prior to joining the University of Greenwich, David worked as a Chartered Surveyor, mainly in private practice.



Mark Daley is a former Principal Lecturer in Real Estate in the Department of the Built Environment at the University of Greenwich. He is a Chartered Surveyor, who spent several years in private practice before moving into education about twenty years ago. Publications include 'Property Investment' with David Isaac and Nigel Enever and 'Property Development' with David Isaac and John OLeary. He had been involved with teaching overseas mainly in Hong Kong and China for over 10 years.
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