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Property finance - Giacomo Morri

Year 2015

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ForewordForewordPrefacePreface to Part TwoAcknowledgementsReader's ManualPART OneCHAPTER 1. Introduction to Property Financing1.1 FORMS OF FINANCING: DEBT AND EQUITY1.1.1 Debt1.2 A DIFFERENT APPROACH TO PROPERTY FINANCING1.3 CORPORATE FINANCE AND PROJECT FINANCE1.4 BANK FINANCING1.4.2 Property Financing to Cover Financial Requirements1.4.3 Structured Real Estate Financing1.5 FUND RAISING, SECURITIZATION, AND SYNDICATION1.5.2 Funding for Real Estate Loans and Syndication1.5.3 Syndication of Real Estate LoansCHAPTER 2. Structured Real Estate Financing2.1 BANK ROLES2.2 BANK LOAN CONTRACTUAL FORMS2.3 LOANS FOR DEVELOPNENT PROJECTS2.4 PARTS AND STAGES OF A STRUCTURB) LOAN2.4.1 Analysis of the Transaction and Term Sheet2.4.2 Real Estate Valuation2.4.3 Basics of Property Appraisal2.4.4 Due Diligence Process2.4.5 Legal Due DiligenceCHAPTER 3. Loan Agreement3.1 OBJECT AND PURPOSE OF THE LOAN3.2 CONDITIONS PRECBJENT3.3 AMOUNT OF THE LOAN3.4 INTEREST RATES3.5 INTEREST RATE RISK HEDGING3.5.1 Interest Rate Cap3.5.2 Collar3.5.3 Interest Rate Swap3.6 LOAN ALLOCATION3.7 LOAN REPAYMENT SCHEDULE3.8 FEES3.9 FREQUENCY OF DRAWDOWN AND PROCEDURES3.10 EVENTS OF DEFAULT3.11 PROPERTY INSURANCE3.12 REPRESENTATIONS AND WARRANTIES3.13 DUTY TO PROVIDE INFORMATION3.14 COSTS, TAXES, AND ANCILLARY CHARGES3.15 CONTRACTUAL COVENANTS3.15.1 Balance Sheet Covenants3.15.2 Financial CovenantsCHAPTER 4. Loan Repayment, Interest, and Renegotiation4.1 BULLET PAYMENTS4.2 PRE-AMORTIZING (SEMI-BULLET)4.3 BALLOON PAYNBIT4.4 FULLY AMORTIZING REPAYMENT PLANS4.4.1 Fixed-Capital Loan Repayment Plan4.4.2 Floating-Rate Loan Repayment Plan4.5 OTHER REPAYMENT SCHEDULES4.5.1 Negative Amortizing Constant Payment Loan4.5.2 Declining Payment Loan with Constant Amortizing4.6 RESTRUCTURING AND RENEGOTIATION OF REAL ESTATE LOANS4.6.1 Grant of a New Loan4.6.2 Deferral of Payment Deadlines4.6.3 Restructuring ArrangementCHAPTER 5. Effects of Financial Leverage on Real Estate Investments5.1 AN ILLUSTRATION OF FINANCIAL LEVERAGE5.2 THE EFFECTS OF AN INCREASE IN VOLATILITY5.3 THE EFFECT OF FINANCIAL LEVERAGE ON RETURNS5.4 THE EFFECT OF FINANCIAL LEVERAGE ON RISK5.5 "NO FREE LUNCH"5.6 THE MECHANICS OF FINANCIAL LEVERAGE5.7 THE EFFECT OF THE SPREAD5.8 A BRIEF SUMMARY OF WHEN TO USE FINANCIAL LEVERAGECHAPTER 6. Structured Real Estate Financing Case Studies6.1 STRUCTURED FINANCING FOR AN INCOME PRODUCING PROPERTY6.1.1 Description of the Transaction6.1.2 Term Sheet for an Income Producing Property6.2 STRUCTURED FINANCING FOR fl REAL ESTATE PORTFOLIO ACQUISITION6.2.1 Description of the Portfolio Acquisition6.2.2 Term Sheet for the Financing of a Real Estate Portfolio6.3 FINANCING OF A REAL ESTATE DEVELOPMENT PROJECT6.3.1 Description of the Residential Development Project6.3.2 Term Sheet for the Development Project Loan6.4 FINANCING A SHOPPING CENTRE: CREDIT APPLICATION6.4.1 Players Involved6.4.2 Financial Analysis and Key Figures6.4.3 Risk Appraisal6.4.4 Risk Rating and Risk-RewardCHAPTER 7. Hybrid Forms of Financing7.1 DESCRIPTION7.2 PROCEDURES FOR ESTABLISHING MEZZANINE FINANCE AND COST7.2.1 The Debt Component7.2.2 Equity Kicker7.3 COVENANTS IN A MEZZANINE FINANCING7.4 ECONOMIC IUECHANICS OF HYBRID FINANCING7.4.1 Mezzanine Financing for an Income Producing Property7.4.2 Preferred Equity for Development Projects7.5 WATERFALL PAYOUT AGRENENT7.6 INTERCREDITOR AGREEMENTCHAPTER 8. Basel Accords and Effects on Real Estate Financing8.1 BASE II8.2 BASE III8.3 THE BASEL ACCORDS AND REAL ESTATE FINANCING8.4 STANDARDIZED APPROACH8.5 IRB FOUNDATION AND ADVANCED METHODSPART Two Outline of the most relevant legal issues in selected jurisdictionsCHAPTER 9. China1. What are the principal securities lenders will require borrowers to provide?2. What statutory provisions apply to such securities?3. What are the formal requirements for the establishment of such securities? Does the establishment of a share pledge require their "cession by security"?4. What claims are secured? For what amount? In the case at issue, does the novation of the underlying debt lead to the maintenance/ extinguishment of the securities assisting the original debt?5. Is it possible to "divert" such securities (namely, the securities in rem) in order for them to act as collateral for other claims, should the original Loan Agreement be terminated?6. What rights does a share pledge attribute to the pledgee? Are there any arguments against exercising such rights? What are the formal requirements for its establishment?7. Will securities be automatically preserved, should the Borrower`s debt be restructured?8. In the case of default, how will the securities in pem be enforced?9. What is the average overall duration for the enforcement of a mortgage following enforcement proceedings?10. Are banks entitled to enforce a mortgage directly/through a receiver without having recourse to the competent court? What is the average overall duration of such proceedings?11. What taxes and levies apply to the establishment of such securities and to their cancellation?12. Are claims of public/tax authorities granted preferential treatment? Are public/tax authorities able to claim against the property in priority to the first-rank mortgage granted to the lender?CHAPTER 10. England and Wales1. What are the principal securities lenders will require borrowers to provide?2. What statutory provisions apply to such securities?3. What are the formal requirements for the establishment of such securities?4. Are there any specific statutory provisions relating to the abovementioned securities; should they be provided in respect of a real estate financing?5. Should the answer to the above be in the affirmative, what are both the formal and substantive requirements which have to be met for their application? What advantages/ benefits arise therefrom?6. What liabilities are secured? For what amount? In the case at issue, does the novation of the underlying obligation lead to the maintenance/ extinguishment of the securities assisting the original debt?7. Is it possible to "divert” such securities (namely, the securities in rem in order for them to act as collateral for other claims, should the original loan agreement be terminated?8. What rights does a share pledge attribute to the pledgee? Are there any arguments against exercising such rights?9. What taxes and levies apply to the establishment of such securities and to their cancellation?10. In the case of default, how will the securities in rem be enforced?11. Will securities be automatically preserved, should the borrower's debt be restructured?12. Are banks entitled to enforce a mortgage directly/through a receiver without having recourse to the competent court?13. What is the average overall duration for the enforcement of a mortgage following enforcement proceedings?14. Are claims of public/tax authorities granted preferential treatment? Are public/tax authorities able to claim against the Property in priority to the first-rank mortgage granted to the lender?CHAPTER 11. France1. What are the principal securities which lenders will require borrowers to provide?2. What statutory provisions apply to such securities?3. What are the formal requirements for the establishment of such securities?4. Are there any specific statutory provisions relating to the abovementioned securities; should they be provided in respect of a real estate financing?5. Should the answer to the above be in the affirmative, what are both the formal and substantive requirements which have to be met for their application? What advantages/ benefits arise therefrom?6. What liabilities are secured? For what amount? In the case at issue, does the novation of the underlying obligation lead to the maintenance/extinguishment of the securities assisting the original debt?7. Is it possible to "divert" such securities (namely, the securities in rem) in order for them to act as collateral for other claims, should the original loan agreement be terminated?8. What rights does a share pledge attribute to the pledgee? Are there any arguments against exercising such rights?9. What taxes and levies apply to the establishment of such securities and to their cancellation?10. In the case of default, how will the securities in rem be enforced?11. Will securities be automatically preserved, should the borrowers debt be restructured?12. Are banks entitled to enforce a mortgage directly/through a receiver without having recourse to the competent court?13. What is the average overall duration for the enforcement of a mortgage following enforcement proceedings?14. Are claims of public/tax authorities granted preferential treatment? Are public/tax authorities able to claim against the property in priority to the first-rank mortgage granted to the lender?CHAPTER 12. Germany1. What are the principal securities lenders will require borrowers to provide?2. What statutory provisions apply to such securities?3. What are the formal requirements for the establishment of such securities?4. Are there any specific statutory provisions relating to the abovementioned securities; should they be provided for with reference to real estate financing?5. Is it possible to ''divert" such securities (namely, the securities in rem in order for them to act as collateral for other claims, should the original loan agreement be terminated?6. What rights does a share pledge attribute to the pledgee? Are there any arguments against exercising such rights?7. What taxes and levies apply to the establishment of such securities and to their cancellation?8. In the case of default, how will the securities in rem be enforced?9. Will securities be automatically preserved, should the borrower's debt be restructured?10. Ape banks entitled to enforce a mortgage directly/through a receiver without having recourse to the competent court?11. What is the average overall duration for the enforcement of a mortgage following the enforcement proceedings?12. Are claims of public/tax authorities granted preferential treatment? Are public/tax authorities able to claim against the property in priority to the first-rank mortgage granted to the lender?CHAPTER 13. India1. What are the principal securities lenders will require borrowers to provide?2. What statutory provisions apply to such securities?3. What are the formal requirements for the establishment of such securities?4. Are there any specific statutory provisions relating to the abovementioned securities, should they be provided for within real estate financing?5. Should the answer to the previous question be in the affirmative, what are both the formal and substantive requirements which have to be met for their application? What advantages/ benefits arise therefrom?6. What liabilities are secured? For what amount? In the case at issue, does the novation of the underlying obligation lead to the maintenance/extinguishment of the securities assisting the original debt?7. Is it possible to "divert" such securities (namely, the securities in ram) in order for them to act as collateral for other claims, should the original loan agreement be terminated?8. What rights does a share pledge attribute to the pledgee? Are there any arguments against exercising such rights?9. Will securities be automatically preserved, should the borrowers debt be restructured?10. In the case of default, how will the securities in rem be enforced?11. What is the average overall duration for the enforcement of a mortgage following enforcement proceedings?12. Are banks entitled to enforce a mortgage directly/through a receiver without having recourse to the competent court? What is the average overall duration of such proceedings?13. What taxes and levies apply to the establishment of such securities and to their cancellation?14. Are claims of public/tax authorities granted preferential treatment? Are public/tax authorities able to claim against the property in priority to the first-rank mortgage granted to the lender?CHAPTER 14. Italy1. What are the principal securities lenders will require borrowers to provide?2. What statutory provisions apply to such securities?3. What are the formal requirements for the establishment of such securities?4. Are there any specific statutory provisions relating to the abovementioned securities, should they be provided for within real estate financing?5. Should the answer to the previous question be in the affirmative, what are both the formal and substantive requirements which have to be met for their application? What advantages/ benefits arise therefrom?6. What liabilities are secured? For what amount? In the case at issue, does the novation of the underlying obligation lead to the maintenance/extinguishment of the securities assisting the original debt?7. Is it possible to "divert" such securities (namely, the securities in rem) in order for them to act as collateral for other claims, should the original loan agreement be terminated?8. What rights does a share pledge attribute to the pledgee? Are there any arguments against exercising such rights?9. What taxes and levies apply to the establishment of such securities and to their cancellation?10. In the case of default, how will the securities in rem be enforced?11. Will securities be automatically preserved, should the borrower's debt be restructured?12. Are banks entitled to enforce a mortgage directly/through a receiver without having recourse to the competent court?13. What is the average overall duration for the enforcement of a mortgage following enforcement proceedings?14. Are claims of public/tax authorities granted preferential treatment? Are public/tax authorities able to claim against the property in priority to the first-rank mortgage granted to the lender?CHAPTER 15. Spain1. What are the principal securities lenders will require borrowers to provide?2. What statutory provisions apply to such securities?3. Are there any specific statutory provisions relating to the abovementioned securities, should they be provided for with reference to real estate financing?4. Should the answer to the previous question be in the affirmative, what are both the formal and substantive requirements which have to be met for their application? What advantages/ benefits arise therefrom?5. What are the formal requirements for the establishment of such securities? Does the establishment of a share pledge require their "cession by security"?6. What claims are secured? For what amount? In the case at issue, does the novation of the underlying debt lead to the maintenance/ extinguishment of the securities assisting the original debt?7. Is it possible to "divert” such securities (namely, the securities hi rem) in order for them to act as collateral for other claims, should the original loan agreement be terminated?8. What rights does a share pledge attribute to the pledgee? Are there any arguments against exercising such rights? What are the formal requirements for its establishment?9. Will securities be automatically preserved, should the borrowers debt be restructured?10. In the case of default, how will the securities in rem be enforced?11. What is the average overall duration for the enforcement of a mortgage following enforcement proceedings?12. Are banks entitled to enforce a mortgage directly/through a receiver without having recourse to the competent court? What is the average overall duration of such proceedings?13. What taxes and levies apply to the establishment of such securities and to their cancellation?14. Are claims of public/tax authorities granted preferential treatment? Are public/tax authorities able to claim against the property in priority to the first-rank mortgage granted to the lender?
 
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