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Real Estate Investment remains the most influential textbook on the subject, used in top-tier colleges and universities worldwide. Its unique, practical perspective on international real estate investment focusses on real-world techniques which measure, benchmark, forecast and manage property investments as an asset class. The text examines global property markets and real estate cycles, outlines market fundamentals and explains asset pricing and portfolio theory in the context of real estate.
In the years since the text's first publication, conditions in global real estate markets have changed considerably following the financial crisis of 2008-2009. Real estate asset prices have increased past pre-crisis levels, signalling a general market recovery. Previously scarce debt and equity capital is now abundant, while many institutions once averse to acquiring property are re-entering the markets. The latest edition - extensively revised and updated to address current market trends and practices as well as reflect feedback from instructors and students - features new content on real estate development, improved practical examples, expanded case studies and more. This seminal textbook:
* Emphasises practical solutions to real investing problems rather than complex theory
* Offers substantial new and revised content throughout the text
* Covers topics such as valuation, leasing, mortgages, real estate funds, underwriting and private and public equity real estate
* Features up-to-date sections on performance measurement, real estate debt markets and building and managing real estate portfolios
* Includes access to a re-designed companion website containing numerous problems and solutions, presentation slides and additional instructor and student resources
Written by internationally-recognised experts in capital management and institutional property investing strategies, Real Estate Investment, Second Edition: Strategies, Structures, Decisions is an indispensable textbook for instructors and students of real estate fund management, investment management and investment banking, as well as a valuable reference text for analysts, researchers, investment managers, investment bankers and asset managers.
Real Estate Investment remains the most influential textbook on the subject, used in top-tier colleges and universities worldwide. Its unique, practical perspective on international real estate investment focusses on real-world techniques which measure, benchmark, forecast and manage property investments as an asset class. The text examines global property markets and real estate cycles, outlines market fundamentals and explains asset pricing and portfolio theory in the context of real estate.
In the years since the text's first publication, conditions in global real estate markets have changed considerably following the financial crisis of 2008-2009. Real estate asset prices have increased past pre-crisis levels, signalling a general market recovery. Previously scarce debt and equity capital is now abundant, while many institutions once averse to acquiring property are re-entering the markets. The latest edition - extensively revised and updated to address current market trends and practices as well as reflect feedback from instructors and students - features new content on real estate development, improved practical examples, expanded case studies and more. This seminal textbook:
* Emphasises practical solutions to real investing problems rather than complex theory
* Offers substantial new and revised content throughout the text
* Covers topics such as valuation, leasing, mortgages, real estate funds, underwriting and private and public equity real estate
* Features up-to-date sections on performance measurement, real estate debt markets and building and managing real estate portfolios
* Includes access to a re-designed companion website containing numerous problems and solutions, presentation slides and additional instructor and student resources
Written by internationally-recognised experts in capital management and institutional property investing strategies, Real Estate Investment, Second Edition: Strategies, Structures, Decisions is an indispensable textbook for instructors and students of real estate fund management, investment management and investment banking, as well as a valuable reference text for analysts, researchers, investment managers, investment bankers and asset managers.
DAVID HARTZELL is Steven D. Bell and Leonard W. Wood Distinguished Professor of Finance and Real Estate and Director, Wood Center for Real Estate Studies, University of North Carolina. He is a Fellow of the Private Equity Research Consortium, Kenan Institute and serves on the Board of Directors of Highwoods Properties, a publicly traded Real Estate Investment Trust (REIT), and has served on the Investment Advisory Committee of the [...] billion North Carolina Retirement System.
ANDREW BAUM is Professor of Practice, Saïd Business School, University of Oxford and Professor Emeritus, University of Reading. He is Director of the Oxford Future of Real Estate Initiative, Chairman of Newcore Capital Management, and has held senior executive and non-executive positions with Grosvenor, The Crown Estate, CBRE Global Investors and others.
Acknowledgements xxi
About the Authors xxiii
Preface xxv
Part One Real Estate as an Investment: An Introduction
Chapter 1 Real Estate - The Global Asset 3
1.1 The Global Property Investment Universe 3
1.2 Market Players 6
1.2.1 Investors 6
1.2.2 Fund Managers 9
1.2.3 Advisors 9
1.3 Property - Its Character as an Asset Class 11
1.3.1 Property Depreciates 12
1.3.2 Lease Contracts Control Cash Flows 13
1.3.3 The Supply Side is Inelastic 13
1.3.4 Valuations Influence Performance 14
1.3.5 Property is Not Liquid 15
1.3.6 Large Lot Sizes Produce Specific Risk 16
1.3.7 Leverage is Commonly Used in Real Estate Investment 18
1.3.8 Property Appears to be an Inflation Hedge 19
1.3.9 Property is a Medium-Risk Asset 21
1.3.10 Real Estate Cycles Control Returns 22
1.3.11 Property Appears to be a Diversifying Asset 24
Specific Risk 27
Leverage 27
Illiquidity 28
Taxes, Currency, and Fees 28
1.4 Conclusion 28
Chapter 2 Global Property Markets and Real Estate Cycles, 1950-2020 33
2.1 Introduction and Background 33
2.1.1 The Property Cycle 33
2.2 A Performance History 34
2.2.1 Before 1970: Real Estate Becomes a Medium-Return Asset 34
2.2.2 The 1970s: Inflation, Boom, and Bust 36
The USA 36
The UK 37
2.2.3 The 1980s: New Investors Flood the Real Estate Capital Market 38
The USA 38
The UK 42
2.2.4 The 1990s: The Rise of REITs 43
The USA 43
The UK: Deep Recession, Low Inflation, and Globalization 45
2.2.5 2002-7: A Rising Tide Lifts All Boats 47
The USA 47
The UK 59
2.2.6 The Global Real Estate Credit Crisis Hits 60
The USA 60
The UK 67
2.2.7 The Markets Recover Post-crisis 70
2.3 The Global Market 72
2.3.1 The European Market Develops 72
2.3.2 Asia Emerges 75
2.4 Real Estate Cycles: Conclusion 80
Lesson 1: Too Much Lending to Property is Dangerous 80
Lesson 2: Yields are Mean-Reverting - Unless Real Risk-Free Rates Change 81
Lesson 3: Look at Yields on Index-Linked 81
Chapter 3 Market Fundamentals and Rent 83
3.1 Introduction: The Global Property Cycle and Rent 83
3.2 The Economics of Rent 84
3.2.1 Rent and Operational Profits 84
3.2.2 Theories of Rent 86
Ricardo 86
von Thünen 87
Fisher 89
3.2.3 Rent as the Price of Space 90
3.2.4 Supply 91
3.2.5 Demand 93
The Cyclical Demand for Space 93
The Structural Demand for Space 94
Variations in Locational Demand by Use 95
3.2.6 The Relationship Between Rental Value and Rental Income 97
3.2.7 The Impact of Currency Movements on Rent 99
3.2.8 Property Rents and Inflation 99
3.3 Forecasting Rents 101
3.3.1 Forecasting National Rents 101
Model Types 101
Price 102
Demand 102
Supply 102
Building the Model 104
An Historical Model 104
A Forecasting Model 105
3.3.2 Forecasting at the Local Level 105
Conceptual and Modelling Problems 106
Data Issues 106
3.4 Conclusion 107
Chapter 4 Asset Pricing, Portfolio Theory, and Real Estate 109
4.1 Risk, Return, and Portfolio Theory 109
4.1.1 Introduction 109
4.1.2 Risk and Return 110
4.1.3 Portfolio Theory 111
The Efficient Frontier 111
4.1.4 Risk and Competitors 112
4.1.5 Risk and Liabilities 113
4.1.6 Property Portfolio Management in Practice 113
The Investment Strategy 114
4.2 A Property Appraisal Model 115
4.2.1 Introduction: The Excess Return 115
4.2.2 The Cap Rate or Initial Yield - A Simple Price Indicator 116
UK Terminology 116
US Terminology 117
How are Cap Rates Estimated in Practice? 118
Cap Rates are the Inverse of Price/Earnings Ratios 118
What Drives the Cap Rate? 119
4.2.3 The Fisher Equation 121
4.2.4 A Simple Cash Flow Model 121
4.2.5 Gordon's Growth Model (Constant Income Growth) 122
4.2.6 A Property Valuation Model Including Depreciation 122
4.3 The Model Components 123
4.3.1 The Risk-Free Rate 123
4.3.2 The Risk Premium 124
What is Risk? 124
The Capital Asset Pricing Model 125
4.3.3 Inflation 127
4.3.4 Real Rental Growth 128
4.3.5 Depreciation 128
4.3.6 'Correct' Yields 129
4.3.7 An Analysis in Real Terms 129
4.4 The Required Return for Property Assets 130
4.4.1 The Sector Premium 130
4.4.2 The City Premium 131
4.4.3 The Property Premium 131
4.4.4 Example 131
Tenant 131
Tenure 132
Leases 132
Building 132
Location 132
4.5 Forecasting Real Estate Returns 135
4.5.1 The Origin and Uses of Property Forecasts 135
4.5.2 Forecasting Cap Rates 136
4.5.3 Forecasting Property Cash Flows 138
4.5.4 The Portfolio Model 138
4.5.5 Example 139
4.5.6 Fair Value Analysis 141
4.6 Conclusion: A Simple Way to Think About Real Estate Returns 141
Part Two Making Investment Decisions at the Property Level
Chapter 5 Basic Valuation and Investment Analysis 145
5.1 Introduction 145
5.1.1 Cash Flow 146
5.1.2 Risk and the Discount Rate 147
5.1.3 Determining Price 147
5.1.4 Determining Return 148
5.2 Estimating Future Cash Flows 148
5.2.1 Introduction 148
5.2.2 Holding Period 149
5.2.3 Lease Rent 149
5.2.4 Resale Price 149
Estimated Rental Value at Resale 150
Going-Out Capitalisation Rate 150
5.2.5 Depreciation 150
5.2.6 Expenses 152
Fees 152
Taxes 152
Debt Finance (Interest) 153
5.3 The Discount Rate 153
5.4 Conclusion 156
Chapter 6 Leasing 159
6.1 Introduction 159
6.2 Legal Characteristics of Leases 160
6.3 The Leasing Process 161
6.4 Important Economic Elements of a Lease 161
6.4.1 The Term of the Lease 162
6.4.2 Base Rent and Rent Escalation Provisions 162
6.4.3 Options 163
Renewal Options 163
Expansion, Contraction, and Termination Options 163
6.4.4 Measurement of Space 164
6.4.5 Expense Treatment 165
Gross Lease 165
Triple Net Lease 168
6.4.6 Concessions: Tenant Improvement Allowance and Rental Abatement 170
Tenant Improvement Allowance or Tenant Upfit/Fitout 170
Rental Abatement (Rent-Free Periods) 171
6.4.7 Brokerage Commissions 172
6.4.8 Other Key Elements of a Lease 174
6.4.9 Leasing Differences Across Property Types 175
6.5 Lease Economics and Effective Rent 177
6.5.1 Comparing Leases with Different Expense Treatment 177
The Landlord's Perspective 177
The Tenant's Perspective 178
6.5.2 Comparing Leases with Different Concession Allowances 179
Landlord's Perspective 180
Tenant's Perspective 181
6.6 Conclusions 183
Appendix: Modeling Lease Flexibility In The Uk 183
Example 185
Assumptions 185
Result 185
Explanation 186
Chapter 7 Techniques for Valuing Commercial Real Estate and Determining Feasibility: The Unleveraged Case 187
7.1 Introduction 187
7.2 Background on the Investment Opportunity 188
7.2.1 Project Details 188
7.2.2 Where Do You Find Information About Income and Expenses? 189
7.3 Developing a Pro Forma Income Statement 190
7.3.1 Calculating Total Revenues 191
7.3.2 Estimating Vacancy Loss 191
7.3.3 Estimating Operating Expenses 192
7.3.4 Calculating Net Operating Income 193
7.4 Valuation Using Net Operating Income: Single-Year Cash Flow 193
7.4.1 An Aside on Capitalization Rates 194
Estimating the Market Cap Rate 194
Cap Rates are the Inverse of Price/Earnings Ratios 195
Using Cap Rates to Value the Apartment Project 195
Calculating the Implied Cap Rate for the Apartment Investment Opportunity 196
7.5 Investment Analysis Using Operating Income: Multiple-Year Cash Flows 197
7.5.1 Operating Cash Flows from Leasing 197
7.5.2 Cash Flows from Disposition 198
7.6 Applying Discounted Cash Flow to Analyze Investment Feasibility 200
7.6.1 Determining Feasibility 200
7.6.2 Equity Multiple 200
7.6.3 Partitioning the Internal Rate of Return 201
7.6.4 Calculating the Maximum Price to Pay 202
7.7 Sensitivity Analysis 202
7.8 Conclusion 203
Chapter 8 Mortgages: An Introduction 205
8.1 Introduction 205
8.2 What is a Mortgage? 206
8.2.1 Promissory Note 206
8.2.2 Mortgage Instrument 206
8.3 The Risks and Returns of Mortgage Investment 207
8.4 The Financial Components of a Mortgage 208
8.4.1 The Bond Component 208
8.4.2 The Call Option Component 208
8.4.3 The Put Option Component 209
8.5 The Mortgage Menu 210
8.5.1 Fixed or Floating-Rate Loans 210
8.5.2 Fully or Partially Amortizing Loans 211
8.6 An Introduction to Mortgage Math 212
8.6.1 Calculating the Monthly Payment 212
8.6.2 The Mortgage Loan Constant 213
8.6.3 The Amortization Schedule 213
8.6.4 Converting from the Contract Rate to the Compounded Rate 217
8.6.5 Determining the Cost of Borrowing 217
Borrowing Cost without Up-front Fees 217
Borrowing Costs when the Lender Charges Fees 219
Borrowing Costs when the Loan is Prepaid Prior to Maturity 220
8.7 Calculating Prepayment Penalties 220
8.7.1 Lockout...
| Erscheinungsjahr: | 2021 |
|---|---|
| Fachbereich: | Betriebswirtschaft |
| Genre: | Importe, Wirtschaft |
| Rubrik: | Recht & Wirtschaft |
| Medium: | Buch |
| Inhalt: | 592 S. |
| ISBN-13: | 9781119526094 |
| ISBN-10: | 1119526094 |
| Sprache: | Englisch |
| Einband: | Gebunden |
| Autor: |
Hartzell, David
Baum, Andrew E |
| Auflage: | 2nd edition |
| Hersteller: | Wiley |
| Verantwortliche Person für die EU: | Wiley-VCH GmbH, Boschstr. 12, D-69469 Weinheim, amartine@wiley-vch.de |
| Maße: | 181 x 250 x 36 mm |
| Von/Mit: | David Hartzell (u. a.) |
| Erscheinungsdatum: | 05.01.2021 |
| Gewicht: | 1,064 kg |
DAVID HARTZELL is Steven D. Bell and Leonard W. Wood Distinguished Professor of Finance and Real Estate and Director, Wood Center for Real Estate Studies, University of North Carolina. He is a Fellow of the Private Equity Research Consortium, Kenan Institute and serves on the Board of Directors of Highwoods Properties, a publicly traded Real Estate Investment Trust (REIT), and has served on the Investment Advisory Committee of the [...] billion North Carolina Retirement System.
ANDREW BAUM is Professor of Practice, Saïd Business School, University of Oxford and Professor Emeritus, University of Reading. He is Director of the Oxford Future of Real Estate Initiative, Chairman of Newcore Capital Management, and has held senior executive and non-executive positions with Grosvenor, The Crown Estate, CBRE Global Investors and others.
Acknowledgements xxi
About the Authors xxiii
Preface xxv
Part One Real Estate as an Investment: An Introduction
Chapter 1 Real Estate - The Global Asset 3
1.1 The Global Property Investment Universe 3
1.2 Market Players 6
1.2.1 Investors 6
1.2.2 Fund Managers 9
1.2.3 Advisors 9
1.3 Property - Its Character as an Asset Class 11
1.3.1 Property Depreciates 12
1.3.2 Lease Contracts Control Cash Flows 13
1.3.3 The Supply Side is Inelastic 13
1.3.4 Valuations Influence Performance 14
1.3.5 Property is Not Liquid 15
1.3.6 Large Lot Sizes Produce Specific Risk 16
1.3.7 Leverage is Commonly Used in Real Estate Investment 18
1.3.8 Property Appears to be an Inflation Hedge 19
1.3.9 Property is a Medium-Risk Asset 21
1.3.10 Real Estate Cycles Control Returns 22
1.3.11 Property Appears to be a Diversifying Asset 24
Specific Risk 27
Leverage 27
Illiquidity 28
Taxes, Currency, and Fees 28
1.4 Conclusion 28
Chapter 2 Global Property Markets and Real Estate Cycles, 1950-2020 33
2.1 Introduction and Background 33
2.1.1 The Property Cycle 33
2.2 A Performance History 34
2.2.1 Before 1970: Real Estate Becomes a Medium-Return Asset 34
2.2.2 The 1970s: Inflation, Boom, and Bust 36
The USA 36
The UK 37
2.2.3 The 1980s: New Investors Flood the Real Estate Capital Market 38
The USA 38
The UK 42
2.2.4 The 1990s: The Rise of REITs 43
The USA 43
The UK: Deep Recession, Low Inflation, and Globalization 45
2.2.5 2002-7: A Rising Tide Lifts All Boats 47
The USA 47
The UK 59
2.2.6 The Global Real Estate Credit Crisis Hits 60
The USA 60
The UK 67
2.2.7 The Markets Recover Post-crisis 70
2.3 The Global Market 72
2.3.1 The European Market Develops 72
2.3.2 Asia Emerges 75
2.4 Real Estate Cycles: Conclusion 80
Lesson 1: Too Much Lending to Property is Dangerous 80
Lesson 2: Yields are Mean-Reverting - Unless Real Risk-Free Rates Change 81
Lesson 3: Look at Yields on Index-Linked 81
Chapter 3 Market Fundamentals and Rent 83
3.1 Introduction: The Global Property Cycle and Rent 83
3.2 The Economics of Rent 84
3.2.1 Rent and Operational Profits 84
3.2.2 Theories of Rent 86
Ricardo 86
von Thünen 87
Fisher 89
3.2.3 Rent as the Price of Space 90
3.2.4 Supply 91
3.2.5 Demand 93
The Cyclical Demand for Space 93
The Structural Demand for Space 94
Variations in Locational Demand by Use 95
3.2.6 The Relationship Between Rental Value and Rental Income 97
3.2.7 The Impact of Currency Movements on Rent 99
3.2.8 Property Rents and Inflation 99
3.3 Forecasting Rents 101
3.3.1 Forecasting National Rents 101
Model Types 101
Price 102
Demand 102
Supply 102
Building the Model 104
An Historical Model 104
A Forecasting Model 105
3.3.2 Forecasting at the Local Level 105
Conceptual and Modelling Problems 106
Data Issues 106
3.4 Conclusion 107
Chapter 4 Asset Pricing, Portfolio Theory, and Real Estate 109
4.1 Risk, Return, and Portfolio Theory 109
4.1.1 Introduction 109
4.1.2 Risk and Return 110
4.1.3 Portfolio Theory 111
The Efficient Frontier 111
4.1.4 Risk and Competitors 112
4.1.5 Risk and Liabilities 113
4.1.6 Property Portfolio Management in Practice 113
The Investment Strategy 114
4.2 A Property Appraisal Model 115
4.2.1 Introduction: The Excess Return 115
4.2.2 The Cap Rate or Initial Yield - A Simple Price Indicator 116
UK Terminology 116
US Terminology 117
How are Cap Rates Estimated in Practice? 118
Cap Rates are the Inverse of Price/Earnings Ratios 118
What Drives the Cap Rate? 119
4.2.3 The Fisher Equation 121
4.2.4 A Simple Cash Flow Model 121
4.2.5 Gordon's Growth Model (Constant Income Growth) 122
4.2.6 A Property Valuation Model Including Depreciation 122
4.3 The Model Components 123
4.3.1 The Risk-Free Rate 123
4.3.2 The Risk Premium 124
What is Risk? 124
The Capital Asset Pricing Model 125
4.3.3 Inflation 127
4.3.4 Real Rental Growth 128
4.3.5 Depreciation 128
4.3.6 'Correct' Yields 129
4.3.7 An Analysis in Real Terms 129
4.4 The Required Return for Property Assets 130
4.4.1 The Sector Premium 130
4.4.2 The City Premium 131
4.4.3 The Property Premium 131
4.4.4 Example 131
Tenant 131
Tenure 132
Leases 132
Building 132
Location 132
4.5 Forecasting Real Estate Returns 135
4.5.1 The Origin and Uses of Property Forecasts 135
4.5.2 Forecasting Cap Rates 136
4.5.3 Forecasting Property Cash Flows 138
4.5.4 The Portfolio Model 138
4.5.5 Example 139
4.5.6 Fair Value Analysis 141
4.6 Conclusion: A Simple Way to Think About Real Estate Returns 141
Part Two Making Investment Decisions at the Property Level
Chapter 5 Basic Valuation and Investment Analysis 145
5.1 Introduction 145
5.1.1 Cash Flow 146
5.1.2 Risk and the Discount Rate 147
5.1.3 Determining Price 147
5.1.4 Determining Return 148
5.2 Estimating Future Cash Flows 148
5.2.1 Introduction 148
5.2.2 Holding Period 149
5.2.3 Lease Rent 149
5.2.4 Resale Price 149
Estimated Rental Value at Resale 150
Going-Out Capitalisation Rate 150
5.2.5 Depreciation 150
5.2.6 Expenses 152
Fees 152
Taxes 152
Debt Finance (Interest) 153
5.3 The Discount Rate 153
5.4 Conclusion 156
Chapter 6 Leasing 159
6.1 Introduction 159
6.2 Legal Characteristics of Leases 160
6.3 The Leasing Process 161
6.4 Important Economic Elements of a Lease 161
6.4.1 The Term of the Lease 162
6.4.2 Base Rent and Rent Escalation Provisions 162
6.4.3 Options 163
Renewal Options 163
Expansion, Contraction, and Termination Options 163
6.4.4 Measurement of Space 164
6.4.5 Expense Treatment 165
Gross Lease 165
Triple Net Lease 168
6.4.6 Concessions: Tenant Improvement Allowance and Rental Abatement 170
Tenant Improvement Allowance or Tenant Upfit/Fitout 170
Rental Abatement (Rent-Free Periods) 171
6.4.7 Brokerage Commissions 172
6.4.8 Other Key Elements of a Lease 174
6.4.9 Leasing Differences Across Property Types 175
6.5 Lease Economics and Effective Rent 177
6.5.1 Comparing Leases with Different Expense Treatment 177
The Landlord's Perspective 177
The Tenant's Perspective 178
6.5.2 Comparing Leases with Different Concession Allowances 179
Landlord's Perspective 180
Tenant's Perspective 181
6.6 Conclusions 183
Appendix: Modeling Lease Flexibility In The Uk 183
Example 185
Assumptions 185
Result 185
Explanation 186
Chapter 7 Techniques for Valuing Commercial Real Estate and Determining Feasibility: The Unleveraged Case 187
7.1 Introduction 187
7.2 Background on the Investment Opportunity 188
7.2.1 Project Details 188
7.2.2 Where Do You Find Information About Income and Expenses? 189
7.3 Developing a Pro Forma Income Statement 190
7.3.1 Calculating Total Revenues 191
7.3.2 Estimating Vacancy Loss 191
7.3.3 Estimating Operating Expenses 192
7.3.4 Calculating Net Operating Income 193
7.4 Valuation Using Net Operating Income: Single-Year Cash Flow 193
7.4.1 An Aside on Capitalization Rates 194
Estimating the Market Cap Rate 194
Cap Rates are the Inverse of Price/Earnings Ratios 195
Using Cap Rates to Value the Apartment Project 195
Calculating the Implied Cap Rate for the Apartment Investment Opportunity 196
7.5 Investment Analysis Using Operating Income: Multiple-Year Cash Flows 197
7.5.1 Operating Cash Flows from Leasing 197
7.5.2 Cash Flows from Disposition 198
7.6 Applying Discounted Cash Flow to Analyze Investment Feasibility 200
7.6.1 Determining Feasibility 200
7.6.2 Equity Multiple 200
7.6.3 Partitioning the Internal Rate of Return 201
7.6.4 Calculating the Maximum Price to Pay 202
7.7 Sensitivity Analysis 202
7.8 Conclusion 203
Chapter 8 Mortgages: An Introduction 205
8.1 Introduction 205
8.2 What is a Mortgage? 206
8.2.1 Promissory Note 206
8.2.2 Mortgage Instrument 206
8.3 The Risks and Returns of Mortgage Investment 207
8.4 The Financial Components of a Mortgage 208
8.4.1 The Bond Component 208
8.4.2 The Call Option Component 208
8.4.3 The Put Option Component 209
8.5 The Mortgage Menu 210
8.5.1 Fixed or Floating-Rate Loans 210
8.5.2 Fully or Partially Amortizing Loans 211
8.6 An Introduction to Mortgage Math 212
8.6.1 Calculating the Monthly Payment 212
8.6.2 The Mortgage Loan Constant 213
8.6.3 The Amortization Schedule 213
8.6.4 Converting from the Contract Rate to the Compounded Rate 217
8.6.5 Determining the Cost of Borrowing 217
Borrowing Cost without Up-front Fees 217
Borrowing Costs when the Lender Charges Fees 219
Borrowing Costs when the Loan is Prepaid Prior to Maturity 220
8.7 Calculating Prepayment Penalties 220
8.7.1 Lockout...
| Erscheinungsjahr: | 2021 |
|---|---|
| Fachbereich: | Betriebswirtschaft |
| Genre: | Importe, Wirtschaft |
| Rubrik: | Recht & Wirtschaft |
| Medium: | Buch |
| Inhalt: | 592 S. |
| ISBN-13: | 9781119526094 |
| ISBN-10: | 1119526094 |
| Sprache: | Englisch |
| Einband: | Gebunden |
| Autor: |
Hartzell, David
Baum, Andrew E |
| Auflage: | 2nd edition |
| Hersteller: | Wiley |
| Verantwortliche Person für die EU: | Wiley-VCH GmbH, Boschstr. 12, D-69469 Weinheim, amartine@wiley-vch.de |
| Maße: | 181 x 250 x 36 mm |
| Von/Mit: | David Hartzell (u. a.) |
| Erscheinungsdatum: | 05.01.2021 |
| Gewicht: | 1,064 kg |
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