Che materia stai cercando?

Riassunto di Real estate finance

Riassunto dell'intero corso di Real estate finance, basato su studio individuale (esame in modalità "non frequentanti") sui contenuti del libro consigliato "Property finance: an international approach". Appunti basati su appunti personali del publisher presi alle lezioni del prof. Morri.

Esame di Real estate finance docente Prof. G. Morri

Anteprima

ESTRATTO DOCUMENTO

FREQUENCY OF DRAWDOWN

The first drawdown/disbursement is generally conditional upon the provision of all guarantees +

completion of legal, tax, technical due diligences

EVENTS OF DEFAULT 

The agreement contains all events that trigger the default of the financing the lender can ask for the

total repayment of the amount

The most common events are:

• 

Non-payment the borrower does not pay the amount due within X days of its due date

• 

Breach of obligation the borrower does not comply with any term of a certain clause

• 

Misrepresentation a representation made by the borrower in any finance document is incorrect

• 

Insolvency a moratorium is declared in respect of any indebtedness of the borrower

• 

Compulsory purchase any part of a property is compulsorily purchased

• 

Major damage any part of a property is damaged/destroyed

PROPERTY INSURANCE

The borrower is responsible for all insurance costs

• To restore the original value of the collateral property (if the property is damaged)

• To redeem the debt in full (if the property is destroyed)

Also, if the value of the collateral falls (as certified by an official surveyor’s report based on objective

market parameters) the bank will have the right to require:

• The collateral to be increased

• The provision of another collateral

• The partial redemption of the loan

REPRESENTATIONS AND WARRANTIES

Representations and warranties are statements by the borrower used to inform the parties of the fact that

the loan was granted on the basis of the economic, financial, legal and tax situation disclosed by the

borrower at the time the agreement was concluded

If the information provided is not true, the bank may terminate the agreement

DUTY TO PROVIDE INFORMATION

The parties negotiate a series of clauses, under which the borrower has to inform the bank of any disputes,

arbitral proceedings or administrative procedures initiated after the conclusion of the agreement that may

have a substantial detrimental effect

The parties may negotiate other clauses, under which the borrower has to inform the bank, with sufficient

advance, of its intention to sell the property or to establish any other real right of possession over it

These clauses have the goal of monitoring the real estate operation

The clauses will also include a right for the bank to appoint a surveyor to ascertain the OMV of the property

COVENANTS

Covenant clause which grants the bank the right to renegotiate/terminate the agreement if certain

events occur 14

BALANCE SHEET COVENANTS

The clause is based on the balance sheet

The purpose is to ensure that the assets and financial structure of the borrower/sponsors remain

compatible with the level of debt taken on

The main balance sheet covenants are:

• Liquidity ≥ specified minimum

• Net balance sheet capital level ≥ specified minimum

NFP

• ≤ specified maximum

Net capital

FINANCIAL COVENANTS

The clause is based on a financial ratio


PAGINE

26

PESO

841.72 KB

PUBBLICATO

10 mesi fa


DETTAGLI
Corso di laurea: Corso di laurea in economia aziendale e management
SSD:
A.A.: 2018-2019

I contenuti di questa pagina costituiscono rielaborazioni personali del Publisher Fabiomere di informazioni apprese con la frequenza delle lezioni di Real estate finance e studio autonomo di eventuali libri di riferimento in preparazione dell'esame finale o della tesi. Non devono intendersi come materiale ufficiale dell'università Bocconi - Unibocconi o del prof Morri Giacomo.

Acquista con carta o conto PayPal

Scarica il file tutte le volte che vuoi

Paga con un conto PayPal per usufruire della garanzia Soddisfatto o rimborsato

Recensioni
Ti è piaciuto questo appunto? Valutalo!

Altri appunti di Corso di laurea in economia aziendale e management

Riassunto esame Marketing, prof. Valdani, libro consigliato M@rketing Management
Appunto
Microeconomia - Formulario
Appunto
Storia dell'economia mondiale - Riassunto esame, prof. Amatori
Appunto
Riassunto esame Business History, prof. Amatori, libro consigliato Storia d'Impresa, Complessità e Comparazioni, Amatori, Colli
Appunto