Real Estate Finance & Investments is todays most indispensable, hands-on look at the increasingly vital arena of real estate partnerships, secondary mortgage markets, and fixed- and adjustable- rate mortgages. Updates to this edition include completely revised coverage of REITs, expanded coverage of CMBS, more detail on how underlying economic factors affect property value, and short readings based on current events.

Real Estate Finance, Eighth Edition

Real estate finance (1989)

William B. Brueggeman, Jeffrey D. Fischer, Leo D. Stone

Irwin Professional Publishing

Homewood, IL: Irwin

McGraw-Hill/Irwin

Dorsey Press, The

Richard D. Irwin

United States, United States of America

8th ed, Homewood, Ill. <etc.>, 1989

8th, US, 1989

Includes index.

topic: Mortgage loans; Real property; Immobilienanlage

Type: 英文图书

Bookmarks:
1. (p1) 1. OVERVIEW OF REAL ESTATE FINANCE
1.1. (p2) Legal Considerations-Part I
1.2. (p3) Financing Residential Properties-Part II
1.3. (p4) Financing Income Producing Properties-Part III
1.4. (p5) Financing Real Estate Development-Part IV
1.5. (p6) Sources of Real Estate Funding and the Secondary Mortgage Market-Part V
1.6. (p7) Real Estate Investment Performance-Part VI
2. (p8) PART I Legal Instruments and Other Considerations in Real Estate Finance
2.1. (p9) 2. PROPERTY RIGHTS: ESTATES AND MORTGAGES
2.1.1. (p10) Introduction
2.1.2. (p11) Property Rights and Estates
2.1.3. (p12) Assurance of Title
2.1.4. (p13) Methods of Title Assurance
2.1.5. (p14) Recording Acts
2.1.6. (p15) The Mortgage Instrument
2.1.7. (p16) Assumption of Mortgage
2.1.8. (p17) Acquiring Title "Subject to" a Mortgage
2.1.9. (p18) Other Financing Instruments
2.1.10. (p19) Land Contracts
2.2. (p20) 3. MORTGAGE DEFAULT, FORECLOSURE, AND BANKRUPTCY
3. (p25) PART II Financing Residential Properties
3.1. (p26) 4. THE INTEREST FACTOR IN FINANCING
3.1.1. (p27) Compound Interest
3.1.2. (p28) Present Value
3.1.3. (p29) Compound or Future Value of an Annuity
3.1.4. (p30) Present Value of an Annuity
3.1.5. (p31) Accumulation of a Future Sum
3.1.6. (p32) Determining Yields or Internal Rates of Return on Investments
3.2. (p33) 5. FIXED INTEREST RATE MORTGAGE LOANS: PRICING, PAYMENT PATTERNS, AND EFFECTIVE BORROWING COSTS
3.2.1. (p34) Determinants of Mortgage Interest Rates-a Brief Overview
3.2.2. (p35) Development of Mortgage Payment Patterns
3.2.3. (p36) Constant Payment and Constant Amortization Loans-a Comparison
3.2.4. (p37) Inflation and Mortgage Pricing Problems
3.2.5. (p38) Appendix: Graduated Payment Mortgages-Extensions
3.3. (p39) 6. ADJUSTABLE RATE AND VARIABLE PAYMENT MORTGAGES
3.3.1. (p40) ARMs and Lender Considerations
3.3.2. (p41) The Price Level Adjusted Mortgage
3.3.3. (p42) ARMs-a General Overview
3.3.4. (p43) Shared Appreciation Mortgages
3.4. (p44) 7. UNDERWRITING AND FINANCING RESIDENTIAL PROPERTIES
3.4.1. (p45) Underwriting Default Risk
3.4.2. (p46) Classification of Mortgage Loans
3.4.3. (p47) The Underwriting Process
3.4.4. (p48) The Underwriting Process Illustrated
3.5. (p49) 8. RESIDENTIAL REAL ESTATE CLOSINGS
3.5.1. (p50) The Closing Process
3.5.2. (p51) The Real Estate Settlement and Procedures Act (RESPA)
3.5.3. (p52) Settlement Costs Illustrated
3.6. (p53) 9. ANALYSIS OF RESIDENTIAL FINANCE
4. (p64) PART III Financing and Investing in Income-Producing Properties
4.1. (p65) 10. INTRODUCTION TO ANALYSIS OF INCOME PROPERTIES
4.1.1. (p66) Property Types
4.1.2. (p67) Motivations for Investing
4.1.3. (p68) Projecting Cash Flows
4.1.4. (p69) Leases
4.1.5. (p70) Office Building Example
4.1.6. (p71) Introduction to Debt Financing
4.1.7. (p72) Introduction to Investment Analysis
4.1.8. (p73) Appendix: Multiple IRR and Ranking Issues
4.2. (p74) 11. TAXATION OF INCOME-PRODUCING REAL ESTATE
4.2.1. (p75) Classification of Real Property
4.2.2. (p76) Individual Tax Rates
4.2.3. (p77) Taxable Income from Operation of Real Estate
4.2.4. (p78) Taxable Income from Disposal of Depreciable Real Property
4.2.5. (p79) After-Tax Investment Analysis
4.2.6. (p80) Classification of Income
4.2.7. (p81) Effect of Passive Loss Limitation on the ATIRR
4.2.8. (p82) At Risk Rules
4.2.9. (p83) Rehabilitation Investment Tax Credits
4.2.10. (p84) Overview of Other Organizational Forms for Ownership of Real Estate
4.2.11. (p85) Appendix: Depreciation and Effective Tax Rates
4.3. (p86) 12. RISK ANALYSIS
4.3.1. (p87) Comparing Investment Returns
4.3.2. (p88) Sensitivity Analysis
4.3.3. (p89) The Effect of Fixed versus Variable Costs on Risk
4.3.4. (p90) Duration
4.3.5. (p91) Variation in Returns and Risk
4.4. (p92) 13. FINANCIAL LEVERAGE AND DEBT STRUCTURE
4.4.1. (p93) Introduction to Financial Leverage
4.4.2. (p94) Break-Even Interest Rate
4.4.3. (p95) Leverage and the Incremental Cost of Debt
4.4.4. (p96) Risk and Leverage
4.4.5. (p97) Participation Loans
4.4.6. (p98) Sale-and-Leaseback of the Land
4.4.7. (p99) Summary Sale-and-Leaseback versus Other Alternatives
4.4.8. (p100) Appendix: Alternative Loan Structures-Income Producing Properties
4.5. (p101) 14. VALUATION OF INCOME PROPERTIES
4.5.1. (p102) Appraisal Process
4.5.2. (p103) Approaches to Valuation
4.5.3. (p104) A Note on Computer Approaches to Estimating Value
4.5.4. (p105) A Final Note on Appraisal Methodology
4.5.5. (p106) Appendix: Additional Financing Considerations in Appraisal
4.6. (p107) 15. DISPOSITION AND RENOVATION OF INCOME PROPERTIES
4.6.1. (p108) Disposition Decisions
4.6.2. (p109) IRR for Holding versus Sale of the Property
4.6.3. (p110) Return to a New Investor
4.6.4. (p111) Refinancing as an Alternative to Disposition
4.6.5. (p112) Renovation as an Alternative to Disposition
4.6.6. (p113) Renovation and Refinancing
4.6.7. (p114) Appendix: Convertible Mortgages-A Hybrid Method of Refinancing and Disposition
4.7. (p115) 16. RAISING EQUITY CAPITAL: SYNDICATIONS AND LIMITED PARTNERSHIP INVESTMENTS
5. (p125) PART IV Financing Real Estate Development
5.1. (p126) 17. FINANCING THE DEVELOPMENT OF INCOME-PRODUCING PROPERTIES
5.1.1. (p127) Introduction
5.1.2. (p128) The Development of Income-Producing Property-an Overview
5.1.3. (p129) Project Development Financing-an Overview
5.1.4. (p130) Lender Requirements in Financing Project Development
5.1.5. (p131) Project Development Illustrated
5.1.6. (p132) Feasibility, Profitability, and Risk-Additional Issues
5.1.7. (p133) Appendix: Estimating Interest Carry and Yields-Construction and Development Loans
5.2. (p134) 18. LAND DEVELOPMENT
6. (p141) PART V Institutional Sources of Funds and the Secondary Mortgage Market
6.1. (p142) 19. SOURCES OF MORTGAGE AND EQUITY FINANCING FOR REAL ESTATE-PART I
6.1.1. (p143) Flow of Funds and the Financial System
6.1.2. (p144) Growth and Instability in the Supply of Mortgage Funds
6.1.3. (p145) Intermediaries in the Mortgage Market
6.2. (p146) 20. SOURCES OF MORTGAGE AND EQUITY FINANCING FOR REAL ESTATE-PART II
6.2.1. (p147) Pension Funds
6.2.2. (p148) Real Estate Investment Trusts
6.2.3. (p149) Syndication
6.2.4. (p150) Regulation of Syndicates
6.2.5. (p151) Federal and State Securities Authorities
6.3. (p152) 21. THE SECONDARY MORTGAGE MARKET AND MORTGAGE-RELATED SECURITIES-PART I
6.3.1. (p153) Introduction
6.3.2. (p154) Evolution of the Secondary Mortgage Market
6.3.3. (p155) Early Buyers of Mortgage Loans
6.3.4. (p156) Government's Role in Market Development
6.3.5. (p157) The Secondary Market after 1954
6.3.6. (p158) The Housing and Urban Development Act of 1968
6.3.7. (p159) The Government National Mortgage Association
6.3.8. (p160) Operation of the Secondary Mortgage Market
6.3.9. (p161) Mortgage-Backed Bonds
6.3.10. (p162) Mortgage Pass-Through Securities
6.4. (p163) 22. SECONDARY MORTGAGE MARKETS AND MORTGAGE-RELATED SECURITIES-PART II
7. (p171) PART VI Real Estate Investment Performance
7.1. (p172) 23. REAL ESTATE INVESTMENT PERFORMANCE AND PORTFOLIO CONSIDERATIONS
8. (p180) APPENDIXES
8.1. (p181) APPENDIX A. Annual Compound Interest Tables
8.2. (p182) APPENDIX B. Monthly Compound Interest Tables
8.3. (p183) APPENDIX C. Mortgage Balance Factors
9. (p184) INDEX

theme: Mortgage loans; Real property; Immobilienanlage