Additional information
by Giacomo Morri (Author), Antonio Mazza (Author)
A unique, international approach to optimal real estate financing
Property Finance is an authoritative guide to both the financial and legal issues surrounding real estate financing. Unique in its exclusive focus on the topic, this book builds from a solid theoretical foundation to provide practical tools and real-world solutions. Beginning with a discussion of the general issues encountered in real estate finance from an international perspective, the authors delve into country-specific information and set out the legal peculiarities of eight important countries (Germany, France, Italy, Spain, China, India, England and Wales) by asking questions of relevance to the leading local law firms specializing in real estate financing. The reader may thus consider in greater depth the problems relating to any given country and compare and contrast the positions under different legal systems.
Examples with numerical calculations and contract excerpts enhance the explanations presented, and are immediately followed by practical case studies that illustrate the mechanisms at work. The companion website features downloadable spreadsheets used in the examples, power point presentations, as well as real estate news and more.
Property financing entails many sources of capital, including both debt and equity resources as well as hybrid forms like preferred equity and mezzanine debt. Knowing how to work with these avenues is important to ensuring financial sustainability in real estate assets. Property Finance covers the most common issues encountered, helping readers prepare for and find a way around possible roadblocks.
- Consider the issues surrounding real estate lending at an international level
- Compare and contrast the positions under different legal systems
- Develop an international perspective on cash flows and financing agreements
- Use powerful tools to structure financing and gauge its effects on property financing
The success of a real estate investment is dependent upon optimal financing, and a mere bird's eye view of the topic does not fully prepare investors for issues ahead: Property Finance provides a knowledge-based approach to real estate investment, detailed information and powerful tools.
Front Jacket
Property Finance is a practical book that explores key aspects of financing decisions related to real estate transactions. The book seamlessly blends theory and practice as it discusses real estate financing in leading Western economies, as well as China and India.
Property Finance is an ideal resource for real estate finance practitioners, bankers, lawyers, business owners and students who wish to obtain a clear understanding of the fundamental theories, legal issues and principles that underpin real estate finance.
The book includes information on all key topics, such as:
- structured real estate financing
- loan agreements
- financial models and cases of property financing
- the effects of financial leverage on real estate investments
- hybrid forms of financing
- the Basel Accords
- the statutory framework and its impact on structured real estate finance
The authors explore the legal issues and financial models that potentially affect property financing deals and provide possible legal and financial solutions that permit the completion of some complex transactions. Special attention has been paid to due diligence as many of the failures of property financing transactions can be attributed to the shortcomings in this critical component of the transaction process.
The book also outlines both key differences and commonalities in the property financing systems in seven key countries around the world. The companion website to the book (www.morri-mazza.com) includes additional data sets, and spreadsheets, which are updated by the authors.
Author Biography
GIACOMO MORRI, Ph.D., MRICS, is Senior Professor in the Accounting, Control, Corporate Finance and Real Estate Department at SDA Bocconi School of Management and Lecturer in Real Estate Finance at Bocconi University. He is Past-president and Board Member of the European Real Estate Society. He also sits on the board of several real estate companies and works as freelance advisor.
www.giacomomorri.info
ANTONIO MAZZA is Teaching Fellow at SDA Bocconi School of Management. He has been working for almost 25 years in the real estate market for both Italian and foreign banks and he is currently General Manager of "Aareal Bank AG" Italy and board member of several Italian companies within the "Aareal Group". He is Professional Member of the Royal Institution of Chartered Surveyors and a member of several Italian Banking Association.
www.morri-mazza.com
