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Real Estate Finance Topics & Concepts Covered
| Topics | Concepts |
|---|---|
| Property Valuation | Techniques such as income, cost, & sales comparison approaches |
| Financial Modeling | Including cash flows, return on investment (ROI), and risk assessment |
| Investment Analysis | Evaluating potential returns, market trends, and risk factors |
| Real Estate Markets | Understanding dynamics, supply & demand, & economic indicators |
| Mortgage Financing | Exploring various financing options and their implications |
| Risk Management | Identifying and mitigating risks associated with real estate investments |
| Real Estate Investment Trusts (REITs) | Structure, benefits, & regulatory aspects |
| Urban Planning & Development | Examining the role of planning in real estate growth & sustainability |
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Recently Asked Real Estate Finance Questions
Expert help when you need it- Q1:Assuming that the government intervenes in the housing market by regulating the price of houses/apartments/condominiums, what do you think would be the government’s best option, (a) a price ceiling, or a (b) price floor? Who will benefit more from such option chosen? Would choosing an option better or would it be better to leave the workings of a “free market” to take its course? See Answer
- Q2:Determine the total amount of an investment of $1400 at 3.5% simple interest for 48 monthsSee Answer
- Q3:Over a five-year period, the maintenance on a car included two oil changes per year ($48 each), new brakes ($452), new tires ($678), and a new set of spark plugs ($145). What is the average yearly maintenance fee on the car for the five-year period? See Answer
- Q4:Compare the cost of borrowing $4300 for six months (180 days) in the following two scenarios. How much will you save if you take out the bank loan as opposed to the cash advance?See Answer
- Q5:Determine the future value of a loan of $1850 at 3.6%, compounded monthly for three years and five years. How much money would you save if you were to pay back the loan in three years rather than five? See Answer
- Q6:Define the following terms: Monthly credit card statement Bond Mortgage Debit card Factory holdback See Answer
- Q7:Explain why it’s better to start contributing to a retirement savings plan at a young age rather than at an older ageSee Answer
- Q8:Describe the concepts of risk, return, and access in relation to investments. Make sure to define each term. See Answer
- Q9:ework: Financing Project Development and Pass-Throughs As... 1 ants eBook Print References Problem 16-1 The investor-developer would not be comfortable with a 7.8 percent return on cost because the margin for error is too risky. If construction costs are higher or rents are lower than anticipated, the project may not be feasible. The asking price of the project is $10,000,000 and the construction cost per unit is $81,600. The current rent to justify the land acqusition is $1.9 per square foot. The weighted average is 900 square feet per unit. Average vacancy and Operating expenses are 5% and 35% of Gross Revenue respectively. Use the following data to rework the calculations in Concept Box 16.2 in order to assess the feasibility of the project: OSHIBA Required: a. Based on the fact that the project appears to have 9,360 square feet of surface area in excess of zoning requirements, the developer could make an argument to the planning department for an additional 10 units, 250 units in total, or 25 units per acre. What is the percentage return on total cost under the revised proposal? Is the revised proposal financially feasible? b. Suppose the developer could build a 240-unit luxury apartment complex with a cost of $119,000 per unit. Given that NOI is 60% of rents. What would such a project have to rent for (per square foot) to make an 8 percent return on total cost? Complete this question by entering your answers in the tabs below. Required A Required B Based on the fact that the project appears to have 9,360 square feet of surface area in excess of zoning requirements, the developer could make on argument to the planning department for an additional 10 units, 250 units in total, or 25 units per acre. What is the percentage return on total cost under the revised proposal? Is the revised proposal financially feasible? Note: Do not round intermediate calculations. Round your percentage answer "Total cost under the revised proposal" to 2 decimal places. Return on total roast under the revised proposal Whether the revised proposal is financially feasible? Type here to search Saved II Required B > Prev Show less Next > 8See Answer
- Q10:5 1 eBook Print Financing Project Development and Pass-Throughs As..... References Mc Graw Problem 16-1 OSHIBA The Investor-developer would not be comfortable with a 7.8 percent return on cost because the margin for error is too risky. If construction costs are higher or rents are lower than anticipated, the project may not be feasible. The asking price of the project is $10,000,000 and the construction cost per unit is $81,600. The current rent to justify the land acqusition is $1.9 per square foot. The weighted average is 900 square feet per unit. Average vacancy and Operating expenses are 5% and 35% of Gross Revenue respectively. Use the following data to rework the calculations in Concept Box 16.2 in order to assess the feasibility of the project Required: a. Based on the fact that the project appears to have 9,360 square feet of surface area in excess of zoning requirements, the developer could make an argument to the planning department for an additional 10 units, 250 units in total, or 25 units per acre. What is the percentage return on total cost under the revised proposal? Is the revised proposal financially feasible? b. Suppose the developer could build a 240-unit luxury apartment complex with a cost of $119,000 per unit. Given that NOI is 60% of rents. What would such a project have to rent for (per square foot) to make an 8 percent return on total cost? Complete this question by entering your answers in the tabs below. Required A Type here to search Required B Suppose the developer could build a 240-unit luxury apartment complex with a cost of $119000 per unit. Given that NOI is 60% of rents. What would such a project have to rent for (per square foot) to make an 8 percent return on total cost? Note: Do not round intermediate calculations. Round your final answer to nearest whole dollar amount. per month per unit Saved < Required A i E Prev 1 of 4 Next > 8See Answer
- Q11:mework: Financing Project Development and Pass-Throughs As.... i 2 D points eBook Print References Mc Grow Complete this question by entering your answers in the tabs below. OSHIBA Req Al Req A2 Estimate the construction draw schedule, interest carry, and total loan amount for improvements. (Enter your answers in dollars, not in millions. Round your final answers to the nearest whole amount.) Month 0 Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month B Month 9 Month 10 Month 11 Month 12 Total Type here to search Draws Direct Costs S Req B1 Interest 0 $ Req B2 Total Monthly Draws (a) + (b) 0 $ Req C Payments Principal OS Reg A1 #1 Req D Total Interest (g) x Payments (d) + (6%/12) (0) 0 $ Saved 0 $ Req A2 > < Prex 2 of 4 0 0 $ Ending Balance(g) Previous Balance +(c)- (d) Next > 7z 6/nmework: Financing Project Development and Pass-Throughs As... 2 D woints eBook ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mheducation Prim References Mc Graw Problem 16-3 OSHIBA As a financial advisor for the Spain Development Company, you have been given the construction and marketing studies for the proposed Timbercreek office project. Several potential sites have been selected, but a final decision has not been made. Your manager needs to know how much she can afford to pay for the land and still manage to return 16 percent on the entire project over its lifetime. The strategic plan calls for a construction phase of one year and an operation phase of five years, after which time the property will be sold. The marketing staff says that a 1.3-acre site will be adequate because the initial studies indicate that this site will support an office building with a gross leasable area (GLA) of 26,520 square feet. The gross building area (GBA) will be 31,200 square feet, giving a leasable ratio of 85 percent. The marketing staff further assures you that the space can be rented for $20.3 per square foot. The head of the construction division maintains that all direct costs (excluding interest carry and all loan fees) will be $3.5 million. The First Street Bank will provide the construction loan for the project. The bank will finance all of the construction costs, site nation fee of 1.5 points. The construction division improvements, and interest carry at an annual rate of 6 percent plus a loan estimates that the direct cost draws will be taken down in six equal amounts commencing with the first month after close. The permanent financing for the project will come at the end of the first year from the Reliable Company at an interest rate of 5 percent with a 4 percent prepaid loan fee. The loan has an eight year term and is to be paid back monthly over a 25-year amortization schedule. No financing fees will be included in either loan amount. Spain will fund acquisition of the land with its own equity. Spain expects tenant reimbursements for the project to be $3.90 per square foot and the office building to be 75 percent leased during the first year of operation. After that, vacancies should average about 5 percent of GPI per year. Rents, tenant reimbursement, and operating expenses are expected to increase by 3 percent per year during the lease period. The operating expenses are expected to be $1015 per square foot. The final sales price is based on the NOV in the sixth year of the project (the fifth year of operation) capitalized at 9.5 percent. The project will incur sales expenses of 4 percent. Spain is concerned that it may not be able to afford to pay for the land and still earn 16 percent (before taxes) on its equity (remember that the land acquisition cost must be paid from Spain's equity). To consider project feasibility, Required: #1. Estimate the construction draw schedule, interest carry, and total loan amount for improvements. a2. Determine total project cost (including fees) less financing and the equity neoded to fund improvements. b1. Estimate cash flows from operations. b2. Estimate cash flow from eventual sale. c. After discounting equity cash inflows and outflows, is the NPV positive or negative? d. If the asking price of the land were $390,000, would this project be feasible? Type here to search Saved vo. VID VOID ND VOID V VOID DID ii < Prev 2 of 4 Next > 7z 8 177 DesktopSee Answer
- Q12:2 10 points eBook Prim 19 References during the first year of operation. After that, vacancies should average about 5 percent of GPI per year. Rents, tenant reimbursement, and operating expenses are expected to increase by 3 percent per year during the lease period. The operating expenses are expected to be $10.15 per square foot. The final sales price is based on the NOI in the sixth year of the project (the fifth year of operation) capitalized at 9.5 percent. The project will incur sales expenses of 4 percent. Spain is concerned that it may not be able to afford to pay for the land and still earn 16 percent (before taxes) on its equity (remember that the land acquisition cost must be paid from Spain's equity). To consider project feasibility. Required: a1. Estimate the construction draw schedule, interest carry, and total loan amount for improvements. a2. Determine total project cost (including fees) less financing and the equity needed to fund improvements. b1. Estimate cash flows from operations. b2. Estimate cash flow from eventual sale TOSHIBA c. After discounting equity cash inflows and outflows, is the NPV positive or negative? d. If the asking price of the land were $390,000, would this project be feasible? Complete this question by entering your answers in the tabs below. Req Al Mc Grow Type here to search Reg A2 Req Bl Req 82 Req D Determine total project cost (including fees) less financing and the equity needed to fund improvements. (Enter your answers in dollars, not in millions. Do not round intermediate calculations. Round your final answer to the nearest whole dollar) Net project cost DI Req C < Req At Req B1 > < Prev 2 of 4 Next > 8/nmework: Financing Project Development and Pass-Throughs As... 2 D woints eBook ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mheducation Prim References Mc Graw Problem 16-3 OSHIBA As a financial advisor for the Spain Development Company, you have been given the construction and marketing studies for the proposed Timbercreek office project. Several potential sites have been selected, but a final decision has not been made. Your manager needs to know how much she can afford to pay for the land and still manage to return 16 percent on the entire project over its lifetime. The strategic plan calls for a construction phase of one year and an operation phase of five years, after which time the property will be sold. The marketing staff says that a 1.3-acre site will be adequate because the initial studies indicate that this site will support an office building with a gross leasable area (GLA) of 26,520 square feet. The gross building area (GBA) will be 31,200 square feet, giving a leasable ratio of 85 percent. The marketing staff further assures you that the space can be rented for $20.3 per square foot. The head of the construction division maintains that all direct costs (excluding interest carry and all loan fees) will be $3.5 million. The First Street Bank will provide the construction loan for the project. The bank will finance all of the construction costs, site nation fee of 1.5 points. The construction division improvements, and interest carry at an annual rate of 6 percent plus a loan estimates that the direct cost draws will be taken down in six equal amounts commencing with the first month after close. The permanent financing for the project will come at the end of the first year from the Reliable Company at an interest rate of 5 percent with a 4 percent prepaid loan fee. The loan has an eight year term and is to be paid back monthly over a 25-year amortization schedule. No financing fees will be included in either loan amount. Spain will fund acquisition of the land with its own equity. Spain expects tenant reimbursements for the project to be $3.90 per square foot and the office building to be 75 percent leased during the first year of operation. After that, vacancies should average about 5 percent of GPI per year. Rents, tenant reimbursement, and operating expenses are expected to increase by 3 percent per year during the lease period. The operating expenses are expected to be $1015 per square foot. The final sales price is based on the NOV in the sixth year of the project (the fifth year of operation) capitalized at 9.5 percent. The project will incur sales expenses of 4 percent. Spain is concerned that it may not be able to afford to pay for the land and still earn 16 percent (before taxes) on its equity (remember that the land acquisition cost must be paid from Spain's equity). To consider project feasibility, Required: #1. Estimate the construction draw schedule, interest carry, and total loan amount for improvements. a2. Determine total project cost (including fees) less financing and the equity neoded to fund improvements. b1. Estimate cash flows from operations. b2. Estimate cash flow from eventual sale. c. After discounting equity cash inflows and outflows, is the NPV positive or negative? d. If the asking price of the land were $390,000, would this project be feasible? Type here to search Saved vo. VID VOID ND VOID V VOID DID ii < Prev 2 of 4 Next > 7z 8 177 DesktopSee Answer
- Q13:2 10 points eBook Print References Mc during the first year of operation. After that, vacancies should average about 5 percent of GPI per year. Rents, tenant reimbursement, and operating expenses are expected to increase by 3 percent per year during the lease period. The operating expenses are expected to be $10.15 per square foot. The final sales price is based on the NO/ in the sixth year of the project (the fifth year of operation) capitalized at 9.5 percent. The project will incur sales expenses of 4 percent. Spain is concerned that it may not be able to afford to pay for the land and still earn 16 percent (before taxes) on its equity (remember that the land acquisition cost must be paid from Spain's equity). To consider project feasibility. Required: a1. Estimate the construction draw schedule, interest carry, and total loan amount for improvements. a2. Determine total project cost (including fees) less financing and the equity needed to fund improvements. b1. Estimate cash flows from operations. b2. Estimate cash flow from eventual sale. c. After discounting equity cash inflows and outflows, is the NPV positive or negative? d. If the asking price of the land were $390,000, would this project be feasible? Complete this question by entering your answers in the tabs below. TOSHIBA Req Al Req Az Req 82 Req C Req D Estimate cash flows from operations. (Enter your answers in dollars, not in millions. Do not round intermediate calculations. Round your final answer to the nearest whole dollar. Negative amounts should be indicated by a minus sign.) Year 2 Year 4 Year 6 Cash flows from operations Type here to search vo. ID VOID ID VOID VOID OIL VOID 20 Req B1 OV Year 3 < Reg A2 Year 5 Reg 2 > < Prev 2 of 4 Next > 7z Ez 512 Des/nmework: Financing Project Development and Pass-Throughs As... 2 D woints eBook ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mheducation Prim References Mc Graw Problem 16-3 OSHIBA As a financial advisor for the Spain Development Company, you have been given the construction and marketing studies for the proposed Timbercreek office project. Several potential sites have been selected, but a final decision has not been made. Your manager needs to know how much she can afford to pay for the land and still manage to return 16 percent on the entire project over its lifetime. The strategic plan calls for a construction phase of one year and an operation phase of five years, after which time the property will be sold. The marketing staff says that a 1.3-acre site will be adequate because the initial studies indicate that this site will support an office building with a gross leasable area (GLA) of 26,520 square feet. The gross building area (GBA) will be 31,200 square feet, giving a leasable ratio of 85 percent. The marketing staff further assures you that the space can be rented for $20.3 per square foot. The head of the construction division maintains that all direct costs (excluding interest carry and all loan fees) will be $3.5 million. The First Street Bank will provide the construction loan for the project. The bank will finance all of the construction costs, site nation fee of 1.5 points. The construction division improvements, and interest carry at an annual rate of 6 percent plus a loan estimates that the direct cost draws will be taken down in six equal amounts commencing with the first month after close. The permanent financing for the project will come at the end of the first year from the Reliable Company at an interest rate of 5 percent with a 4 percent prepaid loan fee. The loan has an eight year term and is to be paid back monthly over a 25-year amortization schedule. No financing fees will be included in either loan amount. Spain will fund acquisition of the land with its own equity. Spain expects tenant reimbursements for the project to be $3.90 per square foot and the office building to be 75 percent leased during the first year of operation. After that, vacancies should average about 5 percent of GPI per year. Rents, tenant reimbursement, and operating expenses are expected to increase by 3 percent per year during the lease period. The operating expenses are expected to be $1015 per square foot. The final sales price is based on the NOV in the sixth year of the project (the fifth year of operation) capitalized at 9.5 percent. The project will incur sales expenses of 4 percent. Spain is concerned that it may not be able to afford to pay for the land and still earn 16 percent (before taxes) on its equity (remember that the land acquisition cost must be paid from Spain's equity). To consider project feasibility, Required: #1. Estimate the construction draw schedule, interest carry, and total loan amount for improvements. a2. Determine total project cost (including fees) less financing and the equity neoded to fund improvements. b1. Estimate cash flows from operations. b2. Estimate cash flow from eventual sale. c. After discounting equity cash inflows and outflows, is the NPV positive or negative? d. If the asking price of the land were $390,000, would this project be feasible? Type here to search Saved vo. VID VOID ND VOID V VOID DID ii < Prev 2 of 4 Next > 7z 8 177 DesktopSee Answer
- Q14:ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mheduca wwork: Financing Project Development and Pass-Throughs As... 0 2 during the first year of operation. After that, vacancies should average about 5 percent of GPI per year. Rents, tenant reimbursement, and operating expenses are expected to increase by 3 percent per year during the lease period. The operating expenses are expected to be $10.15 per square foot. The final sales price is based on the NOI in the sixth year of the project (the fifth year of operation) capitalized at 9.5 percent. The project will incur sales expenses of 4 percent. Spain is concerned that it may not be able to afford to pay for the land and still earn 16 percent (before taxes) on its equity (remember that the land acquisition cost must be paid from Spain's equity). To consider project feasibility. eBook Print References Mc Grow Required: 81. Estimate the construction draw schedule, interest carry, and total loan amount for improvements. 82. Determine total project cost (including fees) less financing and the equity needed to fund improvements. b1. Estimate cash flows from operations. b2. Estimate cash flow from eventual sale. c. After discounting equity cash inflows and outflows, is the NPV positive or negative? d. If the asking price of the land were $390,000, would this project be feasible? SHIBA Complete this question by entering your answers in the tabs below. Type here to search vo. FOID Req Al Reg A2 Req B1 Estimate cash flow from eventual sale. (Enter your answers in dollars, not in millions. Do not round intermediate calculations. Round your final answer to the nearest whole dollar.) Cash flow from eventual sae Reg 82 E < Req B1 Reg C E Req D Saved ReqC > < Prev 2 of 4 Next > 7z Desktop/nmework: Financing Project Development and Pass-Throughs As... 2 D woints eBook ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mheducation Prim References Mc Graw Problem 16-3 OSHIBA As a financial advisor for the Spain Development Company, you have been given the construction and marketing studies for the proposed Timbercreek office project. Several potential sites have been selected, but a final decision has not been made. Your manager needs to know how much she can afford to pay for the land and still manage to return 16 percent on the entire project over its lifetime. The strategic plan calls for a construction phase of one year and an operation phase of five years, after which time the property will be sold. The marketing staff says that a 1.3-acre site will be adequate because the initial studies indicate that this site will support an office building with a gross leasable area (GLA) of 26,520 square feet. The gross building area (GBA) will be 31,200 square feet, giving a leasable ratio of 85 percent. The marketing staff further assures you that the space can be rented for $20.3 per square foot. The head of the construction division maintains that all direct costs (excluding interest carry and all loan fees) will be $3.5 million. The First Street Bank will provide the construction loan for the project. The bank will finance all of the construction costs, site nation fee of 1.5 points. The construction division improvements, and interest carry at an annual rate of 6 percent plus a loan estimates that the direct cost draws will be taken down in six equal amounts commencing with the first month after close. The permanent financing for the project will come at the end of the first year from the Reliable Company at an interest rate of 5 percent with a 4 percent prepaid loan fee. The loan has an eight year term and is to be paid back monthly over a 25-year amortization schedule. No financing fees will be included in either loan amount. Spain will fund acquisition of the land with its own equity. Spain expects tenant reimbursements for the project to be $3.90 per square foot and the office building to be 75 percent leased during the first year of operation. After that, vacancies should average about 5 percent of GPI per year. Rents, tenant reimbursement, and operating expenses are expected to increase by 3 percent per year during the lease period. The operating expenses are expected to be $1015 per square foot. The final sales price is based on the NOV in the sixth year of the project (the fifth year of operation) capitalized at 9.5 percent. The project will incur sales expenses of 4 percent. Spain is concerned that it may not be able to afford to pay for the land and still earn 16 percent (before taxes) on its equity (remember that the land acquisition cost must be paid from Spain's equity). To consider project feasibility, Required: #1. Estimate the construction draw schedule, interest carry, and total loan amount for improvements. a2. Determine total project cost (including fees) less financing and the equity neoded to fund improvements. b1. Estimate cash flows from operations. b2. Estimate cash flow from eventual sale. c. After discounting equity cash inflows and outflows, is the NPV positive or negative? d. If the asking price of the land were $390,000, would this project be feasible? Type here to search Saved vo. VID VOID ND VOID V VOID DID ii < Prev 2 of 4 Next > 7z 8 177 DesktopSee Answer
- Q15:bussaint, W X Homework: Financing Project Development and Pass-Throughs As... 2 10 points C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.ml eBook Print References Homework: Financi: X M Question 2 - Home X Grew TOSHIBA during the first year of operation. After that, vacancies should average about 5 percent of GPI per year. Rents, tenant reimbursement, and operating expenses are expected to increase by 3 percent per year during the lease period. The operating expenses are expected to be $10.15 per square foot. The final sales price is based on the NOI in the sixth year of the project (the fifth year of operation) capitalized at 9.5 percent. The project will incur sales expenses of 4 percent. Spain is concerned that it may not be able to afford to pay for the land and still earn 16 percent (before taxes) on its equity (remember that the land acquisition cost must be paid from Spain's equity). To consider project feasibility. Required: a1. Estimate the construction draw schedule, interest carry, and total loan amount for improvements. a2. Determine total project cost (including fees) less financing and the equity needed to fund improvements. b1. Estimate cash flows from operations. b2. Estimate cash flow from eventual sale. c. After discounting equity cash inflows and outflows, is the NPV positive or negative? d. If the asking price of the land were $390,000, would this project be feasible? Complete this question by entering your answers in the tabs below. Reg A1 Liberty University: X NPV Type here to search Req A2 Req Bl Req B2 After discounting equity cash inflows and outflows, is the NPV positive or negative? Vo PID VOID VOID OIL ID VOID V Reg C < Req B2 Req D Saved Reg D > < Prev FIRST TAKE | NBA's X 2 of 4 Next > G 1772/nmework: Financing Project Development and Pass-Throughs As... 2 D woints eBook ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mheducation Prim References Mc Graw Problem 16-3 OSHIBA As a financial advisor for the Spain Development Company, you have been given the construction and marketing studies for the proposed Timbercreek office project. Several potential sites have been selected, but a final decision has not been made. Your manager needs to know how much she can afford to pay for the land and still manage to return 16 percent on the entire project over its lifetime. The strategic plan calls for a construction phase of one year and an operation phase of five years, after which time the property will be sold. The marketing staff says that a 1.3-acre site will be adequate because the initial studies indicate that this site will support an office building with a gross leasable area (GLA) of 26,520 square feet. The gross building area (GBA) will be 31,200 square feet, giving a leasable ratio of 85 percent. The marketing staff further assures you that the space can be rented for $20.3 per square foot. The head of the construction division maintains that all direct costs (excluding interest carry and all loan fees) will be $3.5 million. The First Street Bank will provide the construction loan for the project. The bank will finance all of the construction costs, site nation fee of 1.5 points. The construction division improvements, and interest carry at an annual rate of 6 percent plus a loan estimates that the direct cost draws will be taken down in six equal amounts commencing with the first month after close. The permanent financing for the project will come at the end of the first year from the Reliable Company at an interest rate of 5 percent with a 4 percent prepaid loan fee. The loan has an eight year term and is to be paid back monthly over a 25-year amortization schedule. No financing fees will be included in either loan amount. Spain will fund acquisition of the land with its own equity. Spain expects tenant reimbursements for the project to be $3.90 per square foot and the office building to be 75 percent leased during the first year of operation. After that, vacancies should average about 5 percent of GPI per year. Rents, tenant reimbursement, and operating expenses are expected to increase by 3 percent per year during the lease period. The operating expenses are expected to be $1015 per square foot. The final sales price is based on the NOV in the sixth year of the project (the fifth year of operation) capitalized at 9.5 percent. The project will incur sales expenses of 4 percent. Spain is concerned that it may not be able to afford to pay for the land and still earn 16 percent (before taxes) on its equity (remember that the land acquisition cost must be paid from Spain's equity). To consider project feasibility, Required: #1. Estimate the construction draw schedule, interest carry, and total loan amount for improvements. a2. Determine total project cost (including fees) less financing and the equity neoded to fund improvements. b1. Estimate cash flows from operations. b2. Estimate cash flow from eventual sale. c. After discounting equity cash inflows and outflows, is the NPV positive or negative? d. If the asking price of the land were $390,000, would this project be feasible? Type here to search Saved vo. VID VOID ND VOID V VOID DID ii < Prev 2 of 4 Next > 7z 8 177 DesktopSee Answer
- Q16:2 10 points eBook Print d Grow during the first year of operation. After that, vacancies should average about 5 percent of GPI per year. Rents, tenant reimbursement, and operating expenses are expected to increase by 3 percent per year during the lease period. The operating expenses are expected to be $10.15 per square foot. The final sales price is based on the NOI in the sixth year of the project (the fifth year of operation) capitalized at 9.5 percent. The project will incur sales expenses of 4 percent. Spain is concerned that it may not be able to afford to pay for the land and still earn 16 percent (before taxes) on its equity (remember that the land acquisition cost must be paid from Spain's equity). To consider project feasibility. Required: a1. Estimate the construction draw schedule, interest carry, and total loan amount for improvements. a2. Determine total project cost (including fees) less financing and the equity needed to fund improvements. b1. Estimate cash flows from operations. b2. Estimate cash flow from eventual sale. c. After discounting equity cash inflows and outflows, is the NPV positive or negative? d. If the asking price of the land were $390,000, would this project be feasible? Complete this question by entering your answers in the tabs below. Type here to search TOSHIBA vo. Req B1 OID Req Al Reg A2 Req C If the asking price of the land were $390,000, would this project be feasible? Would this project be feasible? Reg 82 DI Reg D < Req C Reg D > < Prev 2 of 4 Next > 7z 7z/nmework: Financing Project Development and Pass-Throughs As... 2 D woints eBook ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mheducation Prim References Mc Graw Problem 16-3 OSHIBA As a financial advisor for the Spain Development Company, you have been given the construction and marketing studies for the proposed Timbercreek office project. Several potential sites have been selected, but a final decision has not been made. Your manager needs to know how much she can afford to pay for the land and still manage to return 16 percent on the entire project over its lifetime. The strategic plan calls for a construction phase of one year and an operation phase of five years, after which time the property will be sold. The marketing staff says that a 1.3-acre site will be adequate because the initial studies indicate that this site will support an office building with a gross leasable area (GLA) of 26,520 square feet. The gross building area (GBA) will be 31,200 square feet, giving a leasable ratio of 85 percent. The marketing staff further assures you that the space can be rented for $20.3 per square foot. The head of the construction division maintains that all direct costs (excluding interest carry and all loan fees) will be $3.5 million. The First Street Bank will provide the construction loan for the project. The bank will finance all of the construction costs, site nation fee of 1.5 points. The construction division improvements, and interest carry at an annual rate of 6 percent plus a loan estimates that the direct cost draws will be taken down in six equal amounts commencing with the first month after close. The permanent financing for the project will come at the end of the first year from the Reliable Company at an interest rate of 5 percent with a 4 percent prepaid loan fee. The loan has an eight year term and is to be paid back monthly over a 25-year amortization schedule. No financing fees will be included in either loan amount. Spain will fund acquisition of the land with its own equity. Spain expects tenant reimbursements for the project to be $3.90 per square foot and the office building to be 75 percent leased during the first year of operation. After that, vacancies should average about 5 percent of GPI per year. Rents, tenant reimbursement, and operating expenses are expected to increase by 3 percent per year during the lease period. The operating expenses are expected to be $1015 per square foot. The final sales price is based on the NOV in the sixth year of the project (the fifth year of operation) capitalized at 9.5 percent. The project will incur sales expenses of 4 percent. Spain is concerned that it may not be able to afford to pay for the land and still earn 16 percent (before taxes) on its equity (remember that the land acquisition cost must be paid from Spain's equity). To consider project feasibility, Required: #1. Estimate the construction draw schedule, interest carry, and total loan amount for improvements. a2. Determine total project cost (including fees) less financing and the equity neoded to fund improvements. b1. Estimate cash flows from operations. b2. Estimate cash flow from eventual sale. c. After discounting equity cash inflows and outflows, is the NPV positive or negative? d. If the asking price of the land were $390,000, would this project be feasible? Type here to search Saved vo. VID VOID ND VOID V VOID DID ii < Prev 2 of 4 Next > 7z 8 177 DesktopSee Answer
- Q17:3 5 points Problem 19-1 Two 15-year maturity mortgage-backed bonds are issued. The first bond has a par value of $10,000 and promises to pay a 11.0 percent annual coupon, while the second is a zero coupon bond that promises to pay $10,000 (par) after 15 years, with interest accruing at 10.5 percent. At issue, bond market investors require a 12.5 percent interest rate on both bonds. Required: a. What is the initial price on each bond? b. Now assume that both bonds promise interest at 11.0 percent, compounded semiannually. What will be the initial price for each bond? TOSHIBA c. If market interest rates fall to 10.0 percent at the end of the fifth year, what will be the value of each bond, assuming annual payments as in (a) (state both as a percentage of par value and actual dollar value)? Complete this question by entering your answers in the tabs below. Initial price Type here to search Required A What is the initial price on each bond? (Do not round intermediate calculations. Round your final answers to 2 decimal places.) Required B Gond 1 S 8.680 15 vo. ID VOID ID VOID V VOID OIL OID VI This Snows what is Answer is complete but not entirely correct. Required C s Bond 2 824.03 Ħ Required B > < Prev 3 of 4 Next > 7z 8See Answer
- Q18:3 5 Mc Grow Problem 19-1 Two 15-year maturity mortgage-backed bonds are issued. The first bond has a par value of $10,000 and promises to pay a 11.0 percent annual coupon, while the second is a zero coupon bond that promises to pay $10,000 (par) after 15 years, with interest accruing at 10.5 percent. At issue, bond market investors require a 12.5 percent interest rate on both bonds. Required: a. What is the initial price on each bond? b. Now assume that both bonds promise interest at 11.0 percent, compounded semiannually. What will be the initial price for each bond? c. If market interest rates fall to 100 percent at the end of the fifth year, what will be the value of each bond, assuming annual payments as in (a) (state both as a percentage of par value and actual dollar value)? Answer is complete but not entirely correct. TOSHIBA Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does n Complete this question by entering your answers in the tabs below. Required A Required B Required C Now assume that both bonds promise interest at 11 percent, compounded semiannually. What will be the initial price for each bond? (Do not round intermediate calculations. Round your final answers to 2 decimal places.) Initial price Type here to search vo. JD VOID voin Bond 1 S 8,682 04 DISCORD $ Bond 2 774.27 < Required A HI Required C > 21 < Prev 3 of 4 Next >See Answer
- Q19:3 5 points Mc Graw Problem 19-1 ESC Two 15-year maturity mortgage-backed bonds are issued. The first bond has a par value of $10,000 and promises to pay a 11.0 percent annual coupon, while the second is a zero coupon bond that promises to pay $10,000 (par) after 15 years, with interest accruing at 10.5 percent. At issue, bond market investors require a 12.5 percent interest rate on both bonds. Required: a. What is the initial price on each bond? b. Now assume that both bonds promise interest at 11.0 percent, compounded semiannually. What will be the initial price for each bond? F1 c. If market interest rates fall to 100 percent at the end of the fifth year, what will be the value of each bond, assuming annual payments as in (a) (state both as a percentage of par value and actual dollar value)? TOSHIBA Complete this question by entering your answers in the tabs below. Type here to search Required A Required B Required C If market interest rates fall to 10 percent at the end of the fifth year, what will be the value of each bond, assuming annual payments as in (a) (state both as a percentage of par value and actual dollar value)? (Do not round intermediate calculations. Round your final answers to 2 decimal places.) Value of bond in dollars Value of the bond in % of par vo PID VOID ID VOID WOND VA VOID OIL OID F2 F3 0 F4 Answer is complete but not entirely correct. $ →8 Bond 1 10,981.81 109.82 % i F5 9/0 S Bond 2 2,145 48 Q 21.45% F6 ▼ < Prev F7 A 3 of 4 F8 Next > F9 0/9 F10 7z F11 8 F12See Answer
- Q20:4 10 points Problem 19-2 The Green Mortgage Company has originated a pool containing 75 ten-year fixed interest rate mortgages with an average balance of $104,000 each. All mortgages in the pool carry a coupon of 12 percent. (For simplicity, assume that all mortgage payments are made annually at 12% interest.) Green would now like to sell the pool to FNMA. Required: a. Assuming a constant annual prepayment rate of 10 percent (for simplicity, assume that prepayments are based on the pool balance at the end of each year), what will be the price that Green should obtain on the date of issuance if market interest rates were (1) 11 percent? (2) 12 percent? (3) 9 percent? b. Assume that five years have passed since the date in (a). What will the pool factor be? If market interest rates are 12 percent, what price can Green obtain then? c. Instead of selling the pool of mortgages in (a). Green decides to securitize the mortgages by issuing 100 pass-through securities. The coupon rate will be 11.5 percent and the servicing and guarantee fee will be 0.5 percent. However, the current market rate of return is now 9.5 percent. How much will Green obtain for this offering of MPTS? What will each purchaser pay for an MPT security. assuming the same prepayment rate as in (a)? d. Assume now that immediately after purchase in (c), interest rates fall to 8 percent and that the prepayment rates are expected to accelerate to 20 percent per year, beginning at the end of the first year. What will the MPT security be worth now? Complete this question by entering your answers in the tabs below. Required A Required Answer is complete but not entirely correct. Required C Required D Assume that five years have passed since the date in (a). What will the pool factor be? If market interest rates are 12 percent, what price can Green obtain then? (Do not round intermediate calculations. Round "Pool factor answer to 4 decimal places and other answer to the nearest whole dollar) Pool factor Price of the pool after 5 years 2,600.246,0000 € Check my work mode: This shows what is correct or Incorrect for 345,048 < Required A Required C > < Prev NextSee Answer
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