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Іnvestitsіyne kredituvannya - Peresada AA

6.5. Traditsіyna tehnіka іpotechno-іnvestitsіynogo analіzu yak method otsіnki neruhomostі

Sutnіst traditsіynoї tehnіki іpotechno-іnvestitsіynogo analіzu polyagaє in fact scho vartіst ob'єkta neruhomostі viznachaєtsya Shlyakhov virahuvannya Sumi, yak vklyuchaє Vlasnyi kapіtal that іpotechnі loans.

Pіslya rozrahunku quantities Vlasnyi kapіtalu to neї dodaєtsya The basic scrip іpotechnogo Borg. Result tsієї sumi Je vartіstyu ob'єkta scho otsіnyuєtsya. Tse mozhna predstaviti in viglyadі simple rіvnyannya:

vartіst neruhomostі = Vlasnyi kapіtal + іpotechny credit.

Vartіst Vlasnyi kapіtalu viznachaєtsya yak scrip dvoh elementіv: diskontovanih penny nadhodzhen diskontovanoї i od sumi resale neruhomostі. Obidva Elements diskontuyutsya for vіdpovіdnoї rates vіddachі, yak yavlyaє him peredbachenu dohіdnіst іnvestora. Yakscho vvazhaєtsya scho groshovі nadhodzhennya matimut rіvnomіrny character tobto postupatimut rіvnimi Sumy that through rіvnі chasovі іntervali then їh schorіchnu scrip slіd pomnozhiti on koefіtsієnt bring zvichaynoї rent. Yakscho Well prognozuєtsya їh nadhodzhennya nerіvnimi values, the value of skin diskontuyut s vikoristannyam discount mnozhnika, pіslya chogo OAO All diskontovanі sumuyutsya quantities. In rezultatі kozhnoї s Tsikh operatsіy oderzhuyut precisely vartіst nadhodzhen penny. Oskіlki viruchka, won od resale neruhomostі (reversіya) postupaє odnochasna yak scrip, then її precisely vartіst viznachaєtsya for Relief discount mnozhnika.

Poslіdovnіst Act reasonably when otsіntsі vartostі neruhomostі taka:

• viznachaєtsya forward-rіchny clean operatsіyny dohіd (NOI);
• in vipadku, Yakscho repayment іpotechnogo Borg held chastіshe one once on Year (napriklad schomіsyachno) viznachaєtsya rozmіr schomіsyachnogo paying for obslugovuvannya Borg (Y);
• viznachaєtsya rіchny platіzh for obslugovuvannya Borg (12 • Y);
• viznachayutsya rіchnі nadhodzhennya іnvestora yak rіznitsya mіzh amount of net income that operatsіynogo rіchnoyu the size of payment for obslugovuvannya Borg (NOI - 12 • Y);
• obchislyuєtsya precisely vartіst schorіchnih nadhodzhen penny at the time of resale neruhomostі: (NOI - 12 • Y)? ? ak; i 1, de ak; i 1 - koefіtsієnt bring at the time of resale of n peredbachenoyu іnvestorom rate of return on Vlasnyi kapіtal ≥ 1;
• viznachaєtsya zalishok іpotechnoї zaborgovanostі (Dk) at the time of resale. For tsogo vikoristovuyut dohіdnu lender rate i 2 tobto rate for yakoyu іpotechny is gained credit;
• virahovuєtsya rіznitsya mіzh peredbachenoyu tsіnoyu resale (RP) (reversії) that zalishkom Borg at the time of resale (RP - Dk);
• viznachaєtsya precisely vartіst quantities scho virahovana in paragraph 7 (RP - Dk). Vk, de koefіtsієnt bring obchislyuєtsya for the rate of return on Vlasnyi kapіtal, tobto Vk = (1 + ≥ 1) - k, de k - number rokіv at the time of resale of 'єkta neruhomostі;
• vartіst Vlasnyi kapіtalu viznachaєtsya yak scrip value, n 5 is the No. 8..;
• vartіst otsіnyuvanogo ob'єkta neruhomostі virahovuєtsya yak scrip vartostі Vlasnyi kapіtalu that povnoї vartostі іpotechnogo Borg (D).

In addition vipadku, if obsession operatsіynogo net income from prognozuєtsya viglyadі rіvnomіrnih sum, poslіdovnіst Act reasonably to viznachennya vartostі neruhomostі (V) Mauger Buti Virage formula:

V = (NOI - 12 Y) 1 + aki (RP - Dk) Vk + D (6.8 ).

Butt 6.12. On sales vistavleno ob'єkt, yaky Mauger іnvestora forecast for prinositi schorіchny operatsіyny dohіd in rozmіrі 72,000 UAH, scho Got zabezpechuvati rіchnu vіddachu on Vlasnyi kapіtal not less then 14%. After 10 rokіv peredbachaєtsya prodatsya qiu vlasnіst tsіnoyu for 650,000 USD. For pridbannya ob'єkta vlasnostі іnvestor Mauger win a loan from rozmіrі 450 thousand UAH for 25 rokіv pid 12% rіchnih s minds schomіsyachnogo repayment of the loan is the viplatoyu vіdsotkіv on nomu. Viznachimo vartіst ob'єkta at precisely the moment.

1) Schomіsyachny platіzh s obslugovuvannya Borg:

Y = 450 000 • {0,12: 12 (1 + 0.12: 12) ^{12 • 25} x [(1 + 0.12: 12) ^{12 • 25} - 1]} = 4739.5 USD.

2) Rіchny platіzh s obslugovuvannya Borg:

4739.5 • 12 = 56 874 UAH.

3) Rіchnі groshovі nadhodzhennya іnvestora:

72 000 - 56 874 = 15 126 UAH.

4) Flow vartіst rіchnih penny nadhodzhen for perіod volodіnnya neruhomіstyu:

(The NOI - 12 Y) • a 10; 14 = 15126 (1 - 1,14-10): 0.14 = 78 899 UAH (rounded).

5) Zalishok zaborgovanostі s loan at the time of resale:

UAH.

6) Kіntseva viruchka od resale (resale Cena mіnus zalishok zaborgovanostі):

650,000 - 394,903 = 255,097 USD.

7) Production vartіst kіntsevoї viruchki od resale:

255097 • 1,14-10 = 68811,0 USD.

8) Vartіst Vlasnyi kapіtalu:

78,899 + 68,811 = 147,710 USD.

9) Povny vartіst ob'єkta:

+450 147 710 000 = 597 710 UAH.

Obsession rіchnih clean operatsіynih dohodіv, SSMSC vіdrіznyayutsya for quantities vpline on obsession rіznih the magnitude rіchnih penny nadhodzhen іnvestora. In tsomu vipadku vartіst neruhomostі Mauger Buti viznachena of the formula:

(6.9)

de 1: (1 + i 1) k - Discount mnozhnik in rotsі k.

Butt 6.13. For pridbannya ob'єkta neruhomostі іnvestor oderzhuє іpotechny loan from rozmіrі 450 000 UAH 25 rokіv pid 12% rіchnih s schomіsyachnoyu yogo amortizatsієyu in sumі 4739.5 UAH. For forecasts ob'єkt Got prinositi not less then 14% of income on rіchnogo Vlasnyi kapіtal and 10 rokіv vіn bude Prodan for tsіnoyu not nizhche 650 thousand UAH. At the time of the resale value of outstanding loans stanovitime 403 800 UAH. An hour volodіnnya neruhomіstyu for rozrahunkami іnvestora, vіn bude oderzhuvati schorіchnі groshovі nadhodzhennya (net operatsіyny dohіd mіnus rіchny platіzh for obslugovuvannya Borg) in such rozmіrah (div. Table. 6.6).

table 6.6

Viznachimo vartіst ob'єkta.

• Flow vartіst schorіchnih penny nadhodzhen hovering at the table. 6.7.

table 6.7

2) Flow vartіst kіntsevoї viruchki od resale ob'єkta stock:

(650 000 - 403 800) • [1: (1 + 0.14) 10] = 66 411 UAH.

3) Vartіst Vlasnyi kapіtalu:

76,829 + 66,411 = 143,240 USD.

4) Povny vartіst ob'єkta:

+450 143 240 000 = 593 240 UAH.

When viznachennі vartostі ob'єkta neruhomostі of formula (6.8) shaping can Buti vipadki, if nevіdomі deyakі Elements, SSMSC incoming from qiu formula. Rozglyanemo tse on the butt.

Butt 6.14.

Varіant 1. Viznachimo vartіst ob'єkta neruhomostі, yaky bude sold 10 rokіv. Vartіst resale nevіdoma, prognozuєtsya ale, scho for perіod volodіnnya vartіst neruhomostі zbіlshitsya 10%. INSHI parametric lands takі:

1) NOI - rіchny clean operatsіyny dohіd 72 000 UAH;

2) the D - The basic scrip іpotechnogo Borg (rows - 25 rokіv, rіchnih rate of 12%): 450 000 USD;

3) rіchna postіyna for obslugovuvannya Borg:

;

4) rіchny platіzh s obslugovuvannya Borg: 57 374.98 USD = 450,000 • 0,1275;

5) (NOI - Y) - groshovі rіchnі nadhodzhennya іnvestora: 14 625.02 UAH = 72 000 - 57 374.98;

6) n - 10-rіchny perіod forward-looking;

7) by Dr - zalishok іpotechnoї zaborgovanostі 10 rokіv: 390 780 USD = 450 000 [(1.1225 - 1.1210) (1.1225 - 1)] = 450,000 x 0.8684;

8) a 10, 14 - Factor potochnoї vartostі anuїtetu (koefіtsієnt bring anuїtetu) 10 rokіv for the rate of 14% (the rate at vіddachі Vlasnyi kapіtal): 5.216 = (1 - 1,14-10): 0.14;

9) V - factor potochnoї vartostі reversії 10 rokіv (koefіtsієnt bring the one-time payment at the rate of 14%): 1,14-10 = 0.269749.

Pіdstavivshi tsі danі, sklademo rіvnyannya Where Money Does nevіdomoyu the size bude vartіst ob'єkta neruhomostі (V).

V = (72 000 - 57 374,98) • 5,216 + (1,1 V - 390 780) x 0.269749 + 450 000.

In another dodanku rіvnyannya vartіst resale Virage via flow vartіst ob'єkta neruhomostі, yak zrosla vіdpovіdno minds up to 10   % (1,1 V).

Rozv'yazavshi tse rіvnyannya vіdnosno V, znahodimo vartіst ob'єkta neruhomostі:

V = 598 429 UAH.

2. Varіant Viznachimo vartіst ob'єkta neruhomostі, yaky bude sold 10 rokіv without zmіni pochatkovoї vartostі. Absolutely rozmіr іpotechnogo loan nevіdomy, ale koefіtsієnt іpotechnoї zaborgovanostі becoming 75% (vіdnoshennya povnoї quantities іpotechnogo Borg to vartostі ob'єkta neruhomostі) and Yogo parametric takі: іpotechny credit residence 25 rokіv pid 12% rіchnih іz schorіchnim repayment of principal Borg. INSHI parametric ground - analogіchnі poperednomu varіantu:

Factor potochnoї vartostі anuїtetu 10 rokіv stavtsі at 14% dorіvnyuє 5.21;

rіchna postіyna for obslugovuvannya Borg - 0.1275;

Factor potochnoї vartostі reversії - 0.26974;

zalishkova chastka іpotechnoї zaborgovanostі 10 rokіv - 0.8684.

Virazimo via flow vartіst ob'єkta neruhomostі Elements, SSMSC incoming from the formula (6.8):

V - Flow vartіst ob'єkta neruhomostі, yak zalishaєtsya without Change log at the time of resale;

0,75 V - іpotechnogo value of the loan;

0,75 V • 0,1275 - rіchna magnitude of obslugovuvannya Borg;

0,75 V • 0,8684 - zalishok іpotechnoї zaborgovanostі at the time of resale.

Pіdstavivshi tsі danі in rіvnyannya, viznachimo vartіst ob'єkta neruhomostі:

V = 5,216 • (72 000 - 0,75 V - 0,1275) +

+ 0,26974 • (V - 0,75 V - 0,8684) + 0,75 V;

V = 573 747 UAH.