NO.PZ2018111302000009
问题如下:
Assuming an Property A has the appraised value of $36,000,000, estimated Year 1 NOI is 900,000, What is the maximum loan amount the Property A could obtain if the lender would like make an interest-only loan at 5% mortgage rate as long as the maximum loan to value is less than 80% and minimum debt service coverage ratio is at least 1.2x?
选项:
A.$15,000,000.
B.$20,000,000.
C.$28,800,000.
解释:
A is correct.
考点:最大贷款金额
解析:房地产投资计算最大贷款金额是既能满足杠杆比率的约束,也能满足债务覆盖率的约束下,两者的较小者。所以需要分别计算两个条件下的约束是多少。
根据杠杆比率(LTV),Property A 可以得到的最大贷款金额是36,000,000*80%=28,800,000
根据债务覆盖率(DSCR)的约束,Property A投资每年产生的NOI可以支撑的债务偿还金额为900,000/1.2=750,000,该笔贷款每年只需归还利息部分,所以投资人可以得到的最大贷款金额是=750,000/5%=15,000,000.
取两者较小值为15,000,000.
投资人可以得到的最大贷款金额是=750000/5%=15000000 这个不理解?