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想谷女士 · 2023年03月17日

如果不是interest-only,而是等额本息,要具体怎么计算

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NO.PZ202301100100000105

问题如下:

The maximum loan amount that the Fund can obtain on the New York City office building is closest to:

选项:

A.

$117,100,000

B.

$180,100,000.

C.

$193,100,000.

解释:

B is correct. Based on the LTV ratio, the maximum loan amount would be 65% of $297,100,000, or $193,115,000 ($193,100,000 rounded). With a minimum DSCR of 1.65x, the maximum debt service would be $15,600,000/1.65 = $9,454,545. This amount is the mortgage payment that would result in a 1.65x DSCR for an interest-only loan. If the loan is interest only, then we can obtain the loan amount by simply dividing the mortgage payment by the interest rate. Therefore, the loan amount would be $9,454,545/0.0525 = $180,086,580 ($180,100,000 rounded). Because the loan amount based on the minimum DSCR results in a lower loan amount, that would be the maximum amount that could be borrowed.

A is incorrect because $117,100,000 is incorrectly calculated as follows: $15,600,000/0.0525/1.65 = $180,086,580. $180,086,580 × 65% = $117,056,277 ($117,100,000 rounded).

C is incorrect because $193,100,000 is the rounded loan amount based on the maximum LTV of 65%. Because the loan amount based on the minimum DSCR results in a lower loan amount, $180,086,580 ($180,100,000 rounded) would be the maximum loan amount that could be borrowed.

能否写一下流程

1 个答案

Lucky_品职助教 · 2023年03月22日

嗨,努力学习的PZer你好:


题目不会这么问的哦,real estate这边的两个指标DSCR和LTV考法比较固定

1、针对DSCR:debt service是指每期还的总债务是多少。这个题目只告诉了我们Year 1 NOI和DSCR,那么首先要求debt service, 也就是 Maximum debt service = Year 1 NOI/DSCR 。求出debt service 之后,就可以再除以融资利率,计算出total loan value;

2、针对LTV,我们用估值价乘以LTV,即可求出loan amount;

3、比较两个loan孰高,就是可贷的最高金额

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努力的时光都是限量版,加油!

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