The Complete Guide to Financing Real Estate Developments
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Get Answers to All Your Questions About Financing Real Estate Development — and Tailor a Finance Package that Meets Specific Your NeedsThe Completee Guide to Financing Real Estate Developments offers a detailed roadmap to navigate the complex process of financing small to large-scale real estate projects, such as office buildings, apartment complexes, and hotels.Real estate expert Ira Nachem explores the pros and cons of large versus small institutions; how to structure and present a loan proposal, the approval and closing processes; the truth about appraisals, guarantees, insurance and lien law; financial and physical bonuses and constraints, environmental issues and many other topics.Nachem presents in-depth information and explanations that answers questions on:Who the Commercial Real Estate Lender Really Is What Information Should the Borrower Produce How a Workable Budget is Created How the Lender Evaluates a Borrower What the True Value of an Appraisal Is What goes into a Lender's Loan Presentation What to Expect at a Closing What Key Legal Documents are Most Important What the True Value of a Guarantee Is How the Borrower and Lender Prepare for the Funding Process What Is involved in Loan Administration After the Closing What Is the View from the Borrower's Perspective What Are some of the Constraints and Incentives to Development What Are the Values and Risks of Insurance and Bonding What Is the Reason for Title Insurance and how does it work What Are the Complexities of Lien Law and how does it work How Is the Loan Eventually Repaid What Real Estate Math Is Essential for the Professional How Important Are Environmental Issues How Can the Lender Find New Loan Prospects What Are the Risks and Rewards of Loan ParticipationsFeaturing a wide range of helpful examples and illustrations, The Complete Guide to Financing Real Estate Developments covers many of the day-to-day realities faced in the real estate industry including the differing perspectives of lenders and borrowers, their personal pressures, personalities and politics, and much more.Ira W. Nachem has over 25 years of commercial real estate experience in finance, investment, development, construction and management. His executive positions in real estate banking, development, management and brokerage have given him direct involvement in all kinds of credit and equity transactions collateralized by all types of properties throughout the United States. He currently lectures on real estate and construction finance at New York University.
Preface xiAcknowledgments xviiThe Commercial Real Estate Lender 1The Borrower's Information 18Budgeting 53Evaluating the Borrower 87Appraisals 115The Loan Presentation 137The Loan Closing, Legal Documentation, and Guarantees 189Preparing for the Funding Process 223Loan Mechanics after Closing 267Project Completion 306The Development Process from the Borrower's Perspective 319Constraints on and Incentives for Development 341Insurance and Bonding 361Title Insurance and Lien Law 383Loan Repayment 397Real Estate Math 422Pricing 446Environmental Concerns 463Marketing: Searching for Loan Prospects 483Loan Participations 495Problems and Issues 509Index 531About the Author
