First, the design of real estate project financing portfolio
The characteristics of real estate projects determine the need for financing portfolio to meet the capital demand. According to the capital market faced by real estate projects and the operation of project construction funds, real estate project legal persons can choose various sources and costs of funds. Generally speaking, real estate project legal persons face the following sources of funds.
Debt financing
Seek financial institutions to provide loans for real estate projects.
(B) Project property rights financing
Decompose the real estate project, trade and allocate the project property rights with operating ability and sufficient net cash flow, and finance through the grafting of this part of housing property rights.
(3) Lease financing
Equipment and devices for real estate projects, as well as financing leasing methods of domestic and international leasing companies, will be obtained and put into operation as soon as possible.
project financing
For the assets with sufficient net cash flow in real estate projects, an asset pool will be formed and financed through asset securitization.
We set the financing mode of a real estate project and the proportion of its combination scheme as follows (Table 1):
Table 1 Proportion of Financing Methods and Scheme Combination Table
Second, the comprehensive evaluation of real estate project financing scheme
The comprehensive evaluation of real estate project financing scheme involves many factors, and we plan to evaluate the scheme from three aspects: safety, economy and feasibility.
(1) security. Security is divided into four grades according to the degree of risk: A, B, C and D.
Grade A: It means that the risk is very small, that is, there is little possibility that major events will lead to project losses during the whole financing process. Its sign is that the main financing risks such as interest rate risk and exchange rate risk have been adjusted or even basically eliminated; Financial institutions or financial institutions providing funds have a high credit rating; Financial institutions undertaking financing agency have good credit status and bear some risks.
Grade B: It means less risk, that is, the whole fund-raising is less likely to suffer losses due to accidents. The sign is that the main risks of fund-raising have been reduced, but not completely eliminated; The credit rating of the fund provider is high, but the credit rating of the institution is poor.
Grade C: It means that the risk is high, that is, accidents may occur during the whole fundraising process, resulting in losses. Its sign is that although the main risks of capital allocation have been adjusted, the risks that have not been eliminated are still very large; The credibility of the institutions providing funds is insufficient; No financial agent has been entrusted to raise funds.
Grade D: it means that the risk is extremely high, and the probability of losses due to accidents in the whole fundraising process is very high, that is, there are no effective preventive measures for the main risks of fundraising; The institutions providing funds have poor reputation; No financial institution is willing to undertake agency financing business.
Analysis:
(1) Quantify the security of the financing scheme, that is, use the weights to represent grades A, B, C and D; Above 85% (including 85%) of grade A, 75% ~ 85% of grade B, 60% ~ 75% of grade C and below 60% of grade D. ..
(2) Calculate the comprehensive safety factors of the four schemes respectively. It is assumed that the safety factor of low-interest loans is 100%, the safety factor (weight) of project financing is 90%, and the safety factors (weight) of lease financing and equity financing are 80% and 70% respectively.
kⅰ= 15%× 100%+30%×70%+25%×80%+30%×90% = 83%
kⅱ= 20%× 100%+30%×70%+30%×80%+20%×90% = 83%
kⅲ= 30%× 100%+20%×70%+30%×80%+20%×90% = 86%
kⅳ= 30%× 100%+ 15%×70%+25%×80%+30%×90% = 87.5%
(3) According to the above analysis, the safety of Scheme III and Scheme IV is classified as Grade A, and the safety of Scheme I and Scheme II is classified as Grade B. ..
(2) economy. The economy of the financing scheme is divided according to the standard of comprehensive capital cost ratio, which is divided into four grades: A, B, C and D. The comprehensive capital cost ratio is calculated as follows:
cⅰ= 15%×5%+30%× 12%+25%×8%+30%×6% = 8. 15%
cⅱ= 20%×5%+30%× 12%+30%×8%+30%×6% = 8.80%
cⅲ= 30%×5%+20%× 12%+30%×8%+20%×6% = 7.50%
cⅳ= 30%×5%+ 15%× 12%+25%×8%+30%×6% = 7. 10%
At present, taking R as the bank loan interest rate for financing in the same period, taking R=7.2%, then 70%R=5.04%, 130%R=9.36%.
Then the classification of a, b, c and d levels is:
Grade a: minimum financing C<, that is, c < 70% r.
Grade B: The financing cost is relatively low, that is, 70% R ≤ C.
Grade C: The financing cost is very high, that is, R ≤ C.
Grade d: the financing cost is too high, that is, c ≥130% r.
Therefore, the economy of scheme 4 is rated as B, and the economy of schemes 1, 2 and 3 is rated as C. ..
(3) Feasibility. According to the implementation degree of various financing methods, the feasibility of financing schemes can be divided into four levels: A, B, C and D.
Grade A: All funds have been secured and approved by the planning department.
Grade B: The funds are basically implemented, and the possibility of approval is high.
Grade C: The funds are poorly implemented and the possibility of approval is small.
Grade D: the funds are poorly implemented and there is almost no possibility of approval.
In this case, debt financing will be restricted by the project itself and the credit status of the project legal person; Project property financing will be restricted by project decomposition and risk preference of equity partners; Lease financing has looser economic requirements for the project itself, so this method is relatively more feasible; Project financing involves ABS technical restrictions and is not widely used in China. According to the feasibility analysis of various financing methods, we give the feasibility weights of various financing methods: lease financing 100%, low-interest loans 90%, equity financing 80% and project financing 70%. From this, the feasibility coefficient of each financing scheme is calculated:
zⅰ= 15%×90%+30%×80%+25%× 100%+30%×70% = 83.5%
zⅱ= 20%×90%+30%×80%+30%× 100%+20%×70% = 93%
zⅲ= 30%×90%+20%×80%+30%× 100%+20%×70% = 94%
zⅳ= 30%×90%+ 15%×80%+25%× 100%+30%×70% = 85%
According to the above calculation, the feasibility grade of schemes 2 and 3 is Grade B, and the feasibility grade of schemes 1 and 4 is Grade C. ..
Third, the comprehensive evaluation of the project financing scheme
When choosing a specific financing scheme, it is necessary to comprehensively analyze the safety, economy and feasibility of the scheme. You can use the indicators and calculate the score, and then choose the best financing scheme according to the following principles: (1) Single-bid veto principle, that is, one D among the three indicators will be eliminated. (2) If the calculation scores of the two schemes are equal, the scheme above A can be the best scheme.
Now make a comprehensive analysis of this example (Table 2). Levels A, B, C and D are respectively weighted by 5, 3, 1 and 0 (if D appears, it will be eliminated).
Table 2 Comprehensive Evaluation Table of Project Financing Scheme
Scheme 1: 3+ 1+ 1 = 5.
Scheme 2: 3+ 1+3 = 7.
Scheme 3: 5+3+3 = 1 1.
Scheme 4: 5+ 1+ 1 = 7.
Conclusion: According to the above analysis, the scheme is determined: Ⅲ. Namely: debt financing 30%, equity financing 20%, lease financing 30% and project financing 20%.