Structured finance in the South African property market: who are the winners, equity or debt investors? (Record no. 104963)

MARC details
000 -LEADER
fixed length control field 02255cam a2200169 4500
001 - CONTROL NUMBER
control field ##L132011
008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION
fixed length control field 051221n2001 000 0 eng u
035 ## - SYSTEM CONTROL NUMBER
System control number (Sirsi) u132011
041 0# - LANGUAGE CODE
Language code of text/sound track or separate title eng
100 1# - MAIN ENTRY--PERSONAL NAME
Personal name Evans, Kathy
245 ## - TITLE STATEMENT
Title Structured finance in the South African property market: who are the winners, equity or debt investors?
260 ## - PUBLICATION, DISTRIBUTION, ETC.
Place of publication, distribution, etc. London
Name of publisher, distributor, etc. RICS
Date of publication, distribution, etc. 2001
520 ## - SUMMARY, ETC.
Summary, etc. Property investors may be either equity investors who buy property or debt investors who lend them the finance to make the purchase. Structured Finance is primarily used by property investors to enable: the capital portion of lease payments to be written off over the lease period with resultant tax benefits to equity investors; the property asset to be off the balance sheet of equity investors with resultant benefits in debt to asset ratio and return on assets. Banks entering into these Structured Finance contracts focus on the quality of client, who is required to be a solid corporate of significant stature. The client is both lessee and lessor. Banks require the leases to be triple-net (fully repairing, maintaining and insuring lease) for a fixed period, creating a certain cash flow. This limits the risk to only the structure risk which lies with the client. Less emphasis is placed on property risk than would be the case with conventional mortgage funding. This implies that Structured Finance should be "cheaper" than mortgage funding. Banks all offer different methods and structures of Structured Finance. This paper reports on case studies of Structured Finance contracts offered by selected South African banks, in which two objectives were pursued. The first was to examine whether equity investor?s objectives stated above were being achieved. The second was to examine both the costs and benefits to both parties to the contract. Work is currently in progress and it is being revealed that equity investors' objectives are only partly achieved with little responsibility being taken by banks to re-structure debt should legislation changes affect the equity investor's benefits. Banks are being well compensated for very little risk.
520 ## - SUMMARY, ETC.
Summary, etc. This item is no longer available.
690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN)
Topical term or geographic name as entry element PROPERTY-INVESTMENT PROPERTY
942 ## - ADDED ENTRY ELEMENTS (KOHA)
Suppress in OPAC 0
Holdings
Withdrawn status Lost status Source of classification or shelving scheme Damaged status Not for loan Home library Current library Shelving location Date acquired Total Checkouts Full call number Barcode Date last seen Copy number Price effective from Koha item type
    Dewey Decimal Classification     Virtual Virtual Online 21/12/2005   ONLINE PUBLICATION 132011-1001 06/08/2019 1 06/08/2019 Book