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评论 （12)
您可能可以找出这个问题的答案mathematically through sensitivity analysisBrah-根据您的静态变量，给定租金增长所需的上限速率压缩，反之亦然才能获得给定的回报。
At any rate, interested to hear what others chime in with.
In order to get an 18% return on an asset that requires little capex, you are going to have to find a property with serious vacancy issues due to bad management that will be off market.
Won't get 18%ROIin this market without taking some risk, as you won't get any help from appreciation right now. Yourmarket caprates are around 4-8% for a stabilized property.
例如，我让一个朋友从一个丈夫去世的老妇人那里购买了一座多家庭建筑。空缺约为30％，低于市场租金。他以110万美元的价格购买了该物业，下降了45％。他花了一些钱修理单位（idk多少，也许是每单位$ 5,000美元）。物业现在价值$ 1.4mm。
Are you guys really seeing 50-65% LTV? We're consistently lending on office/retail at 65-70% and 75%, sometimes 80% on multi-family... For well-performing properties and experienced developers/operators, we're re-leveraging them to these levels too sometimes
No, you are correct. LTV is generally still 75% for a stabilized property, but if you are going to purchase a building only 50-70% occupied you are going to need to put more down then 25% (generally). I have been telling clients to expect at least 30% down for traditional financing, unless you wantSBAfinancing.
Alright I see what you're saying. We generally require an appraisal and will use the as-stabilized value of the project. I guess I see more ground-up development than minor reno though. I'd be interested to underwrite some properties as mentioned, as that's what I'm interested in doing personally on a much smaller level. We lend on the lower of LTV or LTC, too.
*I should note that we use as-stabilized for experienced real estate investors and clients that we see growth with. Not sure we would loan that high on a one-off deal with someone who has no experience or we see no future opportunities with.
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Learn moreRental growth in terms of growth in existing rents passing at the property level, or growth in market rents?
TheIRRwill be very sensitive to your holding period. You need to see what your 3-5 year hold IRRs will be in case you aren't able to sell the asset quickly, to see if you can live with that scenario.
我在资产/投资组合（而非公司）上完成的最低上限利率交易约为4％（考虑到交易成本，即净初始收益率）。那是一栋办公楼。经过几年的下降几年，我们的市场租金增加了10％（租金飙升），然后与通货膨胀相符。LTV虽然很高，因为这是一项重组协议（削减了一些初级债务并资助了租赁成本/Ti/Ti Minor Capex）。股权几乎被消灭了，但是我们将其作为管理层的兴趣/“希望”注释，使他们保持了交易。
As for your example, the only way I can see getting to a 18% return (IRR) with only a 65% LTV is to have some yield compression and significant lease up/rent reviews in as short a period as possible (12-18 months). Maybe even obtaining planning permissions for an extension that a buyer can take into account for when you want to exit.
We did one deal in the West End (London) years ago, also office, where we had a rent review increasing actual rents in the property by over 12% (it was under-rented) and exited at a 5.25% NIY when we had bought at 5.75% NIY in about 12 months. TheIRR由于时间短而高（75％），因此很高。如果我们持有超过12个月的时间IRRwould have reduced dramatically.
我还将建模一个（替代性的）情况，您需要将资产持有更长的时间（例如3 - 5年），并且具有更为中等的“长期”租金增长，以查看您是否可以处理较低的案例回报而不会损失货币或对您基金的回报进行了重大阻碍。
Yeah, I'm looking at a deal in an asian growth market now somewhat similar to the first one you mentioned, but even more crazy. Rents in the market have gone up 60% in three years and most of the leases were before the jolt. We're considering buying around 4.5% and predicted rent growth 35% next year and 20% the following year or some shit... it actually seems reasonable considering when you look at the surroundingcompsthey're all renting at +30-40% (if they were completed recently enough to not have many leases from pre-explosion), but there are old men who's experience is in America/Europe on the IC and I dont' want to get laughed off the stage by these dudes... anyways, was just wondering if you guys had seen similar situations where the initial smell test seems totally wrong but there's actually logic behind it etc.
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Well, if you have rental comparables i would definitely highlight that, but be prepared to explain what happens if there is a slump, or if you end up having to hold on to the asset for longer (i.e. make sure you've modeled that scenario so that you can answer their objections). They'll definitely object if they're not familiar with the market, so you need to be prepared by showing actual comparables and educating them about the market.
Another issue, can you review the rents upwards or are there legal limits (e.g. rent control, or leases without market rent reviews)? Another issue you have to factor in is the additional leasing costs/tenant improvements and time to get new tenants at market rents. If you're going to have a high increase in rents some tenants won't be able to afford it and will have to leave. It will take time to re-lease their space.
If you're modelling very high rental growth i would be conservative on the exit cap rate. Just to be safe, as your going in cap rate probably reflects high growth assumptions.
Thanks relinquis. Am being fairly conservative on exit and havecomps... No rent control issues. Anyways, well see what happens. I could say more about this to shed light on the issues but it's an open forum... As you all know
Thanks relinquis. Am being fairly conservative on exit and havecomps... No rent control issues. Anyways, well see what happens. I could say more about this to shed light on the issues but it's an open forum... As you all know
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