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Real estate is an asset form with limited liquidity relative to other investments, it also capital intensive and highly cash flow dependent.
Agricultura l Land Examples Residential of real Property estate investment Farmhous es Urban Land
Future income might be used for personal consumption at a later date or for future generations
Adjust for timing Differences among expected streams of benefits flow in from investment alternatives
Rank alternatives to the relative desirability of perceived risk return combination they embody
Depreciation of Value
Government Controls Legislation Legal Complexity
Nonfinancial goal
The ratio of NOI X100 = Capitalization rate (%) purchase price (used as a measure of the performance of an investment property)
Capital appreciation the increase in market value of the asset over time, realized as a cash flow when the property is sold.
Real Estate investments"
4/12/2012
Sources of finance
Equity Debt
Commercial Banks (Domestic and Foreign) Insurance Companies Savings and Loan Associations Non-Bank Financial Institutions Securitized Lenders Mortgage Real Estate Investment Trusts Pension Funds Government Sponsored Entities Opportunity Funds Mezzanine Investors
Commercial MortgageBacked Securities (CMBS) are securitizations of mortgage loans backed by commercial real estate .
Risk
5 4
Master servicer
Principal & interest payment
Loan proceeds
SPECIALSERVI CER
Loan proceeds
OBLIGOR
11 Workout or foreclosure