Journal of Property Finance: Volume 1 Issue 3
Table of contents
Investing in US Real Estate – A New Structure
Alan J. Pomerantz, Kevin DolanDiscusses the current condition of the market for US real estatecaused by the decline in real estate values and the difficulties facedby US lenders. Discusses changes in the US…
Aspects of the Negotiation of an interest Rate Cap
David NicholsonGives background behind and reasons for an interest rate cap.Explains the negotiating process and the documentation. Cautions thatinterest rates may still be subject to variation…
What Goes Up Must Come Down!
James Morton‐RobertsonDefines a system as ultra‐stable, stable or catastrophic. Likensthe property market to a chaotic system. Claims that there are nocommonly available computer packages to predict…
Mortgage Indemnities – A Risk/Reward Arbitrage?
Matthew WylesGives background to Commercial Mortgage Indemnity (CMI). Explainsthe concept and purpose of CMI. Explains: scope of cover, indemnities vsguarantees, “top slice” CMI, total cover…
Tendering Procedure and Construction in Europe – The Works Directive
Philip WebsterExplains the background behind the European Works Directive71/305/EEC as amended by 89/440/EEC. Provides an outline of someimportant features likely to have an affect on tendering…
Housing Finance
Clive SoleyCriticizes government housing finance policy. Condemns refusal toapply controls to the housing market. Argues lack of control has led tohigh rents and mortgage payments. Outlines…
Industrial Property Financing in Germany
Michael GellenDescribes the industrial/commercial market in Germany. Discussessources, terms and conditions and security. Concludes that the buoyant,sophisticated German market makes for…
The Valuation of Shares in an Unquoted Property Company – Part 2
John FallaConcentrates on the actual evaluation of the unquoted company (seeprevious volume for part 1). Considers evaluation by selection ofcompanies with comparable activities, obtaining…
Zero Coupon Syndicates and the Timing of Cash Distributions to Partnership Investors
Wayne R. Archer, J. Sa‐Aadu, James D. ShillingExamines the practise of using zero coupon first mortgage notes toraise more capital than is needed to fund a particular real estatelimited partnership. Explains the mechanism…
The Receiver′s Duty of Care
Anthony LaversConsiders recent case law to the effect that duties of care may beowed by those engaged in administration and sale of assets to peopleaffected by the outcome of their efforts…
Traditional Property Financing in Germany
Kersten von SchenckDescribes who provides traditional financing in Germany. Discussesterms and collateral. Overviews the German Land Register.
Cost Control in Building Projects
Christopher J. WillisSuggest ways of ensuring that financial liabilities can regularlybe transmitted from the design team to the building owner. Defines therole and responsibilities of a project…
Refinancing
Rupert J. ClarkeExplores some causes of cash flow problems. Examines the types ofrefinancing that may be available in the current market. Concludes thatonly companies well prepared will be…