最近出國移民網(wǎng)拿到一份行業(yè)協(xié)會IIUSA提供出來的，紐約大學STERN商學院房地產(chǎn)金融研究中心的EB-5融資分析報告，該報告主要是以研究者的態(tài)度，向開發(fā)商和區(qū)域中心解釋傳統(tǒng)房地產(chǎn)市場如何融資，開發(fā)商又應該怎樣進行EB-5融資的，非常有技術(shù)含量，接下來的幾周里，會將該報告中，非EB-5基礎知識部分剔除掉，拿出對于房地產(chǎn)融資的關鍵部分，慢慢翻譯給各位業(yè)內(nèi)朋友參考。越來越有個體會，就是做EB-5的如果不懂投融資，那就是瞎忽悠，希望能和各位朋友們，特別是有投融資或房產(chǎn)開發(fā)背景的朋友們，一起切磋交流。
今天先發(fā)第一個部分，怎樣理解一個非EB-5房地產(chǎn)項目的融資，重點在優(yōu)先股和夾層貸款的介紹和區(qū)別，本文由出國移民網(wǎng)義務翻譯。
傳統(tǒng)項目——傳統(tǒng)房地產(chǎn)項目中優(yōu)先股和夾層貸款的背景總結(jié)
傳統(tǒng)的房地產(chǎn)項目(沒有EB-5資金)可以通過多種方式融資。一個典型的項目資金結(jié)構(gòu)的非?；镜拿枋鋈缦拢洪_發(fā)商擁有并經(jīng)營房產(chǎn)，據(jù)此取得建筑貸款，來為所有或者很大一部分的，建設費用來融資。在創(chuàng)造收入型房地產(chǎn)(income-producing property)的情況下，建設貸款期限通常為，預期的施工周期加上，項目達到一個穩(wěn)定現(xiàn)金流的預期時間。因此，這個期限會隨各種影響施工和穩(wěn)定期的因素而變動。
建筑貸款下的每月還款，通常是只支付利息(不償還本金)，其年利率是基于一個關鍵基準利率，比如倫敦同業(yè)拆借利率(Libor)。在建筑完工并且收入穩(wěn)定之后(在創(chuàng)造收入型房地產(chǎn)的情況下)，開發(fā)商通常通過再融資獲得長期貸款來替代和還清建筑貸款。長期貸款通常是一個附帶償還本金的固定利率貸款。長期貸款通常是5到10年。建筑貸款和再融資的長期貸款，一般是貸款人擁有借款人財產(chǎn)的第一順位抵押權(quán)的高級抵押貸款(senior mortgage loan)。
直到2000年代中期，許多高級抵押貸款機構(gòu)愿意借多達90%房地產(chǎn)市場總價值的貸款，尤其是對已經(jīng)開發(fā)好的房產(chǎn)。然而，在今天的市場，高級抵押貸款機構(gòu)通常只愿意借出從50%到70%不等的項目總成本的貸款金額。貸款人獲得財產(chǎn)的第一順位留置權(quán)。銀行要求開發(fā)商向項目進行股權(quán)投入來證明項目財務投入(“風險共擔”)。不同的貸款機構(gòu)，所需的開發(fā)者權(quán)益數(shù)目不等，但通常范圍是從5%到10%。這就會使項目通常，存在一個20%-45%的資金缺口。彌補這個資金缺口的最為顯而易見的方式，是從另一個貸款機構(gòu)融資的第二順位抵押貸款。
雖然以前，有時后會使用第二順位抵押貸款，但是今天大多數(shù)的高級抵押貸款機構(gòu)禁止使用它們。因此，開發(fā)商必須開發(fā)出滿足需求的更多杠桿的資金來源，而不被歸類為抵押貸款債務。在傳統(tǒng)商業(yè)地產(chǎn)交易市場中，是通過夾層貸款或優(yōu)先股來填補這一缺口。
傳統(tǒng)的夾層貸款
在高級抵押貸款中，物業(yè)所有人是抵押貸款的借款人。貸款的抵押品是抵押貸款借款人的，物業(yè)的直接所有權(quán)。夾層貸款是由借款人在另一個實體的股權(quán)來擔保的，而不是由物業(yè)來擔保。
如果物業(yè)所有人(抵押貸款借款人)希望進行夾層融資，高級抵押貸款機構(gòu)通常會要求，創(chuàng)建一個特殊目的實體(SPE)作為夾層貸款的借款人，它擁有物業(yè)所有人的股東權(quán)益。夾層借款借款人是SPE。抵押品是，夾層貸款借款人在物業(yè)所有人中的股東權(quán)益。
夾層貸款借款人并不直接擁有任何不動產(chǎn)，也不經(jīng)營業(yè)務。因此，夾層貸款的抵押品的價值，完全來源于基礎物業(yè)的間接所有權(quán)。
如果夾層貸款的借款人違約，貸款人可以根據(jù)州的商業(yè)法，而不是適用于抵押貸款的州不動產(chǎn)法，取消抵押品贖回權(quán)。一旦取消抵押品贖回權(quán)過程的完成，夾層貸款人取代了抵押貸款借款人(高級抵押貸款借款人)成為該商業(yè)實體的所有者，該實體擁有物業(yè)。不過，夾層貸款人的利益，是受制于物業(yè)的所有抵押權(quán)和留置權(quán)的，包括高級抵押貸款。
夾層貸款提供了一個固定的到期日，并創(chuàng)建一個公司義務來符合貸款條件。需定期支付的貸款成本只是利息。有時，夾層貸款會在當期只支付一部分的利息，別的留待貸款到期再支付。此外，有時夾層貸款，對于夾層貸款借款人而言，提供利潤的參與方案，也被稱為“股權(quán)附帶條件”。整個本金通常是在到期時一次性支付。傳統(tǒng)的夾層貸款提供者(“夾層貸款人”)包括：私人股本債務基金，按揭房地產(chǎn)抵押投資信托基金和保險公司。
傳統(tǒng)的優(yōu)先股
相比之下，優(yōu)先股權(quán)投資者提供的資金不構(gòu)成貸款。優(yōu)先股在項目所有權(quán)實體中擁有直接的所有權(quán)。投資者為物業(yè)所有者作出資金貢獻，以換取所有權(quán)實體的股權(quán)份額。
作為項目實體的擁有者之一，優(yōu)先股投資者沒有擔保品或取消抵押品贖回權(quán)的權(quán)利。相反，優(yōu)先股投資者擁有的是，在實體項目的組織文件(如有限責任公司經(jīng)營協(xié)議)架構(gòu)下的合約權(quán)利和救濟，從而管理項目實體的所有者，包括開發(fā)商的關系。
從理論上講，這些權(quán)利是自動和自我賦權(quán)的，但在現(xiàn)實中，這些權(quán)利的執(zhí)行，通常比夾層貸款取消抵押品贖回權(quán)來的，更為復雜和更為不確定。例如，通常在有限責任公司經(jīng)營協(xié)議或LP(有限合伙企業(yè))合伙協(xié)議中，所定義的特定的違約情況下，優(yōu)先股投資者可以解散和替換開發(fā)商。然而，如果投資者尋求執(zhí)行這些權(quán)利時，開發(fā)商很可能會在法庭上挑戰(zhàn)這一主張。
優(yōu)先股投資者通常會直接擁有實體項目中的所有者權(quán)益。然而，類似于在夾層貸款中的要求，一些高級抵押貸款機構(gòu)將要求優(yōu)先股投資在一個SPE中，轉(zhuǎn)而擁有項目實體的股權(quán)。
“優(yōu)先”這一術(shù)語指的是投資者投資回報的權(quán)利優(yōu)先于普通股所有者(通常是開發(fā)商)。在傳統(tǒng)的房地產(chǎn)項目中，現(xiàn)金流分配順序通常是：項目的現(xiàn)金流首先用于運營費用、儲備和償還債務。然后任何可用的剩余現(xiàn)金流才能給股權(quán)所有者分配。
在一個典型的“真正”的股權(quán)結(jié)構(gòu)下，優(yōu)先股投資者有權(quán)獲得其投資的一個優(yōu)先的回報(通常是每年從6%-10%不等)，直到優(yōu)先股投資者完全收回他們的投資資金(有時稱為“優(yōu)先返還”或“pref”)。在“pref”全部收回投資之后，剩余或多余的現(xiàn)金流再用于與開發(fā)商分配，這往往與資金貢獻不成比例，以優(yōu)待開發(fā)商(有時稱為“利潤分割”)。
優(yōu)先股一般不提供一個必須償還優(yōu)先股投資者資本的固定或強制贖回日期。相反，“資本事件”的發(fā)生，如項目的出售或再融資，通常會產(chǎn)生足夠的現(xiàn)金流，使得投資者獲得“pref”和利潤分配。
如果開發(fā)商轉(zhuǎn)讓股權(quán)給外部投資者，如通常所為，那么很多情況下，會設計pref使其支付優(yōu)先股投資者和開發(fā)商(普通股)。在這種情況下，可以以同等權(quán)益支付給投資者和開發(fā)商，或先對優(yōu)先股投資者進行支付。
優(yōu)先股具有一些債務的特征。優(yōu)先股的投資回報率是類似于貸款利息。優(yōu)先股股本金的償還類似于貸款的本金償還。優(yōu)先于普通股的償付，類似于債務對股權(quán)的優(yōu)先級。
私人股本基金、主權(quán)財富基金、養(yǎng)老基金、人壽保險公司和富人們，經(jīng)常提供這種類型的股權(quán)資本。對優(yōu)先股更詳細的說明超出了本文的討論范圍。
現(xiàn)金流的相對優(yōu)先級和損失風險
對各種資本來源的，現(xiàn)金流的相對優(yōu)先級和損失風險的基本了解，是理解資金結(jié)構(gòu)的基礎。在支付項目費用和保留任何預期費用的儲備后，項目的可用現(xiàn)金流分配，首先第一順位支付給提供債務服務的高級借款機構(gòu)。然后剩余的現(xiàn)金流用于支付任何夾層貸款，然后是優(yōu)先股，再是普通股。任何項目的損失是以相反的順序來承擔的。
例如，如果由于抵押貸款違約，高級貸款機構(gòu)取消該房地產(chǎn)的贖回權(quán)，止贖拍賣所得只夠彌補高級抵押貸款余額，高級銀行會將拍賣所得全部拿走，而其他資金來源提供者將遭受經(jīng)濟損失。(更深入的留置權(quán)優(yōu)先級討論超出了本文的范圍)。因此，高級抵押貸款是最有安全擔保的，普通股是最沒有安全擔保的。因此，這些不同的傳統(tǒng)資金來源要求的回報率反映這些資金來源的相對風險。
下圖，給出的適用于一個傳統(tǒng)房地產(chǎn)項目，每一層資金來源，與相對風險、預期收益、損失承擔和項目總成本(TPC)占比的一個通用描述。
* 這個圖就不做翻譯了，彩色部分是不同類型的資金結(jié)構(gòu)，右邊是他們在一個典型項目中的資金占比。
文中提到的一些術(shù)語，簡單列舉如下：
建筑貸款：construction loan
高級抵押貸款：senior mortgage loan
長期貸款：permanent loan
第二順位抵押貸款：second mortgage
夾層貸款：mezz debt
本文來源：紐約大學STERN商學院房地產(chǎn)金融研究中心的EB-5融資分析報告。
“A Roadmap to the Use of EB-5 Capital: An Alternative Financing Tool for Commercial Real Estate Projects”
Conventional Projects - Summary background of mezzanine financing and preferred equity in conventional real estate projects
A conventional real estate project (without EB-5 capital) can be financed in several ways. A very basic description of a typical project’s capital structure follows. The development entity that owns and operates the property obtains a construction loan to finance all, or a substantial part, of the construction costs. In the case of an income-producing property, the construction loan term is typically the anticipated construction period plus the estimated period for the project to achieve a stabilized cash flow. Thus, the term varies depending on various factors that affect the construction and stabilization periods. The monthly payments under a construction loan are typically interest only (with no principal amortization) at a per annum rate equal to a spread over a key benchmark interest rate, such as Libor. After completion of the construction and stabilization of the income (in the case of an income-producing property), the development entity typically obtains a replacement permanent loan to refinance and pay off the construction loan. The permanent loan is often a fixed-interest rate loan with principal amortization. The term of the permanent loan is generally 5 to 10 years. The construction loan, and the permanent loan that refinances it, are typically senior mortgage loans with the borrower granting to the senior lender a first mortgage lien against the property.
Until the mid-2000s, many senior mortgage lenders were willing to lend as much as 90% of a property’s total market value, especially for a property that already was developed. However, in today’s market, senior lenders are generally only willing to lend in a range from 50% to 70% of the total project costs. The lender obtains a first lien against the property. Lenders demand that the developer invest some equity to evidence a financial stake in the project (“skin in the game”). The amount of developer equity required varies by lender, but generally ranges from 5% to 10%. This leaves a gap somewhere in the range of 20% to 45% of the capital stack. The obvious choice to bridge the gap would be a second mortgage loan from another lender. Although second mortgages were sometimes utilized in the past, today most senior lenders prohibit them. Thus, capital sources have developed to satisfy the demand for more leverage by the developer without being characterized as mortgage debt. In conventional commercial real estate deals, mezzanine (mezz) debt or preferred equity fills this gap.
Conventional mezz debt
In a senior mortgage loan, the property owner is the mortgage borrower. The collateral for the loan is the mortgage borrower’s direct ownership of the property. Mezz debt is a loan secured by the mezz borrower’s equity in another entity, and not secured by the property.
If the property owner (mortgage borrower) desires mezz financing, the senior mortgage lender typically requires that a special purpose entity (SPE) be created to serve as the mezz borrower that will own the equity interests in the property owner. The mezz loan is funded to the mezz borrower SPE. The collateral is the mezz borrower’s equity interest in the property owner.
The mezz borrower does not directly own any real property and does not operate a business. Thus, the value of the mezz lender’s collateral is derived solely from the indirect ownership of the underlying property.
If the mezz borrower defaults, the mezz lender may foreclose under the state’s commercial law,206 rather than under the state’s real property law that is applicable to mortgages.207 Upon the completion of the foreclosure process, the mezz lender replaces the mortgage borrower as the owner of the entity that owns the property (the senior mortgage borrower). However, the mezz lender’s interest is subject to all of the liens and encumbrances of the property, including the senior mortgage.
The mezz loan provides for a fixed maturity date and creates a firm obligation to comply with the loan terms. The periodic loan payments are interest only. Sometimes, the mezz loan provides for a portion of the interest to be paid currently, with the balance to be accrued and not due until loan maturity. In addition, sometimes mezz loans provide for a profit participation to the mezz lender, also known as an “equity kicker”. The entire principal balance is typically payable in one installment at maturity. Conventional mezz loan providers (“mezz lenders”) include private equity debt funds, mortgage REITs and insurance companies.
Conventional preferred equity
In contrast, the capital provided by the preferred equity investor does not constitute a loan. Preferred equity provides a direct ownership interest in the project owning entity. The investor makes a capital contribution to the property owner in exchange for an equity share of the ownership entity.
As one of the owners of the project entity, preferred equity investors do not possess collateral or foreclosure rights. Instead, the preferred equity investors have contractual rights and remedies under the organizational documents of the project owning entity (such as an LLC Operating Agreement) that governs the relationship of the project entity’s owners, including the developer. Theoretically, these rights should be automatic and self-exercising, but in reality, enforcement is typically more complicated and uncertain than mezz foreclosure.210 For example, typically in the case of certain defaults as defined in the LLC Operating Agreement or LP partnership agreement, the preferred equity investors can remove and replace the developer. However, if the investors were to seek to assert these rights, it is likely that the developer would challenge the claim in court.
The preferred equity investors will often have a direct ownership interest in the project owning entity. However, similar to the requirement imposed in the case of a mezz loan, some senior mortgage lenders will require that the preferred equity be invested in a SPE that in turn owns an equity interest in the project entity.
The term “preferred” refers to the preferred investor’s right of payment with priority over the common equity owner (typically the developer). In a conventional real estate project, a cash flow distribution waterfall provides that the project’s cash flow be allocated first to operating expenses, reserves and debt service payments. Any available remaining cash flow is then distributed to the equity owners.
Under a typical “true” equity structure, the preferred equity investors are entitled to a preferential return on their investment (typically ranging from 6% to 10% per annum) until the preferred equity investors receive that return and recover their capital investment (sometimes referred to as a “preferred return” or a “pref”). After the pref is recovered, the residual or excess cash flow available for distribution is split with the developer, often disproportionately to the relative capital contributions in favor of the developer (sometimes referred to as the “profit split”).
Preferred equity typically does not provide a fixed or mandatory redemption date on which the capital must be repaid to the preferred equity investors. Instead, the occurrence of a “capital event”, such as a sale or refinancing of the project, is typically the trigger that generates sufficient cash flow for the investors to achieve the pref and a profit split.
If the developer contributes equity to the venture, as is typically the case, then often times the pref is structured for payment to the preferred equity investors and the developer (the common equity). In that case, the pref distributions can be pari passu to the investors and the developer, or distributed first to the preferred investors.
The preferred equity possesses some debt characteristics. The preferential return on the investment is similar to the interest component on a loan. The recovery of the capital is similar to the repayment of principal under a loan. The payment preference over common equity is similar to the priority that debt has over equity.
Private equity funds, sovereign wealth funds, pension funds, life insurance companies and wealthy individuals often provide this type of equity capital. A more detailed explanation of preferred equity is beyond the scope of this paper.
Relative cash flow priority and loss exposure
A basic understanding of the relative cash flow priority and loss exposure of the various capital sources is fundamental to understanding the capital structure. After the payment of project expenses and the retention of any reserves for anticipated expenses, the project’s available cash flow is allocated first to pay debt service to the senior lender. The remaining cash flow is then allocated to pay any mezz debt, then preferred equity and common equity. Any project losses are absorbed in the reverse order. For example, if the senior lender were to foreclose on the property due to a mortgage default and the foreclosure sale proceeds were equal only to the senior mortgage loan balance, the senior lender would be made whole and the other capital source providers would suffer the economic loss. (A more in-depth discussion of lien priority is beyond the scope of this paper.) Thus, the senior mortgage loan is the most secure and the common equity is the least secure. Accordingly, the rates of return demanded by these various conventional capital sources reflect these relative risks.
Below is a diagram that shows a generic depiction of the capital stack, with relative risk, expected return, loss absorption and the portion of the total project costs (TPC) funding applicable to each layer in a conventional real estate project.