房地产信托融资模式

房地产信托融资模式 房地产信托融资 一、房地产信托概论 信托是指委托人基于对受托人的信任～将其财产权委托给受托人～由受托人按委托人的意愿以自己的名义～为受益人的利益或者特定目的～进行管理或者处分的行为。它是以财产为核心、以信任为基础、以委托为方式的一种财产 管理制度 档案管理制度下载食品安全管理制度下载三类维修管理制度下载财务管理制度免费下载安全设施管理制度下载 。其本质可概括为“受人之托～代人理财”。 房地产信托是信托业务的一种。所谓房地产信托～是指信托投资公司通过信托方式集中两个或两个以上委托人合法拥有的资金～按委托人的意愿以自己的名义～为受益人的利益或者特定目的～以不动产或其经营企业为主要运用标的～对房地产信托资金进行管理、运用和处分的行为。这里所指的不动产～包括房地产及其经营权、物业管理权、租赁权、受益权和担保抵押权等相关权利。 二、房地产信托融资模式 基于融资过程中形成产权关系及现实的运用～房地产信托融资主要有贷款型信托、股权型信托、混合型信托、财产受益型信托四种模式。 ,一,贷款型信托融资模式 1、操作流程 在这种模式下～信托投资公司作为受托人～接受市场中不特定,委托人,投资者的委托～以信托合同的形式将其资金集合起来～然后通过信托贷款的方式贷给开发商～开发商定期支付利息并于信托 计划 项目进度计划表范例计划下载计划下载计划下载课程教学计划下载 期限届满时偿还本金给信托投资公司,信托投资公司定期向投资者支付信托受益并于信托计划期限届满之时支付最后一期信托收益和偿还本金给投资者。 (2)信托贷款(1)信托资金投资者信托投资公司开发商 (3)支付利息(4)信托收益(委托人)(受托人)(项目公司)偿还本金及本金 资产抵押 股权质押 第三方担保of forms to conduct extensive publicity and education of the masses, so everyone pay attention to fire prevention. 2, it is forbidden to take a flammable building, not allowed to pile up any stuff under the power lines, no flammable materials in winter insulation, acetylene and oxygen cylinders must be put in storage for storage. Lighting Route 3, on-site erection, installation of electrical equipment, must be made by the official electrician, prohibited the use of electric heating, cooking, water heating, such as when you must use a furnace must be approved by the Security Department, after licensing ... Not affecting local residents ' life and rest. 3, other pollution prevention (1) advanced construction equipment used in construction, and to take effective measures to control dust, emissions, noise, vibration, pollution and harm to the environment. Reasonable arrangement, reducing night-time construction, actively cooperate on environmental protection and environmental protection departments. (2) because of their construction, such as water, electricity must apply for approval in advance, caused by the damaged public roads should be repaired in time, waste, rubbish should be cleared up, site formation, drainage is good, work is finished, clean and clear. (B) sanitation works management divided into several segments, segment contract, establish areas of responsibility. Construction site provides daily cleaned and kept in a clean and sanitary, site leveling, assorted goods neatly stacked, smooth road flat, without stacking, fallout, no water retention, no black-odor, zero waste, drainage facilities, separation of garbage and construction waste piled 对公司(项目)要求 要求的风险控制机制 退出方式 “四证”齐全 资产抵押,土地、房产等偿还贷款本金 自有资本金达到35, 不动产～抵押率一般在 二级以上开发资质 50,左右,、股权质押、 项目盈利能力强 第三方担保、资金监管、 受托支付、设臵独立账户 融资金额 融资期限 融资成本 视开发商的实力、项目的以1-2年居多～最近也出一般高于同期银行法定资金需求及双方的谈判现了5年期甚至更长期限贷款利率～目前在12,- 结果～从几千万到几亿不的信托计划 20,居多。 等 优势:融资期限比较灵活～操作简单～交易模式成熟～利息可计入开发成本。 劣势:与银行贷款相比成本高～目前政策调控环境下难以通过监管审批。 2、特点及优势 ,二,股权型信托融资模式 1、操作流程 在这种模式下～信托投资公司以发行信托产品的方式从资金持有人手中募集资金～之后以股权投资的方式(收购股权或增资扩股)向项目公司注入资金～同时项目公司或关联的第三方承诺在一定的期限,如两年,后溢价回购信托投资公司持有的股权。 (2)收购股权(1)信托资金或增资扩股投资者信托投资公司开发商 (4)信托收益(受托人)(委托人)(项目公司)(3)溢价股权回购及本金 股权质押第三方担保 2、特点及优势 对公司(项目)要求 要求风险控制机制 退出方式 of forms to conduct extensive publicity and education of the masses, so everyone pay attention to fire prevention. 2, it is forbidden to take a flammable building, not allowed to pile up any stuff under the power lines, no flammable materials in winter insulation, acetylene and oxygen cylinders must be put in storage for storage. Lighting Route 3, on-site erection, installation of electrical equipment, must be made by the official electrician, prohibited the use of electric heating, cooking, water heating, such as when you must use a furnace must be approved by the Security Department, after licensing ... Not affecting local residents ' life and rest. 3, other pollution prevention (1) advanced construction equipment used in construction, and to take effective measures to control dust, emissions, noise, vibration, pollution and harm to the environment. Reasonable arrangement, reducing night-time construction, actively cooperate on environmental protection and environmental protection departments. (2) because of their construction, such as water, electricity must apply for approval in advance, caused by the damaged public roads should be repaired in time, waste, rubbish should be cleared up, site formation, drainage is good, work is finished, clean and clear. (B) sanitation works management divided into several segments, segment contract, establish areas of responsibility. Construction site provides daily cleaned and kept in a clean and sanitary, site leveling, assorted goods neatly stacked, smooth road flat, without stacking, fallout, no water retention, no black-odor, zero waste, drainage facilities, separation of garbage and construction waste piled 股权结构相对简单清向,项目,公司委派股东和财务溢价股权回购 晰、项目盈利能力强、经理、土地抵押、股权质押、第 已投入30%以上的自三方担保、回购承诺 有资金、项目可不要 求四证。 融资金额 融资期限 融资成本 视项目的资金需求及以1-2年居多～最近也出现了5一般15%以上。 双方的谈判结果 年期甚至更长期限的信托计划 优势 劣势 股权性质 该等股权性质类似于,1,能够增加房地产公司一般均要求附加回购～在会优先股～对公司的日的资本金～改善资产负债计处理上仍视为债权,如不常经营、人事安排等率～起到过桥融资的作用使附加回购则投资者会要求没有决定权,可能有房地产公司达到银行融资浮动超额回报～影响开发商建议权、知情权、监的条件,,2,其股权类似优利润。 督权等, 先股性质～只要求在阶段时 间内取得合理回报～并不要 求参与项目的经营管理、和 开发商分享最终利润。 ,三,混合型信托融资模式,夹层融资型, 债权和股权相结合的混合信托投融资模式。它具备贷款类和股权类房产信托的基本特点～同时也有自身 方案 气瓶 现场处置方案 .pdf气瓶 现场处置方案 .doc见习基地管理方案.doc关于群访事件的化解方案建筑工地扬尘治理专项方案下载 设计灵活、交易结构复杂的特色～通过股权和债权和组合满足开发商对项目资金的需求。 对公司(项目)要求 要求的风险控制机制 退出方式 项目盈利前景良好～一般向,项目,公司委派董事、贷款偿还及溢价股收购 为大型集团开发项目 土地抵押、股权质押、第 三方担保、资金证照监 管、受托支付综合采用 融资金额 融资期限 融资成本 of forms to conduct extensive publicity and education of the masses, so everyone pay attention to fire prevention. 2, it is for第 3 页 共 6 页 bidden to take a flammable building, not allowed to pile up any stuff under the power lines, no flammable materials in winter insulation, acetylene and oxygen cylinders must be put in storage for storage. Lighting Route 3, on-site erection, installation of electrical equipment, must be made by the official electrician, prohibited the use of electric heating, cooking, water heating, such as when you must use a furnace must be approved by the Security Department, after licensing ... Not affecting local residents ' life and rest. 3, other pollution prevention (1) advanced construction equipment used in construction, and to take effective measures to control dust, emissions, noise, vibration, pollution and harm to the environment. Reasonable arrangement, reducing night-time construction, actively cooperate on environmental protection and environmental protection departments. (2) because of their construction, such as water, electricity must apply for approval in advance, caused by the damaged public roads should be repaired in time, waste, rubbish should be cleared up, site formation, drainage is good, work is finished, clean and clear. (B) sanitation works management divided into several segments, segment contract, establish areas of responsibility. Construction site provides daily cleaned and kept in a clean and sanitary, site leveling, assorted goods neatly stacked, smooth road flat, without stacking, fallout, no water retention, no black-odor, zero waste, drainage facilities, separation of garbage and construction waste piled 一般在5亿以上 以2-3年居多～股权投资固定+浮动～固定部分一 期限也可以为5年期甚至般不低于15%/年 更长 优势:,1,信托可以在项目初期进入～增加项目公司资本金～改善资产负债机构。 ,2,债权部分成本固定～不侵占开发商利润～且较易资本化,股权部分一般都设有回购条款～即使有浮动收益占比也较小 劣势:交易结构比较复杂～信托公司一般会要求对公司财务和销售进行监管～同时会有对施工进度、销售额等考核的 协议 离婚协议模板下载合伙人协议 下载渠道分销协议免费下载敬业协议下载授课协议下载 ,四,财产受益型信托融资模式 1、操作流程 利用信托的财产所有权与受益权相分离的特点～开发商将其持有的房产信托给信托公司～形成优先受益权和劣后受益权～并委托信托投资公司代为转让其持有的优先受益权。信托公司发行信托计划募集资金购买优先受益权～信托到期后如投资者的优先受益权未得到足额清偿～则信托公司有权处臵该房产补足优先受益权的利益～开发商所持有的劣后受益权则滞后受偿。 溢价回购优先受益权 (2)信托资金(1)信托财产投资者信托投资公司开发商 (4)信托收益及本金(3)优先受益权收入(委托人)(受托人)(委托人) 优先受益权 2、特点及优势 对信托财产要求 要求风险控制机制 退出方式 ,1,业已建成～,1,通常设臵一般受益权和优先开发商溢价回购受益权产权清晰～证件齐受益权～分别由开发商和投资者或追加认购次级受益权 全,,2,能产生稳,信托计划,持有,信托到期后 定的现金流～如商如投资者优先受益权未得到足额 场、写字楼、酒店清偿～则信托公司有权处臵该房 等租赁型物业 产补足优先受益权的利益～开发 of forms to conduct extensive publicity and education of the masses, so everyone pay attention to fire prevention. 2, it is forbidden to take a flammable building, not allowed to pile up any stuff under the power lines, no flammable materials in winter insulation, acetylene and oxygen cylinders must be put in storage for storage. Lighting Route 3, on-site erection, installation of electrical equipment, must be made by the official electrician, prohibited the use of electric heating, cooking, water heating, such as when you must use a furnace must be approved by the Security Department, after licensing ... Not affecting local residents ' life and rest. 3, other pollution prevention (1) advanced construction equipment used in construction, and to take effective measures to control dust, emissions, noise, vibration, pollution and harm to the environment. Reasonable arrangement, reducing night-time construction, actively cooperate on environmental protection and environmental protection departments. (2) because of their construction, such as water, electricity must apply for approval in advance, caused by the damaged public roads should be repaired in time, waste, rubbish should be cleared up, site formation, drainage is good, work is finished, clean and clear. (B) sanitation works management divided into several segments, segment contract, establish areas of responsibility. Construction site provides daily cleaned and kept in a clean and sanitary, site leveling, assorted goods neatly stacked, smooth road flat, without stacking, fallout, no water retention, no black-odor, zero waste, drainage facilities, separation of garbage and construction waste piled 商所持有的劣后受益权则滞后受 偿,,2,回购承诺及第三方担保 3,物业抵押、股权质押等 融资金额 融资期限 融资成本 视信托财产的评一般期限不超过3年～但可以通12-18%/年～视资产质量 估价值～和租金收过结构设计实现资金循环使用 入等确定 优势 劣势 ,1,在不丧失财产所有权的前提下实物业租售比过低导致融资规模不易确现了融资。,2,在条件成熟的情况下～定 可以过度到 标准 excel标准偏差excel标准偏差函数exl标准差函数国标检验抽样标准表免费下载红头文件格式标准下载 的REITs产品。 三、房地产信托基金 1、操作流程 一般采用先成立信托计划～继而以有限合伙形式成立基金～通过基金对开发商已经取得的项目进行股权投资～或者与开发商共同投资。 2、特点及优势 对公司(项目)要求 要求风险控制机制 退出方式 项目盈利前景良好～向,项目,公司委派董事、土项目公司清算或股权回一般为大型集团开地抵押、股权质押、第三方担购 发项目 保、资金证照监管、受托支付 综合采用 融资金额 融资期限 融资成本 基金规模在5亿以基金期限5年以上～单个项目浮动～根据项目盈利情况上～单笔投资2亿以以2-3年居多 分成 上 优势 劣势 ,1,信托可以在项目初期、甚至在项,1,信托公司一般会对施工进度、销 of forms to conduct extensive publicity and education of the masses, so everyone pay attention to fire prevention. 2, it is for第 5 页 共 6 页 bidden to take a flammable building, not allowed to pile up any stuff under the power lines, no flammable materials in winter insulation, acetylene and oxygen cylinders must be put in storage for storage. Lighting Route 3, on-site erection, installation of electrical equipment, must be made by the official electrician, prohibited the use of electric heating, cooking, water heating, such as when you must use a furnace must be approved by the Security Department, after licensing ... Not affecting local residents ' life and rest. 3, other pollution prevention (1) advanced construction equipment used in construction, and to take effective measures to control dust, emissions, noise, vibration, pollution and harm to the environment. Reasonable arrangement, reducing night-time construction, actively cooperate on environmental protection and environmental protection departments. (2) because of their construction, such as water, electricity must apply for approval in advance, caused by the damaged public roads should be repaired in time, waste, rubbish should be cleared up, site formation, drainage is good, work is finished, clean and clear. (B) sanitation works management divided into several segments, segment contract, establish areas of responsibility. Construction site provides daily cleaned and kept in a clean and sanitary, site leveling, assorted goods neatly stacked, smooth road flat, without stacking, fallout, no water retention, no black-odor, zero waste, drainage facilities, separation of garbage and construction waste piled 目前期进入～增加项目公司资本金～改售额等考核～如未达标～有相应对赌条 善资产负债机构。 款,2,股权部分参与项目分成～影响 ,2,采用同股同权方式～风险共担。 开发商收益 ,3,资金使用灵活～可以参与开发项 目的不同阶段。 of forms to conduct extensive publicity and education of the masses, so everyone pay attention to fire prevention. 2, it is forbidden to take a flammable building, not allowed to pile up any stuff under the power lines, no flammable materials in winter insulation, acetylene and oxygen cylinders must be put in storage for storage. Lighting Route 3, on-site erection, installation of electrical equipment, must be made by the official electrician, prohibited the use of electric heating, cooking, water heating, such as when you must use a furnace must be approved by the Security Department, after licensing ... Not affecting local residents ' life and rest. 3, other pollution prevention (1) advanced construction equipment used in construction, and to take effective measures to control dust, emissions, noise, vibration, pollution and harm to the environment. Reasonable arrangement, reducing night-time construction, actively cooperate on environmental protection and environmental protection departments. (2) because of their construction, such as water, electricity must apply for approval in advance, caused by the damaged public roads should be repaired in time, waste, rubbish should be cleared up, site formation, drainage is good, work is finished, clean and clear. (B) sanitation works management divided into several segments, segment contract, establish areas of responsibility. Construction site provides daily cleaned and kept in a clean and sanitary, site leveling, assorted goods neatly stacked, smooth road flat, without stacking, fallout, no water retention, no black-odor, zero waste, drainage facilities, separation of garbage and construction waste piled