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Fondsfinanzierte Projektentwicklung: Das Potential der Finanzierung von Projektentwicklungen durch Fonds

Fondsfinanzierte Projektentwicklung: Das Potential der Finanzierung von Projektentwicklungen durch Fonds

          
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Inhaltsangabe: Problemstellung: Für die Entwicklung von Immobilienprojekten gibt es unterschiedliche Instrumente der Finanzierung. Die klassische Darlehensfinanzierung, die Mezzanine Finanzierung oder die Securitization sind nur einige davon. Die Möglichkeiten, Finanzierungen zu realisieren, sind allerdings limitiert. Insbesondere für den Projektentwickler (PE) bedeutet die Finanzierung oft ein existentielles Risiko. Dies liegt daran, dass zum einen der PE einen relativ großen Teil seines Eigenkapitals in die jeweilige Finanzierung einbringt, und zum anderen bedeutet die Höhe dieser Eigenkapitalbeteiligung oft einen relativ niedrigen Anteil am Gesamtvolumen des betreffenden Projekts. Dadurch begibt sich der PE u. U. in ein starkes Abhängigkeitsverhältnis zu seinen Kreditgebern und setzt sich einem Zinsänderungsrisiko und ungünstigen Kreditkonditionen aus. Hohe Zinsen ziehen hohe Finanzierungskosten und einen niedrigen potentiellen Projektgewinn für den PE nach sich. In Zukunft werden sich weiterhin verschiedene Aspekte restriktiv auf die Finanzierung, besonders auf die Finanzierung mittelständischer Projektentwicklungen, auswirken. Als Beispiel sei die Einführung von Basel II genannt. Durch den Basel II Akkord, als auch durch den § 18 Kreditwesengesetz (KWG), wird der Kreditnehmer zukünftig viele Informationen beim jeweiligen Kreditinstitut vorlegen müssen, um einen Kredit zu bekommen, respektive um günstige Kreditkonditionen zu erhalten. Dies ist gerade für einen PE, wenn er in eine große Anzahl Objektgesellschaften unterteilt ist, aufwendig und damit kostenintensiv. Gerade im Hinblick auf das Controlling muss die Datenaufbereitung in vielen Unternehmen noch verbessert werden. Zusätzlich wird im Zuge des Basel II Akkords eine höhere EK-Hinterlegung für eine Finanzierung gefordert, bzw. kann nur eine solche zu erheblich günstigeren Kreditkonditionen führen (siehe Kap. 3.3). Sollte also die bisherige Art und Weise der Finanzierung von Projektentwicklungen beibehalte


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Product Details
  • ISBN-13: 9783838679358
  • Publisher: Diplom.de
  • Binding: Paperback
  • Language: German
  • Returnable: N
  • Spine Width: 8 mm
  • Weight: 190 gr
  • ISBN-10: 3838679350
  • Publisher Date: 26 Apr 2004
  • Height: 210 mm
  • No of Pages: 136
  • Series Title: German
  • Sub Title: Das Potential der Finanzierung von Projektentwicklungen durch Fonds
  • Width: 148 mm


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