This updated classic is unrivaled in its complete, single-volume
coverage of financing real estate development
This thoroughly revised Third Edition of Construction Funding
provides professional and student readers alike with the critical
tools needed for developing any successful real estate venture.
Using a case example of a 260-unit apartment development, the
authors walk the reader through each project phase, offering
invaluable guidance on raising capital, selecting markets, rating
sites, securing insurance, creating joint ventures, understanding
loan options, and mastering cash flow management.
Beginning with an overview of today's real estate industry,
Construction Funding acquaints readers with various types of
business organizations in real estate, including the advantages and
disadvantages of each. An entire chapter in this first section is
devoted to the most critical tool of them all: negotiation. The
second section of the book provides a step-by-step outline of the
typical development process from start to finish. Included in this
section are guidelines for:
- Creating a pro forma that will make projects profitable, not a
- Understanding the appraisal-the key to financing real
- Navigating a loan application
- Correctly completing all required documents to close a
- Writing a commitment letter that can seal a $15 million
The final, third section addresses the mathematical and
technical tools of construction, including chapters on forecasting
cash flow needs, calculating the time value of money, and funding
and feasibility problems. Also provided are appendices containing
loan forms, interest rate tables, and valuable information on
federal construction programs.
Written by a team of authors with broad experience in the
construction and real estate industries, Construction Funding is
the book to guide undergraduate and graduate students in
construction programs, as well as an invaluable reference for
professional developers, planners, and contractors.
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