| 요약2 |
The purpose of this study is to analyze the relationship between current real estate financing and real estate trust and to find out how to reduce financing costs of actors involved in housing development. A new system which is discussed and proposed in this paper is the real estate financing model coupling project financing and real estate trust for housing development more easily. Through the system, financial institutions which provide PF for purchasing real estate acquire collateral by establishing priority right of pledge to beneficiary certificate of real estate trust. It redeems a loan through receiving dividend by trust and cession construction A/R from construction companies. Financial institutions obtain a priority of the redeemable right in its PF loan and does not have to give a long term loan. This system also makes it possible construction companies with bed credit rating to receive PF loan from financial institutions by using credit rating of real estate trust as leverage. In this structure, financial institutions do not have to primarily rely on payment guarantee of construction companies and construction companies are released from heavy burden of PF payment guarantee which leads to the current real estate crisis. In order to let this new system be established more firmly in the korean real estate financing market, some improvements should be made. First, government has to enforce stricter rule for payment guarantee which will revitalize the real estate trust system. Second, credit rating of the real estate trust companies must be improved for low interest loans. Third, the real estate trust companies need to be differentiated itself by brand marketing. This system will minimize development costs of actors involved in housing construction and eventually help stabilize land and house prices. |