미국의 부동산 개발사업

Real Estate Development Process in U.S.

&nbsp;&nbsp;1. CONTENTS<BR>&nbsp;&nbsp;(1) RESEARCH OBJECTIVES<BR>&nbsp;&nbsp;This paper summarizes important points in real estate development process in U.S., especially in financing aspect, which may be a reference for developers who would enter real estate development business in U.S. and also for Korean policy makers who wish to introduce build-first, sell-later system.<BR>&nbsp;&nbsp;(2) RESEARCH METHOD<BR>&nbsp;&nbsp;The writer has investigated well known book(refer to literature cited) and communicated with many specialists in U.S. real estate development field.<BR>&nbsp;&nbsp;(3) RESEARCH RESULTS<BR>&nbsp;&nbsp;Under build-first, sell-later system, the land is usually bought by equity and the other project cost including construction cost is raised by debt in U.S. Equity capital is tougher to find than debt capital and the syndication has been one way of solving the need for equity capital. Lender requires first mortgage on the land and all improvements and in addition to it requires a guarantor(recourse financing).<BR>&nbsp;&nbsp;2. RESULT<BR>&nbsp;&nbsp;Those who would perform real estate development works in U.S. have to raise equity capital to buy the land and also have to satisfy the guarantor requirement. This is not easy for Korean developers, for the equity capital required in Korea is about the earnest money which is given to landowners before closing land contracts and their financial strength usually do not satisfy the guarantor requirement. It is also the problem to be solved before introducing build-first, sell-later system.