Construction Funding: The Process of Real Estate Development, Appraisal, and Finance / Edition 3

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Overview

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 loss
  • Understanding the appraisal–the key to financing real estate
  • Navigating a loan application
  • Correctly completing all required documents to close a construction loan
  • Writing a commitment letter that can seal a $15 million deal

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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Editorial Reviews

From the Publisher
"The third edition of Construction Funding by Nathan S. Collier et al is a remarkable demonstration of insight and expertise. Collier and colleagues provide an exceptionally lucid description and analysis of the process of real estate development that is accessible to non-experts while being authoritative at the same time. In addition to being an excellent text for students and others interested in careers in real estate development, this book serves as essential background for all those whose responsibilities include any part of the development process." (John V. Lombardi President, University of Florida (1990-1999)
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Product Details

  • ISBN-13: 9780471394662
  • Publisher: Wiley, John & Sons, Incorporated
  • Publication date: 12/28/2001
  • Edition description: Older Edition
  • Edition number: 3
  • Pages: 384
  • Product dimensions: 6.02 (w) x 9.40 (h) x 0.79 (d)

Meet the Author

NATHAN S. COLLIER is the founder and owner of Paradigm Properties, a property management and development firm, and is a member of the Board of Directors of the National Multihousing Council, the National Association of Real Estate Investment Trusts, and the Urban Land Institute. In addition, he is a registered real estate broker, a licensed building contractor, a certified public accountant, and a licensed attorney. He may be reached at ncollier@opm25.hbs.edu.
COURTLAND A. COLLIER, PE, is Associate Professor Emeritus, Civil Engineering, at the University of Florida.
DON A. HALPERIN, FAIG, is Director Emeritus, School of Building Construction, at the University of Florida.
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Table of Contents

Preface.

Foreword.

I. BACKGROUND.

1. Characteristics of Real Estate.

2. Different Types of Business Organizations.

3. Negotiation.

II. THE DEVELOPMENT PROCESS START TO FINISH.

4. The Development Process: An Overview.

5. Market Studies, Site Feasibility Analysis, and Selection.

6. Creating the Project Pro Forma.

7. The Appraisal.

8. Sources of Financing, the Loan Application Process,and Term Sheets.

9. The Commitment.

10. Closing the Loan: The Note, Mortgage, Construction LoanAgreement, and Unconditional Guaranty.

III. CASH FORECASTS AND THE TIME VALUE OF MONEY.

11. How to Forecast Cash Needs During Construction.

12. Basic How-to-Do-it Time Value of Money Calculations.

Appendix A: Exhibit A-1. Real Estate Promissory Note.

Exhibit A-2. Mortgage and Security Agreement.

Exhibit A-3. Construction Loan Agreement.

Exhibit A-4. Real Estate Unconditional Guaranty.

Appendix B: Exhibit B-1. The Gainesville Sun.

Exhibit B-2. Apartment complex put on hold.

Exhibit B-3. Hidden Lake gets approval.

Appendix C: Interest Tables.

Index.

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Sort by: Showing all of 3 Customer Reviews
  • Anonymous

    Posted February 10, 2003

    The REAL Story

    This book as a text really unveiled the story of a development. It fully explains the process from start to finish and provided the correct level of detail where needed. I learned a great deal from reading this guide.

    Was this review helpful? Yes  No   Report this review
  • Anonymous

    Posted February 4, 2002

    A fine treatment of Real Estate Development

    The third edition of Construction Funding by Nathan S. Collier et al is a remarkable demonstration of insight and expertise. Collier and colleagues provide an exceptionally lucid description and analysis of the process of real estate development that is accessible to non-experts while being authoritative at the same time. In addition to being an excellent text for students and others interested in careers in real estate development, this book serves as essential background for all those whose responsibilities include any part of the development process.

    Was this review helpful? Yes  No   Report this review
  • Anonymous

    Posted March 4, 2002

    Construction Funding review

    Very interesting  book; very easy to read. As a small real estate investor i found it very helpful in understanding many of the ins and outs of real estate and financing especially on the scale i would like to grow to.

    Was this review helpful? Yes  No   Report this review
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