Применение метода ипотечно-инвестиционного анализа для оценки рыночной стоимости земельных участков, обремененных непогашенными заемными средствами

Abstract

Purpose: To consider the matter on the necessity to apply mortgage-investment analysis method for to assess market value of lands burdened with outstanding loans. To show the possibility to write down calculation formulas both given and not-given changes in a net operating income and in an asset value of being estimated land; to offer calculation formula variants for mortgage-investment analysis traditional techniques. To give recommendations on the assessment of price-forming indicator series. To classify mortgage-investment analysis method at its application for land market value cost evaluation. Methods: Market comparisons; mortgage-investment analysis; capitalization of land rent; capitalization by calculation models of assumed usage, investment group, debt coverage coefficient. Akerson, Elwood, residue. Results: The need to improve the methodology parameters is indicated. It’s established which calculation formulas of the methodology require an actualization due to the changes occurred in a land rent since the moment of initial definition of the values of given quantities. To increase the calculation result reliability it’s necessary to account for a big variability of the land exploitation conditions. Practical importance: There is given a composition for the method of capitalization by calculating models. The possibility to write down calculating formulas both given and not given changes of net operating income and asset value of being estimated land is demonstrated. It is proposed application sphere expansion for land rent capitalization method. The methodologies can be recommended for a practical use.