공동주택 개발사업 사례연구

Abstract

Currently, the real estate PF market is exposed to uncertainty and volatility due to the high interest rate trend and housing recession. Accordingly, this study examined the real estate development project process and the risks of real estate PF by dividing them into financial, construction, and legal factors through a case study on the development of Ulsan District 2, and analyzed the real estate development project procedure and financing plan. In addition, we would like to consider the importance of indicators such as LTV and exit sales rate. First, through analysis of each major risk, we identified the risks borne by the financial institution and the developer, confirming that the case was a stable business structure with no significant uncertainty during the business period. In the case of real estate PF financing, we analyzed the cash flow within the business period of the case by reflecting cash inflow and cash outflow, and estimated that full PF repayment was possible upon completion. Meanwhile, the trend of LTV reduction when the sales rate increases was identified and the importance of LTV was confirmed in times of increased uncertainty in the housing finance market. The necessary sales rates for each scenario were presented through analysis of the exit sales rates of developers, construction companies, and financial institutions.