投资人可以得到的最大贷款金额是=750000/5%=15000000

问题如下：

Assuming an Property A has the appraised value of $36,000,000, estimated Year 1 NOI is 900,000, What is the maximum loan amount the Property A could obtain if the lender would like make an interest-only loan at 5% mortgage rate as long as the maximum loan to value is less than 80% and minimum debt service coverage ratio is at least 1.2x?

选项：

A.

$15,000,000.

B.

$20,000,000.

C.

$28,800,000.

解释：

A is correct.

考点：最大贷款金额

解析：房地产投资计算最大贷款金额是既能满足杠杆比率的约束，也能满足债务覆盖率的约束下，两者的较小者。所以需要分别计算两个条件下的约束是多少。

根据杠杆比率(LTV)，Property A 可以得到的最大贷款金额是36,000,000*80%=28,800,000

根据债务覆盖率(DSCR)的约束，Property A投资每年产生的NOI可以支撑的债务偿还金额为900,000/1.2=750,000,该笔贷款每年只需归还利息部分，所以投资人可以得到的最大贷款金额是=750,000/5%=15,000,000.

取两者较小值为15,000,000.