NO.PZ2025021204000003
问题如下：
The appraiser has concluded that net operating income for the New York City office building is expected to be USD15.6 million for the first year, Lee then tells Tarrow that she can negotiate a purchase price of USD283 million for the building. Furthermore, she can procure a loan with an interest-only 5.25% coupon provided that the loan-to-value ratio does not exceed 65% and the debt service coverage ratio is at least 1.65×, with the loan balance due after 10 years.
The maximum loan amount that the Fund can obtain on the New York City office building is closest to:
选项：
A.USD111.5 million B.USD180.1 million C.USD184 million解释：
Based on the LTV, the maximum loan amount would be 65% of 283 million, or 183.95 million, with a DSC of 1.62×, which is below the 1.65 minimum. However, with a minimum DSC of 1.65×, the maximum debt service would be 15,600,000/1.65 = 9,454,545. This amount is the mortgage payment that would result in a 1.65× DSC for an interest-only loan. If the loan is interest only, then we can obtain the loan amount by simply dividing the mortgage payment by the interest rate. Therefore, the loan amount would be 9,454,545/0.0525 = 180,086,580 (= 180,100,000 after rounding).
Because the loan amount based on the minimum DSC results in a lower loan amount, that would be the maximum amount that could be borrowed.
如题