Юридические документы о лизинге.
Проект документов о лизинге учрежден 01-10-1999 ; редакция от 01-11-2001.
Международная лизинговая энциклопедия.
The International Leasing Encyclopedia by Steven Gilyeart.
Энциклопедии не было в интернет последние полтора года, но это не означает, что ее нет вообще. я взял на себя смелость разместить на этом сайте всю подборку статей (собственно энциклопедию), с указанием адресов электронных почт авторов материалов и редактора. Материал на английском языке.
Structuring As a Closing Tool
by Michael Granieri, Granieri & Associates, [email protected]
One of the benefits to both you and your vendors and your lessees that accrue from you marketing partnership program is that you have the willingness and ability to create and deliver lease structures that many funding sources would prefer to avoid. Most of your leasing transactions (90-95%) are pretty straight forward, basic transactions with even monthly rentals. However, that remaining 5-10% provides a major opportunity, if you can structure deferred, skip, and step payment programs. The Five Basic Elements The basics of structuring are vital to a leasing sales person in closing. Those basics involve the five elements involved in any time value of money transaction: n=the number of compounding periods i=the compounding rate PV=Present Value--the value in today's dollars/currency of a single cash flow or series of future cash flows PMT=the periodic payment--the amount of money paid to a lessor on a periodic basis FV=future value--the amount of money to be paid at the end of the transaction, the residual, an option or a put. Using the Hewlett-Packard family of financial calculators, such as the HP-12C and HP-17B or 19B, we can easily structure lease transactions using those elements. An Example Suppose that the lessee's accountant has asked us if we can accommodate the following uneven, declining rental schedule for our tentative 3 year lease of equipment that costs 10,000, has no advance payments and no residual value or end-of-term options 1st year--510 per month 2nd year-300 per month 3rd year--220 per month The lease company we work for requires that every transaction, if it is to be approved, must have a yield of at least 17%. Can we achieve that yield with this uneven payment scheme? We need to do an Internal Rate of Return (IRR) calculation. IRR is a complex topic but for our purposes, we will consider it synonymous with yield when working with uneven cash flows and structures with advance payments and residuals. The calculator keystrokes are as follows: HP 17B/19B: 10000 +/- INPUT 510 INPUT 12 INPUT 300 INPUT 12 INPUT 220 INPUT 12 INPUT EXIT CALC IRR =1.48390 x 12 =17.8% HP 12C 10000 CHS g cfo 510 g cfj 12 g nj 300 g cfj 12 g nj 220 g cfj 12 g nj f IRR =1.48390 x12 =17.8% Conclusion: We have exceeded the required 17% yield, we can have our transaction approved and we have been able to accommodate our lessee's desires. We have closed our deal because of our ability to structure!
Updated 19 July 1999