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Optimale Darlehensbündel in der privaten Immobilienfinanzierung bei steigender Zinsstrukturkurve
Credit and Capital Markets – Kredit und Kapital, Vol. 45 (2012), Iss. 2 : pp. 219–242
Prof. Dr. Frank Schuhmacher, Universität Leipzig, Institut für Unternehmensrechnung, Finanzierung und Besteuerung, Grimmaische Straße 12, D-04109 Leipzig
Optimal Bundles of Annuity Loans in the Private Real Estate Financing with a Rising Yield Curve
This contribution analyzes an optimization potential in the private real estate financing, which is not covered in both the scientific and practical literature, but which is well known to practically orientated scientists. First, it is shown that for a rising yield curve a bundle of annuity loans with different fixed interest periods is optimal. Second, the optimal bundle is characterized. Third, it is shown that the added value of the optimal bundle is on average over the last 15 years about 1%.