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LTVとは - 不動産投資のリスク・利回りから節税法までを解説!





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LTVとは



LTV(Loan to Value)とは、資産価値に対する負債比率のことです。



不動産投資事業を行う上で、出資金や借入金など、さまざまな資金の調達法がございます。



100%自己資金、あるいは一部銀行借入れ、社債などどの他の形態の借入れ、もしくは
第三者の出資などもございます。



基本的には、資産価値に対するデット(負債)の比率がLTVによって示されます。



50億円の不動産投資事業を、自己資金10億円、第三者からの出資10億円、銀行からの
借入金20億円、私募債の発行10億円によって資金調達した場合、エクイティ(出資)
が10億円+10億円=20億円、デットが20億円+10億円=30億円となります。


LTV = 負債 ÷ 総資産価値  LTVは60%となります。




たとえば、銀行がマンション建設資金などに融資する場合、担保価値の融資率として
資産の時価評価の60%を上限に融資する場合も、LTV60%となります。



LTVはある程度認知されているのですが、PTIに関しましては全くといって
よいほどしられておりません。



ちなみにPTIとは、Pay To Incomeのことで、いわゆる収益に対する返済能力
を示し、収益性に対しての担保価値への考慮のしかたが、金融機関の大きな
関心であったことがネックとされています。



ノンリコースローン等におきましてはLTVよりも、むしろPTIの方が重要です。



不動産投資におけます出資額からの収益性の指標としましてROE(株主資本利益率
; Return On Equity)がございます。



特に不動産投資につきましては、ROEを伸ばすための手法としてレバレッジ効果を
利用し、またLTVはこのレバレッジによります財務リスクの指標になります。



レバレッジ効果は、特にバブル経済時に多用され、巨額な銀行借入れによって融資
残高が急増し、それがその後の大きな不良債権問題へと発展しました。
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