不動産信託에서의 受益權 流動化에 관한 法的 考察

부동산신탁 수익권의 유동화와 자금조달 방안을 고찰했다.

Under the present real estate trust system, we finance land development project through financial institutions like banks, so although the future seems lucrative, if financing from these institutions is interrupted, the real estate trust business can get into trouble. To overcome the difficulty in getting loans, it is necessary to take a more positive action and create new ways which can secure the supply of funds. Among the ways that can be thought of, is the so called Japan styled system which combines the advantages of both real estate trusts and monetary trusts, making the capital flow to each other possible. In REITs(Real Estate Investment Trusts) of U.S.A.

real estate has become securitized. It structures pools from a number of individual investors, allowing them to participate in a portfolio of properties similar to that of mutual funds for common stock investors. Also, we can continue with our present financial system whereby we get loans from financial institutions, but regulations should be established for such institutions to make funds with fixed rate of deposits available so that the funds can be utilized in real estate trusts. Securitization of property activates real estate trust business.

Real estate is generally regarded by lenders as excellent security for a loan, and lenders acquire a comparably high interest in the real estate with a mortgage, which enables its direct and long-term finance from private or public investors. After all with the direct finance from individual investors and thus widened ownership of properties the best use of real estate can be achieved. As for the financial institutions which circulate mortgaged properties it becomes easier for them to satisfy their demand of cash flow. Thereby such institutions' financial status stablizes making it possible to provide loans to borrowers at low interest rate.

Finally, it's used as funding for real estate development. Along with all these efforts to activate real estate business through smoother finance, It's also necessary to establish sophisticated laws to regulate it. Therefore many concerned people may find a way of co-operating and create new employment opportunities.