부동산 구조화 금융에 관한 연구 : Project Financing Loan ABS를 중심으로

부동산 PF 대출채권 유동화의 발행 현황과 구조를 분석하고 개선 방안을 제시했다.

한글초록 :자산유동화에관한법률(‘98.9), 주택저당채권유동화회사법(‘99.9), 부동산투자회사법(‘01.4), 간접투자자산운용업법(’03.10) 제정 및 개정으로 인하여 부동산금융시장은 급속하게 성장함► 기존에 부실채권 및 카드채를 대상자산으로 한 유동화 구조를 활용하여, ABS발행 대상자산이 부동산개발과 관련된 영역으로 확장되고 있으며, 그 주요 대상자산은 부동산 대출채권, 공사대금채권 등이며, 특히 부동산 프로젝파이낸싱이 활발히 진행되면서, 부동산 대출채권을 대상자산으로 한 부동산 유동화(PF Loan ABS)가 주류를 이루고 있음► 본 연구는 부동산금융의 한 축을 이루고 있는 PF Loan ABS의 발행현황 분석, 발행구조 분석 등을 통해 문제점을 도출하여, 부동산금융시장이 한 단계 발전할 수 있는 대안을 제시하는데 주된 목적이 있음 영문초록 :The present study purposed to examine asset securitization related to real properties that has proceeded since the introduction of ABS, to analyze PF Loan ABS that is recently utilized in real estate development projects, to identify problems in the system and to suggest solutions for the problems.

PF Loan ABS is a typical form of CLO, and is issued based on the credit of the construction company due to the low credit of the developer. Because PF Loan ABS is affected by the condition of the real estate market, if the market is depressed, the cash flow of ABS is disturbed by low sales, the bankruptcy and insolvency of the developer and constructor, etc. In addition, because the credit rating of PF Loan ABS is connected to the credit rating of the constructor, if the constructor’s credit is of speculative grade, funds cannot be raised through ABS.

Even if the constructor’s credit is of investment grade, ABS can be issued only with the constructor’ joint guarantee or the clause of debt assumption. These problems need to be corrected. Lastly, most PF Loan ABS issued so far has been issued in consideration of the pre‐sale system. Thus, we need to establish new structure of PF Loan ABS suitable for the post‐sale system. As improved alternatives to existing PF Loan ABS, this study suggested ① ABS on condition of completion guaranteed, ② ABS in consideration of post‐sale, and ③ ABS in combination of derivative products