Leasing: Real estate takes a turn

09.12.2009 12:18
Fixed assets in Ukraine deteriorated by 80%. Update them as for many companies, especially those representing small and medium business, can not so many financial schemes, principal among which are leased. Nevertheless, the leasing deal with every year it becomes increasingly difficult, said Oleg Scharf, an adviser to the chairman LLC Ukrtehpromlizing. The main obstacle - the imperfection of the law. In recent times are contributing to high inflation and a liquidity crisis.

During 2006-07. number of leasing companies increased by 38%. This was facilitated by several factors: an interest in leasing from foreign banks which have published in recent years the Ukrainian market, increase awareness of the lease to the general public, the rapid growth of financial markets in Ukraine, as well as better access to credit.

The total value of the portfolio of leasing agreements increased from $ 716 million as of January 1, 2007 to $ 3.792 billion on 1 January 2008, ie by 432%. First place in the ranking last year, took the railway transport, although the most popular asset continues to be cars. Property is 13%, the volume of deals is doubling every year. Among the categories of lessees occupy 50% of large enterprises, 38% and 10% - respectively, medium and small, physical persons enjoy the 1.6% lease portfolio.

Sources of financing for leasing companies have become more diverse. The average down payment in 2007 was reduced from 20% to 18.9%. This means that the share of finance leasing arrangements at the expense of the lessee is reduced, thus increasing the share of financing through equity. Value "lease-GDP ratio increased from 0.63% in 2006 to 2,6% last year," lease-capital investment - from 2,7% to 8,8%. According to the head of the project "The development of leasing in Ukraine» IFC Ernst Merengsa, during the time the project scope of the leasing market reached nearly $ 4 billion, up 44 times over the past four years. As a result of increasing competition and reducing the cost of leasing business.

Unquestionable advantage of this scheme is that after a specified time an object enters your property, while the landlord may at almost any time refuse to rent or to raise rates. "The practice of leasing commercial real estate in Ukraine is only beginning to form, - says Tatiana Sergeeva, a leading expert on leasing transactions leasing company" Garant ". - But some companies, a leader in leasing technology is already taking the first steps in the implementation of leasing. "

The difficulty lies in a large number of participants: sellers of real estate, notaries, realtors, BTI, the bodies on land management, bank, insurance company, as well as long periods, sometimes up to six months of registration of the property and the land lease. In addition, there are market realities: an opaque market history of objects is a big difference between book value and market value of old stock.

As the demand for commercial real estate market exceeds the supply, the conditions dictated by the owner or seller. And he often interested in the rapid completion of the procedure of sale and does not want to deal with complex inspections of history and state of facilities, carried out by leasing companies.

There are features in the procedure. Typically, leasing companies buy unfinished objects, because they are cheaper, but then there are problems with the banking credit to the lessor. Sometimes sellers for one reason or another do not accept non-cash, preferring to get the full amount for the property in cash. A real estate leasing involves only non-cash payments.

The disadvantages are the complexity of design, great shadowing the real estate market - some experts believe that the issue of ownership of commercial real estate available in 90% of sellers.

The law "On Financial Leasing" prohibits leasing of common property systems, as well as land. There is no clear procedure for registration of leased property. Most potential customers are reluctant to enter into leasing relations because of the high risks in the property market, which does not allow them to plan activities in the long term. After a lease agreement - is, in addition to payments, more and property relations, in which real estate serves as collateral for the transaction. And to break the contract with the leasing company is much harder than the lease.

Many companies in order to optimize the taxation often show only a portion of real income and assets in its financial statements that may constitute an obstacle to leasing. Given the great value of the property, to lease, leasing companies are forced to refuse some clients. The problem lies in the fact that leasing companies often can not adequately calculate the cost of their services, as well as the acquisition of an object under the law very difficult.

Leasing of commercial real estate in Ukraine has not received proper distribution due to several reasons, said Alexander Smogorinsky, CEO of First Western Ukrainian Leasing Company ". This is what the effective dates of acquisition financing of commercial real estate - at least 10 years old, and preferably - about 20. And leasing companies are working with so-called "middle money" - when funding is available for a period of 5 years.

Among the positive aspects include, for example, that some leasing companies do not require the tenant any additional safeguards, and ensure the deal is the object itself. In the case of leasing the release time a tenant can bring money for other purposes. Leasing does not require the immediate start of payments. Lease agreement is more flexible than a loan, at lease the lessee may develop with the landlord any convenient financing scheme, and payments can be made at varying intervals, and rates can be fixed or floating.


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