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The Effects Of Financing Deficit On Leverage Choice Of Quoted Firms In A Developing Economy: The Nigerian Experience

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The Effects Of Financing Deficit On Leverage Choice Of Quoted Firms In A Developing Economy: The Nigerian Experience

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The Effects Of Financing Deficit On Leverage Choice Of Quoted Firms In A Developing Economy: The Nigerian Experience

By: Okoyeuzu chinwe

About the Author

(ArticlesBase SC #1926760)

Article Source: http://www.articlesbase.com/ – The Effects Of Financing Deficit On Leverage Choice Of Quoted Firms In A Developing Economy: The Nigerian Experience

The Effects of Financing Deficit on Leverage Choice of Quoted Firms In A Developing Economy: The Nigerian Experience

ONWUMERE J.U.J Ph.D

OKOYEUZU CHINWE

ABSTRACT: This paper examines time-series patterns of external financing decisions consistent with the pecking order theory. Emerging markets provide an excellent laboratory to test the explanatory power of financing deficit given the under developed markets for corporate control.The adverse selection problem of external financing automatically leads to the standard pecking order in which debt dominates equity.we run a regression with a firm’s change in debt as the dependent variable and its financing deficit as explanatory variable. we control for other determinants of debt issuance. Controlling for other determinants of debt issuance helps us to see whether the adverse selection model falsely omits critical determinants of leverage. This allows a nesting of the conventional determinants of leverage from the trade-off theory within an adverse selection model. Our empirical results indicate that the financing deficit alone accounts for 40% of the variation in leverage and that no single variable is as potent as the financing deficit in explaining the variations in leverage over the period. We predict that publicly traded Nigerian firms fund a much larger proportion of their financing deficit with net external debt

INTRODUCTION

The basic pecking order theory predicts that leverage is a decreasing function of profitability. Adverse selection problem is the basis for the theory and since liquid assets/ retained earnings ?do not have any adverse selection problem, they constitute the best source of funds from insiders’ perspective.

Accordingly, the firm will fund all projects using retained earnings if possible. If there is an inadequate amount of retained earnings, then debt financing will be used. This argument leads to the standard pecking order in which debt dominates equity. Frank and Goyal (2003) assume that the adverse selection problem of external financing automatically leads to the standard pecking order in which debt dominates equity .

?Dit = a + bpo DEFit + Eit

We run a pool panel regression where ?Dit represents net debt issues and DEFit represents financing deficit.

Following the argument of Halov and Heider (2005), that the standard Pecking order is a special case only when there is no asymmetric information about risk, we control for other determinants of debt issuance. The basic trade-off theory states that the level of leverage is determined by trading off the tax benefit of debt against the costs of financial distress. Controlling for other determinants of debt issuance helps us to see whether the adverse selection model falsely omits critical determinants of leverage. This allows a nesting of the conventional determinants of leverage from the trade-off theory within an adverse selection model.The specification in a nested model enables us to determine how the financing deficit performs when combined with conventional factors. The pecking order theory implies that the financing deficit ought to wipe out the effects of other variables. If the financing deficit is simply one factor among many that firms trade-off, then what is left is a generalized version of the trade-off theory. The pecking order theory financial behaviour is driven by adverse selection costs and the theory should perform best among firms that face particularly several adverse selection problems. Small high growth firms are often thought of as firms with large information asymmetric .if internal financing is not adequate, then debt financing will be used. Thus, for a firm in normal operations, equity will not be used and the financing deficit will match up net debt issues.

The remainder of the paper is organized as follows. section 11 provides an overview of capital structure theories. Section 111 describes the methodology. The empirical analyses of deficit are presented in section 1V.section V concludes our work.

SECTION 11

REVIEW OF RELEVANT LITERATURE

In finance capital structure refers to the way a corporation finances its assets through some combination of equity and debt or hybrid securities. The key division in capital structure is between debt and equity. The proportion of debt funding is measured by leverage. There are different factors that affect a firm’s capital structure, and a firm should attempt to determine what its optimal or best mix of financing.

The pecking order predicts changes in mature firm’s debt ratios. These companies’ debt ratios increase when the firms have financial deficits and declines when they have surpluses. By implication, a firm may never have a preference for external finances as long as it is able to meet its investment needs via internal equity funds. But in the presence of financial deficit as mostly the practical case, the need for external finance becomes pressing.

The pecking order theory is formally proposed in Myers (1984) and Myers and Majluf (1984).in the theoretical framework of Myers and majluf, investors are willing to buy risky securities only at a discount because of the information asymmetry between managers and outside investors. Expecting this problem, managers prefer internally generated funds .when external funds have to be raised, firms prefer straight debt, and then a convertible debt, with external equity issued as last resort.

Despite extensive investigations into how firms determine their capital structures, the capital structure puzzle prevails. One of the difficulties researchers face in these studies is that a firm may deviate from its target leverage ratio. these deviations arise because operating and financial decisions push leverage above or below the firm’s target and transaction costs and market conditions may prevent immediate corrections. This financing deficit is attributed to factors that cause a firm to deviate from its target capital structure.

Shyam-sunder and Myers (1999), provide an influential empirical test of the pecking theory against the tradeoff theory. Using a sample of 157 firms, that had traded continuously from 1971 to 1987, they find that the basic pecking order model which predicts external debt financing driven by the financing deficit, has much greater explanatory power than the static trade off model. They argue that firm’s need for external financing and their internally generated funds may have time-series properties that lead to mean reversion of the debt ratio when firms follow a pecking order financing.

In recent years,Frank and Goyal (2003)find that the financing deficit is positively related to changes in leverage which indicates pecking order financing behaviour. In other words, managers prefer issuing debts to issuing equity when firms tend to make a financial decision by taking external funds. If asymmetric information makes major equity issues or retirements rare, this behaviour is nearly inevitable. The pecking order suggests that managers try to time issues when shares are fairly priced or overpriced. Investors understand this, and interpret a decision to issue stock as bad news. That explains why stock price usually fall when a stock issues is announced. The pecking order theory stresses the value of financial slack. Without sufficient slack, the firm may be caught at the bottom of the pecking order and be forced to choose between issuing undervalued shares, borrowing and risking financial distress, or passing up valuable investment opportunities. Financial slack is most valuable to firms with plenty of positive –NPV growth opportunities. This is another reason why growth companies usually aspire to be conservative in capital structures. Heaton documents some benefits and costs of free cash flow (Heaton, 2002:40-41).

Ho, et al (2006) shows that a firm’s ability to reap growth opportunities from research and development (R&D) investments depends on its size, leverage, and the industry concentration. The authors shed further important insights on the size- leverage interaction. They reveal that large firm’s advantages over small firms disappear as their leverage increases. In general, the pecking order should work well for small young nonpayer of dividend since they face more asymmetric information

SECTION 111

METHODOLOGY A cross section of 60 firms was investigated. Data was obtained from annual financial reports and securities and exchange commission over a ten year period (1996-2005) A cross section of 60 firms was investigated. Data was obtained from annual financial reports and securities and exchange commission over a ten year period (1996-2005)

(The financing deficit variable)

?Dit = a + bpo DEFit + Eit … (3.1)

Where ?Dit represents net debt issues and DEFit represents financing deficit. They argue that there is a support for the standard pecking order if a = 0 and b = 1.

?Dit =net debt issued in year t(?Di =long-term debt issuance-long-term debt reduction)

DEFit =Divt/+ It + ?wt- ct……..(11)

Divt= cash dividends in year t.

It= net investment in year t(simply put, changes in fixed assets and long term investments).

?wt = change in working capital in year t

Ct =cash flow after interest and taxes.

According to theory, the specification in equation (1) is defined in levels. When actually estimating equation (1),it is conventional to scale the variables by assets or by sales.Ayla Kayhan et al,(2007).The pecking order theory does not require such scaling. Of course, in an algebraic equality, if the right-hand side and the left-hand side are divided by the same value, the equality remains intact.however, in a regression, the estimated coefficient can be seriously affected if the scaling is by a variable that is correlated with the variables in the equation. Scaling is most often justified as a method of controlling for differences in firm size. When this variable is positive the firm invests more than it internally generates. When it is negative, the firm generates more cash than it invests; in other words, the firm has positive free cash flow. The interpretation of the pecking order hypothesis, described in Shyam-sunder and Myers(1999) and Frank and Goyal(2003),is that since debt is likely to be marginal source of financing; firms with high financial deficits are likely to increase their debt ratios

?Dit = ao ?????bpo??? DEFit + bc ?Cit + bv ?Vit + b? ??it + bs ?LOGS + Eit

…(3.2).

The logic of (3.2) is simple. The pecking order theory is a competitor to other mainstream empirical models of corporate leverage. The specification in a nested model as in (3.2) above enables us to determine how the financing deficit performs when combined with conventional factors. The pecking order theory implies that the financing deficit ought to wipe out the effects of other variables. If the financing deficit is simply one factor among many that firms trade-off, then what is left is a generalized version of the trade-off theory.

Thus, for a firm in normal operations, equity will not be used and the financing deficit will match up net debt issues.

The pecking order in terms of the relative explanatory power of the financing deficit in observed capital structures can be stated thus:

ßpo = ßs = ßr = ßc = ßp

ßpo > ßs v, c, p = (Financing deficit dominates).

Our version of the regression analysis follows five stages thus

? t = ? + ßpo DEFt

? t = ? + ßpo DEFt = ßs St + ßvVt

? t = ? + ßpo DEFt = ßs St + ßvVt + ßcCt

? t = ? + ßs St = ßv Vt + ßcCt + ßp pt

? t = ? + ßpo DEFt = ßs St + ßvVt + ßcCt + ßp pt

Where ? t = Market leverage at time t

DEFt = Financing deficit at time t

St = Proxy for size at time t

Vt = Growth opportunities at time t

Ct = Tangibility of assets at time t

pt = Profitability at time t

Our model of target leverage was computed thus:

?*t = ? t + DEFt

SECTION IV

Presentation And Analysis

TABLE 4.1a: EMPIRICAL RESULTS ON THE STANDARD PECKING ORDER

Constant

Deficit

Adjusted R2

Std. Error of Estimate

0.20

0.98

0.40

0.03

5.32

1.11

(4.29)+

(2.31)++

0.32

F represents F Ratio, while DW Dursin-Watson.

t values are in brackets n = 10

+ signifies one percent (0.01) significance

++ signifies five percent (0.05) significance.

The pecking order hypothesis can be stated statistically as

H1: a = 0 (pecking order holds)

Hi: a ? 0 (pecking order does not hold)

And

Ho: b = 1 (pecking order holds)

H1: b ? 0 (pecking order does not hold)

Table 4.1a indicates that the constant a is statistically different from zero. However, the slope coefficient b is close to one in support of the pecking order. The coefficient of determination indicates that the deficit explains forty percent (40%) of the variation in market leverage, our proxy for net borrowing.

It is important to stress that the variables used above were scaled by assets in line with empirical method. Scaling is most often justified as a method of controlling for differences in firm size.

The pecking order test implicitly makes different exogeneity assumptions and uses slightly different information set than is conventional in empirical research on leverage and leverage-adjusting behaviour. The conventional set of explanatory factors for leverage is the conventional set for a reason. The variables have survived many tests. As explained in our literature review, these variables also have conventional interpretations. Excluding such variables from consideration may (potentially) be a significant omission. More so, the result above indicates an unexplained variation in leverage of about sixty percent. Including such variable further poses a tough test for the pecking order theory.

Our version of the regression analysis follows five stages thus:

lt = a +bpo DEFt …………………………….. (as in 4.1)

lt = a +b po DEFt +bsSt + BvVt …………………….. (4.2)

lt = a +bpo DEF? +bsSt + BvVt + bcCt………………… (4.3)

lt = a +bsSt + bvVt +bcCt + b??t ………………….. (4.4)

lt = a +bpoDEFt + bsSt +bvVt + bcCt + b??t ……..….. (4.5)

Where lt = market leverage at time t.

DEFt = financing deficit at time t.

St = Proxy for size at time t.

Vt = Growth opportunities at time t.

Ct = tangibility of assets at time t.

?t = profitability at time t.

Our empirical results are tabulated in 4.5b below.

Table 4.1b: RESULTS ON CONVENTIONAL LEVERAGE REGRESSION WITH FINANCING DEFICIT IN NESTED MODELS.

Regression Equation

Constant

DEF

Size

(S)

Growth

(V)

Collateral

(C)

Profit

(?)

4.4

0.20

(4.29)+

0.98

(2.31)++

0.40

5.32

1.11

4.5

0.36

(5.90)+

0.73

(2.44)++

-0.13

(-1.26)

-0.23

(-2.47)++

0.70

8.08

1.45

4.6

0.40

(9.04)+

0.53

(2.43)+++

-0.19

(-2.55)++

-0.30

(-4.35)+

-0.06

(-2.78)++

0.86

14.81

1.93

4.7

0.45

(7.47)+

-0.18

(-1.66)

-0.34

(-3.26)++

-0.08

(-2.58)++

-0.01

(-0.42)

0.70

6.36

2.27

4.8

0.39

(7.44)+

0.52

(2.12)+++

-0.19

(-2.23)++

-0.31

(-3.78)++

-0.06

(-2.50)++

-0.01

(-0.15)

0.83

9.53

1.88

n = 10

+ Significant at one percent (0.01)

++ Significant of five percent (0.05)

+++ Significant at ten percent (0.10)

Confirming predictions shared by the trade-off model and the standard pecking order model, firms with more growth opportunities have less market leverage. Confirming the pecking order model but contradicting the trade-off model, more profitable firms are less levered. However, the profitability coefficient is statistically insignificant.

On the explanatory power of deficit on observed debt ratios, table 4.1b indicates its dominance over the remaining conventional variables both by the partial derivatives and the coefficient of determination (R2 ).

Again, the financing deficit alone accounts for 40 percent of the variation in leverage while size and growth (put together) make up the balance of 30 percent. Collateral, our proxy for tangibility of assets explains 16 percent of the variations in leverage while the explanatory power of the regression once profitability is added. Table 4.1b indicates that no single variable is as potent as the financing deficit in explaining the variations in leverage over the period. A one percent increase in financing deficit leads to a .73% increase in market leverage. A one percent increase in size leads to a .19% decline in market leverage. A one percent increase in growth opportunities leads to a .3% decline in market leverage. A one percent rise in tangible assets leads to a decrease of .06% in leverage while a one percent rise in profitability leads to a decline of .01% in leverage. Though the profitability coefficient is consistent with the pecking order theory, it is not significant at all. This casts doubt on the plausibility of the pecking order. However, the statistically significant deficit coefficient that dominates other coefficients at all levels indicates that the pecking order is a strong theory in the Nigerian corporate environment. Empirical research along this line includes Graham and Harvey (2001), Fama and French (2002). Halov and Heider (2005).

To test for the degree of multicollinearity amongst the explanatory variables, the table below hereby presents our intercorrelation matrix.

TABLE 4.1c: INTERCORRELATION MATRIX OF MARKET LEVERAGE (L) WITH DEFICIT, SIZE, GROWTH, COLLATERAL AND PROFITABILITY.

L S V C ?

DEF

PPMCC. L.

1.00

0.63

1.00

-0.76

-0.92

1.00

-0.28

0.49

0.02

0.75

-0.14

-0.77

1.00

0.12

1.00

DEF

0.63

0.32

-0.31

-0.28

0.13

1.00

Sig (I-tailed) L

0.03

0.01

0.00

0.21

0.48

0.35

0.08

0.01

-0.01

0.37

DEF

0.03

0.18

-0.20

0.22

0.36

1.00

SECTION V

SUMMARY/CONCLUSION.

DEBT AND THE FINANCING DEFICIT

We now look at the analysis of the capital structure decision from a different point of view, the pecking order theory of Myers and Majluf (1984) and Myers (1984). As can be recalled, Myers and Majluf analyzed a firm with assets – in – place and a growth opportunity requiring additional financing. They assumed perfect financial markets, except that investors do not know the true worth of either the existing assets or the new opportunity. Therefore, investors cannot precisely value the securities issued to finance the new investment; If the firm announces an issue of common stock. This is good news for investors if it reveals a growth opportunity with positive net present value. It is bad news if managers believe the assets –in-place are overvalued by investors and decide to try to issue overvalued shares. (Issuing shares at too low a price transfers value from existing shareholders to new investors if the new shares are overvalued, the transfer goes the other way). The interested reader is referred to Myers (2001), Fama and French (2002) and the references cited in these papers for excellent exposition.

The pecking order theory predicts that the firm will fund all projects using internal equity if possible (Information asymmetries are assumed relevant only for external financing). If internal finance is not adequate, then debt financing will be used. Thus, for a firm in normal operations, equity will not be used and the financing deficit will match the net debt issues.

The empirical specification for the test of the standard pecking order is given as

lit = a + bpo D

CONCLUSION.A statistically significant deficit coefficient that dominates other coefficients in a nested regression model indicates that no single variable is as potent as the financing deficit in explaining the variation in leverage over the period of the financing deficit provides a strong support for the standard pecking order. The result is well in line with the empirical findings of Titman and Wessels(1988)our result was a strong confirmation of the pecking order in the financing behaviours of Nigeria quoted firms.

REFERENCES

Fama, E.F. and K.R. French (2002a) “Testing trade-off and pecking order predictions About Dividends and Debt,” Review of financial studies, 15, (1):1-33.

Frank, M.Z and V.K Goyal (2003) “Testing the Pecking Order Theory of Capital Structure,” Journal of Financial Economics, 67: 217-248.

Graham, J.R and C.R Harvey (2001)”The Theory and Practice of Corporate Finance: Evidence from the Field, ” Journal of financial Economics, 60, ( 2-3)May: 187-243.

Halov, N. and F. Heider (2005) “Capital Structure, risk and Asymmetric Information, “Working Paper NYU Stern School of Business. (December 1st, 2005).

Heaton, J.B. (2002) “Management, Optimism and Corporate Finance, “Financial Management, 31(2 )(summer) :33-45.

Ho, Y.K, M. Tjahjapranata and C.M Yap (2006) “Size, Leverage, Concentration, and R&D Investment in Generating Growth Opportunities”, Journal of Business 79, ( 2):851-876.

Myers, S.C. (1984) “The Capital structure puzzle”, Journal of Finance, 39, July, 575 – 592.

Myers, S.C. and N.S. Majluf (1984) “Corporate Financing and

Investment Decisions When Firms Have Information Investors Do Not Have”, Journal of Financial Economics, 13, June, 187 – 222.

Titman, S. and R. Wessels (1988) “The Determinants of Capital Structure Choice, ” Journal of Finance, 43, (1): 1-19

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Owner Financing Wrap Around Mortgages – Austin Owner Finance Experts

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For Sale by Owner

In a tight economy, many homeowners would prefer to not pay a realtor to sell their home. Here are tips on tackling the process on your own. (01:41)

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Starting Your Own Business- Paying Yourself

Learn how to pay yourself and manage your finance and payroll as the owner of your own business. (02:06)

How to Finance Home Equity Loan

This video by TV360 offers you expert advice on financing your home equity loan. (00:59)

Owner Financed Homes Cedar Park – Austin Area Owner Finance Specialists

http://www.AustinOwnerFinancedHomes.com

Access the LARGEST inventory of Cedar Park Owner Financed homes NOW! Hundreds of Owner Financed homes in Cedar Park and surrounding areas. We are a team of Owner Finance specialists dedicated to finding your dream home with Owner Financing in the Austin area.

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Owner Financed Homes in Austin Texas – Austin Owner Finance Pros

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Owner Financed Home in Austin – 8303 Minnesota Lane – 78745

This Owner Financed Home in Austin is only 1 of hundreds of Owner Financed homes in the market today. We are Austin’s #1 Owner Finance professionals and we will find homes for you, for FREE! Contact us today for a no cost no obligation consultation.

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Fort? Properties is a full service real estate company that specializes in Owner Financed homes in Austin, TX and surrounding areas.

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Owner Financed Home Wrap-Around Mortgage. Austin Owner Financing

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Owner Financed Home Wrap-Around Mortgage. Austin Owner Financing

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Owner Financed Home Wrap-Around Mortgage. Austin Owner Financing

By: Owner Finance Austin, TX

About the Author

http://www.greathomestexas.com
http://www.austinownerfinancedhomes.com

(ArticlesBase SC #2837667)

Article Source: http://www.articlesbase.com/ – Owner Financed Home Wrap-Around Mortgage. Austin Owner Financing

A wrap-around mortgage, more-commonly known as a “wrap”, is a form of Owner Financing for the purchase of real property. The seller extends to the buyer a junior mortgage which wraps around and exists in addition to any superior mortgages already secured by the property. Under a wrap, a seller accepts a secured promissory note from the buyer for the amount due on the underlying mortgage plus an amount up to the remaining purchase money balance.

Because wraps are a form of Owner Financing, they have the effect of lowering the barriers to ownership of real property; they also can expedite the process of purchasing a home.

An example:

As title is actually transferred from seller to buyer, wraparound mortgage transactions will violate the due-on-sale clause of the underlying mortgage, if such a clause is present.

For more info, visit: http://www.greathomestexas.com

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Fort? Properties specializes in Owner Financed homes in Austin, Round Rock, Cedar Park, Kyle, Leander, Pflugerville, Buda, Georgetown, Manor and many more areas around Austin, TX. We offer owner financing on all of our homes. Don’t waste money on rent to own homes or homes for lease. Even with bankruptcy or past foreclosure, you can Owner Finance your next home today!

http://www.greathomestexas.com
http://www.austinownerfinancedhomes.com

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With Owner Financing you can OWN a home with NO credit check!

Namesplace.net Blogs — Mon, 08 Nov 2010 11:43:32 +0000

With Owner Financing you can OWN a home with NO credit check!

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With Owner Financing you can OWN a home with NO credit check!

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With Owner Financing you can OWN a home with NO credit check!

By: Owner Finance Austin, TX

About the Author

Forté Properties – Austin Area Owner Financed Home Specialists

http://www.AustinOwnerFinancedHomes.com
http://www.GreatHomesTexas.com

(ArticlesBase SC #2848677)

Article Source: http://www.articlesbase.com/ – With Owner Financing you can OWN a home with NO credit check!

You can buy a home with no credit check and actually own it! On an owner financed home purchase you get the deed at closing similar to if a bank had loaned you the money. Below are some details of the various programs available to people with less than perfect credit.

Rent to own – is just like it implies you do not own the property until you have made the very last payment so if you did a rent to own for 30 years it means it would not be yours until 360 payments (It will not be in your name until the 360th payment is made!!) have been made and guess what if you miss or are late on even one payment in most cases it reverts to renting with no chance of it being yours even if the remaining payments were made on time. You are a RENTER until the last payment is made!!

Lease option – Similar to a rent to own but here you are basically signing an agreement to buy the property at some future date. In the meantime you are paying a hefty “deposit” which is usually not refundable should you decide not to buy. This is a way for the landlord to get down payment benefits of a purchase on what is actually closer to a rental. If you do not exercise your lease option to buy you could lose both your deposit (lease option fee) as well as any payment credits.

Contract for deed – This is very similar to a rent to own. The difference is that on a contract for deed you have a purchase contract similar to that of a rent to own but here you get a promise for the deed to go in your name once all payments are made and you get very few real ownership benefits if any. Many states do not allow a contract for deed transaction or have heavy restrictions on the transaction but terms on these are usually pathetic. High interest rates and consequently high payments are common. Do your homework and rely on professionals other than just those trying to sell you the home.

Owner Financing is the way to own a home and without all the problems mentioned above. This is when a seller or owner of the home lets you pay them over time instead of requiring you to get a mortgage with a bank. You can buy Owner Financed homes and own the property immediately. This is fast becoming the most efficient, economical way for people with good bad or no credit to purchase a home.

Since Owner Financing doesn’t rely on your credit score, the purchase of your new home can be completed very quickly. Sometimes, the process can be completed in as little as a few days. You can also get good interest rates and a low down payment. Always consult a competent attorney to help you navigate through this simple process and before you know it you will own the home of your dreams with Owner Financing and NO credit check!

Retrieved from “http://www.articlesbase.com/advertising-articles/with-owner-financing-you-can-own-a-home-with-no-credit-check-2848677.html”

(ArticlesBase SC #2848677)

Owner Finance Austin, TX -
About the Author:

Forté Properties – Austin Area Owner Financed Home Specialists

http://www.AustinOwnerFinancedHomes.com
http://www.GreatHomesTexas.com

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Article Tags:
owner financed homes, owner finance, owner financing, austin, tx homes, austin real estate, austin owner financed homes

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Owner Finance Austin, TXl
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Sep 21, 2010

How does Owner Financing work – Owner Financed Homes For Sale

http://www.greathomestexas.com

http://www.austinownerfinancedhomes.com

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Owner Finance Austin, TXl
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Aug 28, 2010

Austin Homes For Sale – Austin Owner Finance Specialists

http://www.GreatHomesTexas.com

Austin Owner Financed homes are our speciality! Looking for Owner Financed homes… contact us TODAY! FREE 24 hour info – (512)686-3775

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Owner Finance Austin, TXl
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Oct 22, 2010

How to find a St. Louis Marketing Company

If you’re interested and asking yourself how to find a St. Louis Marketing Company then you’ve come to the right place.

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Kathryn Siasl
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Nov 07, 2010

DJA Properties LLC Real Estate ew Jersey A good Place To invest

DJA Properties LLC prospers from investing in South Jersey. New Jersey is often miscast as a less than nice place to live, when the truth is the garden state motto is accurate. New Jersey real estate prices reflect Atlantic Ocean influences.

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DJA Propertiesl
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Nov 07, 2010

Wolrd Light Family – The Art of Getting Rich

There is a new business model for the internet creating "The Art of Growing Rich". Everyone on the internet can either make money or lose money. The choice is explained here.

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Pattil
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Nov 07, 2010

Vigorous Exercise for Quick Fat Loss

Want to avoid the biggest mistake more dieters make exercising? Read more…

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MR Davisl
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Nov 07, 2010

Pres of Jewelry Manufacturers Exchange discusses their services

A part of an interview on Business Profile TV with Nicole Kellogg, President of Jewelry Manufacturers Exchange talking about the different services they offer.

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eyeconvideol
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Nov 07, 2010

Pool Environments VP Talks About Value For Their Clients

A part of an interview on Business Profile TV with Chris Polito, Vice President of Pool Environments talking about the value they bring to their clients.

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eyeconvideol
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Nov 06, 2010

Are Silver Rings for Men Becoming More Popular than Gold?

It’s hard to imagine any metal being more popular for men’s rings than gold, but when it comes to fashion jewelry, silver rings for men have been selling at an impressive clip. According to some retail insiders, silver is already outpacing gold in many categories.

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Just Mens Ringsl
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Nov 06, 2010

Search Engine Optimization Basics for Small Businesses

This article will give a brief background of these basic elements while also discussing some implications that businesses may not think of while developing a SEO or SEM campaign online.

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Aeutus Marketingl
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Nov 06, 2010

Owner Financed Home in Austin – 8303 Minnesota Lane – 78745

http://www.GreatHomesTexas.com

FREE 24hr info – (512)686-3775

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Owner Finance Austin, TXl
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Nov 02, 2010

Austin Homes For Sale – Austin Owner Finance Specialists

http://www.GreatHomesTexas.com

Austin Owner Financed homes are our speciality! Looking for Owner Financed homes… contact us TODAY! FREE 24 hour info – (512)686-3775

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Owner Finance Austin, TXl
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Oct 22, 2010

Owner Financed Homes in Austin Texas – Austin Owner Finance Pros

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Owner Finance Austin, TXl
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Oct 19, 2010

What does Owner Financing in Austin mean? – Austin Owner Finance

http://www.greathomestexas.com

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Owner Finance Austin, TXl
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Sep 21, 2010

Austin Owner Finance – Owner Financed Home Specialists in Austin

http://www.AustinOwnerFinance.net

Forte Properties is your best choice when choosing Austin Owner Finance pros to work with in Central TX. Contact us today for a free owner finance consultation – AustinTXBuyers@gmail.com

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Owner Finance Austin, TXl
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Sep 13, 2010

Owner Financed Real Estate For Sale – Austin Owner Financing

http://www.AustinOwnerFinancedHomes.com

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Owner Finance Austin, TXl
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Aug 31, 2010

How does Owner Financing work – Owner Financed Homes For Sale

http://www.greathomestexas.com

http://www.austinownerfinancedhomes.com

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Owner Finance Austin, TXl
Businessl
Aug 28, 2010

Buying Owner Financed Austin Area Homes – BAD CREDIT OK!

http://www.greathomestexas.com

Forte Properties specializes in Owner Financed homes in Austin, Round Rock, Cedar Park, Kyle, Leander, Pflugerville, Buda, Georgetown, Manor and many more areas around Austin, TX. We offer owner financing on all of our homes. Don’t waste money on rent to own homes or homes for lease. Even with bankruptcy or past foreclosure, you can Owner Finance your next home today!

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Owner Finance Austin, TXl
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Aug 26, 2010

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Fort? Properties – Austin Area Owner Financed Home Specialists

http://www.AustinOwnerFinancedHomes.com
http://www.GreatHomesTexas.com

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Owner Financing Homes is a WIN for Buyers and Sellers in Austin

Namesplace.net Blogs — Sun, 07 Nov 2010 05:43:40 +0000

In today’s tough market, even well-priced homes are staying listed for months. Desperate sellers continue to lower prices, but with no success. Even with affordability at an all-time high, buyers are hesitant due to the instability of the overall economy. For those who are willing to buy, getting approved for a loan can be another roadblock to overcome. It’s times like these where inventive and highly-risky options are ready to be considered.

Jonathan Osman explains why owner financing can be a win-win situation:

“Essentially, in owner financing, you, the seller, are acting as the bank for the buyer. They qualify based on your criteria, pay you a mortgage every month, and they own the house. Much like the bank, if they are late on a mortgage payment, you can foreclose based on the terms of the mortgage and when they sell it, they will pay you the balance. While it is risky and isn’t for everyone, it can be extremely profitable and an excellent source of income through the interest paid on the loan. Most people never consider why a bank would ever consider lending money to someone who couldn’t pay it back. However, all one needs to do is to pull up an amortization chart to realize the profit involved in mortgages. For an example, take a $200,000 mortgage at a 5.5 percent interest rate. In the first year, the buyer has paid the seller $10,932.72 in interest and only $2694.20 in principal.”

Prospective buyers are not qualifying for loans for a variety of reasons, most of which are the result of the recent tightening of the lending guidelines.

If a seller needs to sell a property and is not risk averse, owner financing may be a way for the both properties to come out ahead.

http://www.AustinOwnerFinancedHomes.com

http://www.GreatHomesTexas.com

http://www.AustinOwnerFinancedHomes.com
http://www.GreatHomesTexas.com

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Hard Equity Financing

Namesplace.net Blogs — Sun, 07 Nov 2010 02:44:15 +0000

Hard Equity Financing Reputation

Experimental finance
Main article: Experimental finance
Experimental finance aims to establish different market settings and environments to observe experimentally and provide a lens through which science can analyze agents’ behavior and the resulting characteristics of trading flows, information diffusion and aggregation, price setting mechanisms, and returns processes. Researchers in experimental finance can study to what extent existing financial economics theory makes valid predictions, and attempt to discover new principles on which such theory can be extended. Research may proceed by conducting trading simulations or by establishing and studying the behaviour of people in artificial competitive market-like settings.

Other types of bank services
* Private banking – Private banks provide banking services exclusively to high net worth individuals. Many financial services firms require a person or family to have a certain minimum net worth to qualify for private banking services. Private banks often provide more personal services, such as wealth management and tax planning, than normal retail banks.
* Capital market bank – bank that underwrite debt and equity, assist company deals (advisory services, underwriting and advisory fees), and restructure debt into structured finance products.
* Bank cards – include both credit cards and debit cards. Bank Of America is the largest issuer of bank cards.
* Credit card machine services and networks – Companies which provide credit card machine and payment networks call themselves “merchant card providers”.

Hard Equity Financing Business:A bank aggregates the activities of many borrowers and lenders. A bank accepts deposits from lenders, on which it pays interest. The bank then lends these deposits to borrowers. Banks allow borrowers and lenders, of different sizes, to coordinate their activity.

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Owner Financed Real Estate For Sale – Austin Owner Financing

Namesplace.net Blogs — Sat, 06 Nov 2010 20:46:50 +0000

Forte Properties is a full service real estate company that specializes in Owner Financed real estate in Austin, TX and surrounding areas. We have EXCLUSIVE access to over 250 Owner Financed homes in the greater Austin area. Homes other investors don’t want you to know about! We know how important the decision is when you have to choose professionals for various needs in your life; we take helping people like you who want to purchase a home very seriously.

We have teamed up with Exit Options Realty and work hand in hand with dozens of professionals in various facets of the real estate market dedicated to assisting you with whatever your real estate needs may be. We work with licensed RMLO’s and Real Estate Attorney’s to ensure all of our Owner Financed home sales are 100% legal and conform with the new Texas S.A.F.E. Mortgage Act. Why risk it with anyone else??

Our customers are at the heart of what we do, and we are committed to finding your perfect home, based on your preferences, in a timely manner, for the best price possible.

You want to purchase a home; unfortunately, the ongoing credit crunch makes being approved for a traditional real estate mortgage loan daunting at best. If you are self employed or on fixed income, or have had a bankruptcy or past foreclosure, you can qualify for our Owner Finance program. If you have at least 5% to 10% down and can afford monthly payments, you are approved!

So what are you waiting for? View our available homes at http://www.AustinOwnerFinancedHomes.com, and if you do not find what you are looking for, register for our new home email list and we will send you homes based on your search criteria!

Forte Properties specializes in Owner Financed real estate in Austin, Round Rock, Cedar Park, Kyle, Leander, Pflugerville, Buda, Georgetown, Manor and many more areas around Austin, TX. We offer owner financing on all of our homes. Dont waste money on rent to own homes or homes for lease. Even with bankruptcy or past foreclosure, you can Owner Finance your next home today!

http://www.AustinOwnerFinancedHomes.com
http://www.GreatHomesTexas.com

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