Investments. Special forms of financing investment projects (leasing and forfeiting) (the most important)

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Investments. Special forms of financing investment projects (leasing and forfeiting) (the most important)

Lecture notes, cheat sheets

Directory / Lecture notes, cheat sheets

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SPECIAL FORMS OF FINANCING INVESTMENT PROJECTS (LEASING AND FORFEITING)

Leasing and forfaiting are special forms of financing investment projects.

Leasing - a complex of property relations that develop during the transfer of property for temporary use. This complex also includes other contracts: a contract of sale, a loan contract. But relations on the transfer of property for temporary use are decisive in relation to the rest.

Leasing is divided into types:

1) financial leasing (leasing with full amortization) - the lessor undertakes to acquire ownership of the property indicated by the lessee from a certain seller and transfer this property to the lessee as a leased asset for a certain fee, for a certain period and under certain conditions for temporary possession or use. At the same time, the period is commensurate in duration with the period of full depreciation of the leased asset or exceeds it;

2) operational leasing - the lessor purchases property at his own risk and transfers it to the lessee as an object of leasing for a certain fee, for a certain period and under certain conditions for temporary possession or use. The term for which the property is leased is established on the basis of a lease agreement.

3) leaseback - the seller of the leased asset also acts as a lessee. The owner of the equipment sells it to a leasing company and leases the equipment from him. The seller becomes a tenant. Leaseback is used when the owner of the object of the transaction is in dire need of money and with the help of this form of leasing improves his financial condition.

Forfaiting - a certain form of lending to trade operations. The main condition of forfaiting is that all risks under the debt obligation are transferred to the forfaitor without the right of turnover to the seller of the obligation. The forfaiter purchases debt claims from the exporter at a discount, the amount of which depends on the solvency of the importer, the term of the loan, market interest rates in a given currency, etc. But forfaiting is more expensive than a bank loan. The seller in forfaiting is the exporter who has fulfilled the obligations under the contract and seeks to collect the importer's settlement documents in order to receive cash, relieve himself of credit risk and improve his liquidity, freeing the balance from part of the receivables.

In contrast to the accounting of bills by commercial banks, forfaiting determines the transfer of all types of risk on a debt obligation to the buyer of the bill - the forfaiter. The advantages of forfaiting are a stable lending rate and a simple procedure for assigning promissory notes.

Author: Kuznetsova S.A.

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