开发融资不止看利率：读懂 Term Sheet，避开隐藏成本和放款风险

Core Insights - The article emphasizes that while interest rates and fees are crucial factors for developers when choosing lenders, the overall financing experience can vary significantly based on the structure of fees and terms, which can greatly impact the actual financing costs and project timelines [1][2]. Group 1: Rates and Fees - Developers often focus on interest rates and fees, but low rates combined with monthly line fees can lead to a high annual internal rate of return (IRR), resulting in higher financial costs when including additional fees [2]. - Clients should pay attention to fixed extension fees charged by lenders regardless of the extension duration and any penalties for early repayment [3]. - The calculation method for line fees is critical, especially when projects are in the early stages without drawdowns, as line fees may be calculated based on the total loan amount rather than the drawn amount [3]. Group 2: Terms and Conditions - Loan terms and conditions are equally important and can significantly differentiate lenders, often impacting the success of projects [4]. - Common terms in financing term sheets include Condition Precedent, which must be met before loan disbursement, and ongoing conditions that must be adhered to throughout the loan term [5][6]. - Condition Subsequent, which are requirements post-loan disbursement, are less common but can control or mitigate loan risks [7]. Group 3: Borrower's Obligations - The high-risk nature of real estate development means that failing to meet loan conditions can lead to severe consequences, including delayed disbursements or loan defaults [8]. - Developers should assess the reasonableness of loan conditions and their ability to fulfill these obligations within the specified timeframe [8]. - Effective management of all parties involved is crucial to ensure compliance with loan conditions, as failure to do so can jeopardize project timelines and financing support [8]. Group 4: Tips for Good Financing Proposals - A good financing proposal should be flexible and align with project development timelines while avoiding unexpected situations, ensuring that terms are clear, reasonable, and manageable [9]. - Lenders that offer straightforward terms and a clear loan process are often more reliable partners compared to those with lower rates but complex terms [10].