[Apartment Loan] The regional bank was given kickback from the construction company! What is the impact on JREIT?

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According to the findings of the Financial Services Agency, the Financial Services Agency has found that some major regional banks have received a fee in return for introducing customers to builders, due to financing for rental apartments expanding against the background of inheritance tax countermeasures. Up to 3% of the contract amount is increased, and as the contract amount increases, the bank’s incomes increase. The Financial Services Agency has been conducting a lending survey on 12 banks of regional banks that have extended loans since the end of 2004.

This is the mechanism of the kickback margin.

Partial regional banks concluded agreements with customers to collect contracts such as rent collection from the construction of the apartment and concluded agreements with customers to introduce customers to the construction cost of the apartment, 0.5% to 3% of the construction contract price added to the construction cost of the contractor The bank received it as a kickback.

Such additional costs are effectively added to building costs and there is a possibility that the burden on customers eventually increases. However, it is not illegal to receive a fee by introducing customers, but if you move to acquiring excessive fee, there is a possibility that the customer’s profit will be damaged, and the FSA judges that there is a strong concern that conflicts of interest will arise . In addition, the Financial Services Agency does not regard the apartment loans themselves as a problem, but it is a posture to encourage correcting cases that can not be said to be customer-oriented.

Since introduction fee collection by such customer introduction is likely to decrease, the regional bank needs to find a new revenue source. Their actions include (1) referral fee decreases, but continue to introduce companies and promote new development, (2) reduce loan business and transfer to real estate related products such as REIT marketable products, etc. If it is conceived and becomes (2), it will be positive to the JREIT (REIT) market.

【アパート融資】地銀が建設業者からバックを貰っていた!JREITへの影響は?

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相続税対策を背景に拡大している賃貸アパート向けの融資で、一部の大手地銀が顧客を建設業者に紹介する見返りに手数料を受け取っていることが金融庁の調べで分かった。請負金額の最大3%に上り、請負額が増えるほど銀行の実入りが増える。金融庁は16年末から融資を伸ばしている地銀12行を対象に融資実態調査を進めてきた。

バックマージンの仕組みとしてはこうだ。

一部地銀はアパートの建築から家賃徴収などの業務を一括して請負業者と顧客紹介の契約を締結し、アパートの建築費に請負業者の利益を上乗せした建築請負金額の0.5%~3%程度が手数料の相場として銀行が受け取っていた。

こうした追加コストは事実上、建築費に上乗せされ、最終的に顧客の負担が増えている可能性がある。但し、顧客紹介で手数料を受け取ることは自体は違法ではないが、過度な手数料獲得に動けば、顧客の利益を損なう可能性があり、利益相反が生じる懸念が強いと金融庁は判断している。また、金融庁はアパート融資自体を問題視しているわけではないが、顧客本位とはいえない事例については是正を促す姿勢だ。

こうした顧客紹介による紹介料徴収は減る可能性が高い為、地銀は新たな収益源を見つける必要ある。その行動としては(1)紹介料が減るが、引き続き業者紹介を行い新規開拓を進める、(2)貸出性の事業を縮小し、不動産関連商品であるREITなどの市場性商品に振り替える、などが考えられ、(2)となった場合、JREIT(リート)市場にはポジティブになる。

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