Real Estate Valuation and Consulting Services. Tinsa USA Services GUIDE

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1 Real Estate Valuation and Consulting Services Tinsa USA Services GUIDE

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3 The Company 04 About Tinsa 05 Tinsa USA Valuation services 07 Valuation services for lenders 07 Appraisal management services 08 Valuation reviews 08 Valuation services for law firms 09 Valuation services for accounting firms 10 Valuation services for individuals and homeowners 10 Hospitality valuations services 11 Business valuations 11 Industrial valuations 12 Types of property appraised Consulting services 15 Real estate advisory services 16 Construction services 17 Urban planning consulting 18 Hospitality advisory services Tinsa Latin America services 20 Valuations Tinsa Contact Information 22 Offices

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5 04 About Tinsa Solid reports, accepted by most international financial institutions More than valuations in 2009 The Company About Tinsa Tinsa is a leading Real Estate Consulting firm, providing real estate valuations, analysis and consulting services in more than 25 countries. The company began operations in Spain in 1985 and has been consolidating its leading position based on expansion of geographical areas covered, by its volume of work, specialization and recognition. In 2008 the company provided over 360,000 valuation reports in Spain and Latin America. Tinsa does not participate in property brokerage or management services, assuring all services are rendered on an independent basis, with a strong focus on quality. Among the company s greatest assets is the experience of local consultants teamed with IT technology which Tinsa uses to improve the efficiency of the valuation process. This provides reduced costs and improved delivery times, while maintaining high quality standards. The firm s network of over 1,400 experienced appraisers and consultants that specialize in different types of real estate valuations and other market research services are able to implement reports faster and with better support using our Tinsa databases Tinsa also provides more than 50 annual training sessions for different appraiser specialties. Real Estate Training Modules, are held annually in Spain, with the purpose of updating appraisal and real estate market knowledge. International expansion is one of the strategic objectives of Tinsa. Since the year 2000 the company has extended its operations through local offices and collaboration agreements in Europe and throughout the Americas. In EUROPE, Tinsa has offices in France and Portugal with an extensive network of appraisers to ensure that valuation and consulting services are performed to the high quality standards for which the company is known. TINSA also provides services on a regular basis to other countries, among them the UK, Italy, Germany, Poland and Romania. In the AMERICAS, Tinsa is one of the top real estate consulting firms in Chile, Mexico, Argentina and Peru. Tinsa is extending its field of influence to the USA, Brazil, Central America, the Caribbean, Colombia and Uruguay. The company continues to expand its geographical boundaries with the opening of a commercial headquarter office in the United States (Miami), coordinating with existing offices and providing our clients with comprehensive coverage across the continent to meet their service needs.

6 05 About Tinsa Providing services in over 25 countries Valuating real estate assets since 1985 Tinsa USA Tinsa USA is a nationwide full service Real Estate Consulting firm. In 2009, the company appraised more than $1.7 Billion in commercial and residential properties. Tinsa USA began operations in 2008 in order to serve US clients and to coordinate the services that had been offered through its Latin America offices network Since then, the company has expanded in Florida, increasing the number of offices, real estate consultants and appraisers in order to increase coverage in the US. The Tinsa business model is based on offering valuations provided by local appraisers and consultants, assuring in depth knowledge of every market in which we operate. Tinsa USA provides the following valuation services Real estate market research and feasibility studies Urban planning and consulting Hospitality services Commercial site location analysis Every report is reviewed internally by a senior staff member at our Miami office before being sent to the client. This quality control system also assures all valuation services conform to (ISV, USPAP and FIRREA) banking and appraisal regulations. Residential appraisals performed by Tinsa also comply with the recently approved Home Valuation Code of Conduct (HVCC). Tinsa re-invests in continuing education. Tinsa provides all staff and associates with mandatory courses provided by respected instructors from the Appraisal and CCIM institutes. For 2010, John Blazejack CRE, MAI, FRICS, will be providing monthly courses and mentoring to pre-mai Tinsa appraisers. Tinsa USA is a proud member of the Appraisal Foundation, serving on the Industry Advisory Council. It is also a member of FIBA (Florida International Banking Association), and a corporate member of the US Chamber of Commerce in Miami and New York. All Tinsa USA appraisers are members of the Appraisal Institute, with many designated either as SRA or MAI members.

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8 07 Valuation Services Quality valuations you can trust! Valuation Services Valuation requires the application of approaches or methodologies and procedures that estimate the economic value of real estate, businesses, business interests and/or tangible and intangible assets or liabilities. The purpose and use of the valuation can be varied but often include investment decisions and analysis, capital budgeting, purchase price allocation, financial reporting, accounting, taxable events, and many other business and legal purposes including litigation support. Valuation services for lenders In residential and commercial mortgage lending, understanding the value of collateral is critical to making safe and sound financing and portfolio management decisions. Tinsa has more than 25 years of experience helping banks and financial institutions address a variety of loan and portfolio needs. From ordering and tracking appraisals to evaluating appraisal operations and procedures within an organization including: Appraisal reviews Asset management Detrimental conditions valuation and consulting Fee appraisal assignments Foreclosure/REO Lease analysis Liquidation valuation Mortgage lending consulting Portfolio valuation and analysis Risk and sensitivity analysis Appraisal management services Tinsa can provide a wide range of appraisal management services for financial institutions, large corporations or other real estate portfolio holders. These services can run the gamut from ordering and tracking appraisals to evaluating appraisal operations and procedures within an organization. These services are very convenient for small institutions without staff appraisers, allowing them to select and maintain an appraiser roster, as wells as review and negotiate fees in all assignments. This saves costs, valuable internal staff time and assures independence.

9 08 Valuation Services Tinsa can provide independent and supported value opinions Valuation reviews Tinsa can also provide independent reviews of third-party appraisals of residential and commercial properties. Reviews can address issues such as compliance with regulatory and professional appraisal standards and requirements, reasonable value conclusions and appropriate comparable sales and adjustments, as well as other information utilized in the appraisal. Appraisal reviews can be made on the basis of desk reviews or field reviews. Valuation services for law firms. Tinsa works with respected appraisers with a proven record as expert witnesses. Appraisal firms that provide litigation services as part of their practice can serve as strong expert witnesses, capable of addressing matters in which real estate valuation plays a central role, including: Litigation support Expert witness Arbitration Eminent domain and zoning Condemnation Divorce Probate Corporate valuations Property tax appeals Bankruptcy Estate and trust valuation Insurance valuation Title insurance Third party fact finding for mediation and arbitration

10 09 Valuation Services Ability to address matters in which real estate valuation plays a critical role Valuation services for accounting firms Accounting information must be relevant and reliable to be useful for decision-making. Recent changes in accounting and financial reporting regulations highlight the need for accuracy and independence. Tinsa appraisers can provide the timely, independent, and supported value opinions accountants and auditors need in their line of work. When you are looking for an opinion of value, look for appraisers that can provide advanced knowledge, years of proven experience, and a commitment to strict ethics and standards. Tinsa appraisers can provide valuation for accounting and financial reporting helping accountants and auditors serve their clients. They have the ability to address matters, in which real estate valuation plays a critical role, including: Business combinations Lease analysis Impairment analysis Liquidation valuation Valuation for financial reporting Valuation of entities held off balance sheet Appraisal reviews Date of death valuations Purchase price allocation Determination of useful lives Residual values Cost segregation

11 10 Valuation Services Most lenders will not accept an independent appraisal unless selected and ordered directly by them Valuation services for individuals and homeowners Our homes are one of our most valuable assets. As an important investment, you want to know the value of that investment and that your investment is protected. There are a number of resources that offer free valuations for your home, but do they really tell you how much is it worth? In these uncertain real estate markets, the help of a qualified appraiser is essential. It is very important to know that most lenders will not accept an independent appraisal unless selected and ordered directly by them for financing purposes. Consider the services of Tinsa to order a valuation when it comes to: Due diligence Buying or selling your home Home improvements Investment property Job relocation Tax issues Private mortgage insurance Hospitality valuations services Tinsa HOSPITALITY professionals performed over 800 appraisals and consulting assignments of hospitality assets in Many of these jobs were performed outside Spain throughout our network of international offices around the world. Tinsa HOSPITALITY TEAMS are headed by appraisers and consultants with a long-term experience in, as well as an in-depth knowledge of the hospitality Industry. Some of the hospitality properties types appraised or consulted by Tinsa include: Hotels and resorts Boutique hotels and theme hotels Budget hotels or express hotels Urban hotels or coastal hotels Condo hotels and apartments Timeshare

12 11 Valuation Services Consider the services of Tinsa when it comes to estimating the selling price of a business Business valuations Business valuation is a process and a set of procedures used to estimate the economic value of an owner s interest in a business. Valuation is used by financialmarket participants to determine the price they are willing to pay or receive to consummate the sale of a business. Which methodologies can be used to value a business? Three different approaches are commonly used in business valuation: the income approach, the asset-based approach, and the market approach. Generally, the income approach determines value by calculating the net present value of the benefit stream generated by the business (discounted cash flow); the asset-based approach determines value by adding the sum of the parts of the business (net asset value); and the market approach determines value by comparing the subject company to other companies in the same industry, of the same size, and/or within the same region. In determining which of these approaches to use, the valuation professional must consider more than one technique, which must be reconciled with each other to arrive at a value conclusion. Consider the services of TINSA to order a business valuation when it comes to estimating the selling price of a business and to resolve disputes related to: Estate and gift taxation Divorce litigation Allocate business purchase price among business assets Establish a formula for estimating the value of partners ownership interest for buy-sell agreements. Industrial valuations Providing valuation services for machinery, equipment, fixed and intangible assets. These studies are regularly used for risk managment, financing, purchase/sale/exchange and litigation support, among other purposes. Regardless of asset type or size, each Industrial appraisal is carefully and professionally handled by experienced appraisers.

13 12 Valuation Services Wide appraisal scope Types of property appraised General Land Land-Urban Subdivision commercial Subdivision residential Agriculture Residential Single Family Condomimium Vacant Lots 2-4 Family Commercial Assisted living, skilled care facility, nursing home Condominium office / retail Funeral home, mortuary mausoleum, cemetery, crematory Hospital, surgical hospital, rehabilitation center Hotel, resort Medical facility, clinic Office building (high rise, over three stories) Restaurant / bar / night club / micro brewery Retail single tenant or free standing Shopping center local, strip, neighborhood, community Industrial Industrial (heavy manufacturing) Industrial (small office warehouse/mfg) Industrial light (distribution, storage) Tank farm / petroleum storage Telecommunication facility Recreational Health and fitness club Marina / yacht club Golf courses Theater Public Conservation easement Historical property Outdoor sign Utilities (public and private)

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15 14 Consulting Services We help you make sound decisions and achieve optimum results through sound, market-based solutions Consulting Services Tinsa USA provides independent professional market research based analysis and strategic advisory services to financial institutions, real estate investors, owners, developers, builders, and public sector clients. Tinsa consulting services are performed by a highly experienced multidisciplinary team of experienced senior professionals dedicated to the highest standard of client service. The Tinsa consulting team includes real estate economists, appraisers, urban planners, architects, attorneys and analysts supported by other departments of the company. The U.S. team is part of a worldwide organization including more than 1,400 real estate industry professionals distributed throughout Spain, France, Portugal and Latin America. This gives us the advantage of international market perspective and real time data on developments, trends and innovative solutions to the diverse challenges and opportunities in real estate investment, management, operation and finance in Europe and the Americas. The range of services we provide includes all land uses and property types. Our services are usually customized to meet specific client needs. Tinsa s consulting services include: Real estate advisory services Market and feasibility analysis Strategic property-portfolio analysis and valuation Product positioning and Re-positioning analysis Expert witness-litigation support services Construction consulting services Urban planning Hospitality consulting services

16 15 Consulting Services Strategic real estate advisory services are tailored to client s needs Real estate advisory services Market analysis An evaluation of demand/supply conditions and the competitive environment for a particular type of product(s) designed to identify opportunities, minimize risk, and to facilitate strategies for achieving optimum economic performance of a real estate asset. Market analysis encompasses macro and micro-economic conditions and demographic factors driving demand for real estate development as well as specific analysis of existing, planned or proposed competitive developments within a defined competitive market area. Market analysis is applicable in every stage of Real Estate investment or development. From pre-acquisition and product planning and design, to property management and operation. Feasibility analysis An analysis that encompasses both market analysis and financial performance of a real estate investment, project or development program in terms of its ability to fulfill the specific financial objectives of the investor, developer or lender. Feasibility analysis addresses land entitlement issues as well as cash flow and profit estimates based on estimated absorption and achievable pricing. Strategic Property portfolio analysis due-diligence Evaluation(s) including market and financial analysis along with property condition assessment and valuation analysis considering various scenarios regarding prospective market conditions to facilitate strategic decisions concerning potential acquisitions by private and institutional investors. These services are also performed for financial institutions evaluating marketability and pricing of REO portfolios and may include multiple property types and multiple geographies. Product positioning/repositioning analysis Evaluation of alternative use(s), pricing and marketing strategies for distressed properties or existing under performing properties and/or planned properties in areas where market conditions have rendered the current use unfeasible. These services employ Highest and Best use study methodologies to support objective, market-based strategies to correct and improve results. Expert witness litigation support The depth and variety of Tinsa s expertise in all aspects of real estate market trends and valuation issues provide exceptional credibility and valuable insights to help attorneys define valid and effective strategies in litigation related to real estate investment, valuation, lender/borrower disputes and other real estate matters. Our expertise and reputation for independence in market and financial feasibility analysis coupled with the firm s core background in valuation services make us particularly effective in supporting or challenging damages claims.

17 16 Consulting Servicess We find the most suitable property for the needs outlined to us by the customer Construction Consulting Services Tinsa has a proven experience of more than 25 years of monitoring construction projects for lending institutions in Europe and more than 10 years of experience in Latin America. Our professionals have the knowledge and experience to assist our clients in protecting their interests and evaluate risks inherent in a construction project. Tinsa provides the following services to our clients: Construction Monitoring Work quality, agreement with contract documents and appropriate requisitions and remaining funds are monitored with periodic site visits. Project schedule and time to completion are also checked and reported upon. Our findings and recommendations are reported to our clients in Construction Monitoring Reports to keep them well informed of the construction progress. Obtain and review closeout documentation for project completion. Cost to Complete Reviews Check that requisitions are adequate for completion and funds disbursed match the actual work in-place. Review, analyze, and advise as to whether remaining funds are adequate to complete the project as intended. Recommend an estimated funds increase amount for project completion, if needed. Pre-Closing Drawings and Cost Reviews Review of regulatory documentation, drawings and specifications, agreements, direct cost budgets and contingencies, insurance and bonding requirements for adequacy and appropriateness for the proposed construction project. Owner Representation Provide Owner/Developer and Tenant representation from project inception through completion/close-out. Our construction industry staff is involved through every step of the way during the development and construction process. We serve as the liaison between the Owner and all parties directly involved in the project (i.e. designers-of-record, contractors, and governing jurisdiction). Advise the Owner on the technical aspects of a project. Real Estate Workout Troubles may arise during the course of construction, and most especially in the current economic downturn. Many Developers and Owners find themselves unable to complete the project, and the lenders are in a predicament over what to do with the unfinished project. At Tinsa, we can assist our clients in finding the appropriate solution and implement it to turn the project around. Tinsa is also a shareholder of Gerens Hill International, a global project and construction management company, and is a subsidiary of the U.S. organization Hill International. The company was organized in Spain over a decade ago; and since then not only have we been involved in many of the most important projects, but have also expanded their operations over several continents. Gerens Hill and Tinsa have specialized in the Integral Management of exclusive projects in the areas of hotel and leisure, corporate offices and headquarters, residential, healthcare and rehabilitation.

18 17 Consulting Services Our experience and commitment to thorough market research enable us to meet or exceed your expectations Urban and land planning Interpretation and application of local, regional and state master planning, land development and special purpose code ordinances. Determine affects of zoning and other regulations and restrictions on land values. Assess the opportunities from State and Local government plans for future roads and transit, water and sewer services, overall future land uses, economic development programs and conservation acquisitions. Proactively monitor and participate in regulatory rulemaking and legislative initiatives. Provide recommendations and lobby for regulatory changes to benefit real estate development. Provide expert witness testimony at entitlement and permitting hearings as well as administrative hearings on legal challenges related to land use. Development assessment Provide feasibility analysis for land use changes, as well as recommendations for comprehensive plan amendments, zoning and environmental permits that will create the greatest value and added opportunities. Prepare entitlements and permitting strategies and timelines involving local, state and federal agencies. Determine the political climate and public opinion towards development and land uses. Provide strategies for community outreach approaches for informing stakeholders, neighbors, elected officials, and regulators on development projects. Coordinate and manage one on one meetings and group presentations with appropriate parties. Entitlement and Permitting Management Manage development permits through the approval process. Process applications for comprehensive land use plan amendments, Developments of Regional Impact (DRI), planned developments and conventional zonings. Coordinate applications for state and federal environmental permits. Manage consultant team through task assignments, scheduling, reporting, and team meeting and coordination.

19 18 Consulting Services Long-term experience and in-depth knowledge of the hospitality industry TINSA hospitality advisory services Golf Courses and Hospitality properties are unique real estate assets that require the in-depth knowledge of the hospitality sector provided by Tinsa professionals. This is especially true in today s rapidlychanging environment. This specialized advice leads to quality decisions. With today s rapid market change, hotel lenders, owners and operators will have the information needed to adapt and adjust their strategies accordingly. SPAIN is one of the market leaders in the Hotel Industry due to the size and rapid growth of its tourism sector. Tinsa HOSPITALITY TEAMS are headed by appraisers and consultants with a long-term experience in and in-depth knowledge of the hospitality Industry. Clients choose Tinsa because we offer in-depth hospitality experience, coupled with a comprehensive array of related advisory services, including: Real estate valuations and appraisals financial feasibility studies Litigation support Market research / strategy Economic impact studies Franchise & management selection assistance & negotiation Lease structuring Lodging asset monitoring & asset management Market positioning & repositioning Profit improvement Transaction services

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21 20 Tinsa Latin America Service Quality and supported valuations, conforming to USPAP in Latin America and Europe Tinsa tracks more than 3,000 new residential contruction projects Tinsa Latin America services Tinsa operates fully owned companies in four countries Chile, Mexico, Peru and Argentina. Tinsa also has a presence through long term collaboration agreements with local firms in Brazil, Panama, Dominican Republic, Ecuador and Colombia. Valuations Quality and supported valuations, conforming to USPAP in Latin America and Europe For US Clients requiring valuations in Latin America, jobs can be performed and supervised by US appraisers holding the MAI designation and conforming to USPAP. All assignments are presented in English or Spanish language in either a summary, self-contained or restricted use format based on the needs of the client. Residential valuation reports can be presented in PDF format, using the same forms approved by US Lenders, or in a narrative report. These assignments can be performed in conjunction with our appraiser teams in local offices that provide us with up to date local market data from our internal quarterly surveys and from information extracted from our database of past valuations, transactions and market research, which is unique in Latin American countries. Tinsa tracks more than 3,000 new residential construction projects on a quarterly basis for sales absorption and other information to support its valuation and consulting services. One of Tinsa s main assets is our in-depth knowledge of the markets where the company is operating. Extensive information on every asset appraised in Tinsa s daily activities provides the company with a unique understanding on the current situation regarding the Real Estate Markets in more than 8 countries. In Latin America, Tinsa is a leader in Real Estate Residential Consulting and is one of the fastest growing companies providing unique residential market surveys for tracking the evolution of new housing. Due to the lack of reliable information on sales and comparables, Tinsa developed the INCOIN Market Report as an in-depth quarterly report on the evolution of the new housing market in Chile, Peru (Lima and Callao), and Mexico (Mexico DF). Executive summaries of these reports are posted on the Tinsa web site at

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23 USA Offices Tinsa USA Main Office 175 SW 7th Street, Ste: 1812 Miami, Florida, Tel: (305) Fax: (305) Tinsa Southwest Florida Office 9420 Bonita Beach Road, Ste: 100 Bonita Springs, Florida, Tel: (239) Fax: (305) International Offices Tinsa Head Office, Spain Jose Echegaray, 9. Parque Empresarial Las Rozas Las Rozas. Madrid, Spain Tel: Fax: Argentina Sarmiento, Buenos Aires. Argentina Tel: Fax: Chile Rosario Norte 615 Oficina 1604 Las Condes Santiago Tel: (56-2) France 35, avenue des Champs Elysées PARIS (France) Tel: Mexico Paseo de la Reforma, 383 Piso 10 Colonia Cuauhtémoc MEXICO D.F. - C.P Tel: Fax: Ext. 200 Portugal Avda. Defensores Chaves,15-2F Sâo Jorge de Arrojos Lisboa. Portugal Peru Camino Real 456 Torre Real oficina 1002 San Isidro Lima (Perú) Tel:

24 Tinsa USA Main Office 175 SW 7th Street, Ste: 1812 Miami, Florida, Tel: (305) Fax: (305) Tinsa Southwest Florida Office 9420 Bonita Beach Road, Ste: 100 Bonita Springs, Florida, Tel: (239) Fax: (305)