What is 综合加权利率?
多笔贷款、多个融资层次或多种融资工具的加权平均利率，是评估整体融资成本的综合指标，常用于含有多笔按揭或混合融资结构的房产投资分析。
Description
A blended rate combines multiple interest rates into a single weighted average. If a property has a senior loan at 5% and mezzanine debt at 10%, with the senior representing 70% of total debt, the blended rate is (0.70 × 5%) + (0.30 × 10%) = 6.5%. This gives investors a clear picture of the total cost of borrowing.
A Dubai commercial property is financed with: AED 6 million senior bank loan at 5.5% (EIBOR + 1.5%), AED 2 million mezzanine facility at 12%, and AED 2 million equity. Total debt: AED 8 million. Blended debt rate: (6/8 × 5.5%) + (2/8 × 12%) = 4.125% + 3.0% = 7.125%. The investor must generate returns above 7.125% on the leveraged portion to create positive debt financing.
Blended rates in the UAE context often combine conventional bank debt (priced off EIBOR) with developer finance (often at 0% for off-plan installments but implicitly priced into the unit cost). Investors should calculate the true blended cost across all financing sources to accurately assess deal returns.
公式
Blended Rate = Σ (Weight of Each Tranche × Interest Rate of That Tranche)How to interpret
Use the blended rate as the true cost of your debt, and compare it directly to your expected property yield. If the blended cost of all your financing layers exceeds your going-in yield, you have negative debt financing from day one. A deal only makes sense when the property generates returns above the blended financing cost, with the surplus flowing to your equity.
The blended rate also helps you compare financing packages fairly. A lender offering a low senior rate with high fees and expensive mezzanine may be more expensive than a single lender at a moderate all-in rate. Always convert all financing costs, including fees, to an effective annual rate before comparing structures.
迪拜市场背景
Blended rates are essential for comparing deals with different capital structures. A property with a low senior rate but expensive mezzanine may have a higher blended rate than one with a single moderate-rate loan. The concept extends beyond interest to include origination fees, exit fees, and other costs when calculating the weighted average cost of capital (WACC).
Frequently asked questions
The weighted average interest rate across multiple loans, tranches, or financing sources, reflecting the true overall cost of debt for a property or portfolio.
The standard formula is: Blended Rate = Σ (Weight of Each Tranche × Interest Rate of That Tranche). Applying it consistently lets you compare projects on a like-for-like basis, which is the point of the metric.
Use the blended rate as the true cost of your debt, and compare it directly to your expected property yield. If the blended cost of all your financing layers exceeds your going-in yield, you have negative debt financing from day one.
Blended rates are essential for comparing deals with different capital structures. A property with a low senior rate but expensive mezzanine may have a higher blended rate than one with a single moderate-rate loan.
Oliva feeds Blended Rate into a proprietary 6-dimension score that rates eparticularly Dubai project on Financial Value, Market Dynamics, Location, Developer Trust, Risk, Macro Context, and Liquidity. This keeps comparisons consistent across hundreds of listings.
Blended rates in the UAE context often combine conventional bank debt (priced off EIBOR) with developer finance (often at 0% for off-plan installments but implicitly priced into the unit cost). Investors should calculate the true blended cost across all financing sources to accurately assess deal returns.
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This content is for educational purposes only and does not constitute investment, financial, legal, or tax advice. Yields, returns, and market data referenced are historical or estimated and are not guaranteed. Capital is at risk. Seek independent professional advice before making investment decisions. Oliva is a licensed Dubai real estate advisor (DLD Broker Card: 92025, RERA BRN: 1573501). Read our Key Risks Disclosure and Disclaimer.