Titularización como instrumento de financiamiento de bajo costo para la construcción. El caso de un proyecto de construcción de viviendas en la provincia del Guayas

ViviendaEl déficit habitacional del país calculado en 1´200.000 viviendas requiere financiamiento que no es suficientemente atendido por el sistema financiero tradicional, por lo que se plantea como alternativa la titularización que consiste emitir valores con cargo a un patrimonio autónomo proporcionado por el originador y constituido bajo la figura del Fideicomiso Mercantil, valores que son adquiridos por los inversionistas a través de la Bolsa de Valores. La titularización se aplica a un caso práctico para la construcción de 63 viviendas cuyo costo es de US$2´756.063,38 y a un precio de venta de US$ 62.000,00 cada una da un total de ingresos de US$3´906.000,00 de los cuales se titulariza US$1´950.000,00 en base a los ingresos futuros generados por la cartera hipotecaria de la venta a crédito de dichas viviendas. Desarrollado el proceso de titularización se demuestra que los flujos proyectados de los cobros netos de la cartera hipotecaria más los ingresos de la titularización son suficientes para honrar los pagos a los inversionistas de la misma y generar excedentes de fondos que cubren perfectamente las necesidades financieras del proyecto. Como criterios de evaluación se aplica el VAN y el TIR que, con una tasa de descuento seleccionada del 12% anual, se determina que el proyecto es económicamente aceptable financiado con la titularización.The country's housing deficit estimated at 1,200,000 homes required financing is not sufficiently served by the traditional financial system, so it may be an alternative consisting securitization issue securities under an autonomous equity provided by the originator and constituted under Commercial Trusts, securities are purchased by investors through the stock exchange. Securitization is applied to a case study for the construction of 63 homes at a cost of US $2'756.063,38 and a sale price of US$ 62,000.00 each for a total revenue of US $3'906.000,00 which is the owner of US$ 1'950.000,00 is based on future revenues generated by the mortgage portfolio of credit sale of such housing. Developed the securitization process shows that projected flows of net receipts of the mortgage portfolio more securitization revenues are sufficient to honor payments to investors of the same and generate surplus funds that fully cover the financial needs of the project . As evaluation criteria NPV and IRR with a selected discount rate of 12% per year, it is determined that the project is economically acceptable funded securitization is applie

Even a Chronic Mild Hyperglycemia Affects Membrane Fluidity and Lipoperoxidation in Placental Mitochondria in Wistar Rats.

It is known the deleterious effects of diabetes on embryos, but the effects of diabetes on placenta and its mitochondria are still not well known. In this work we generated a mild hyperglycemia model in female wistar rats by intraperitoneal injection of streptozotocin in 48 hours-old rats. The sexual maturity onset of the female rats was delayed around 6-7 weeks and at 16 weeks-old they were mated, and sacrificed at day 19th of pregnancy. In placental total tissue and isolated mitochondria, the fatty acids composition was analyzed by gas chromatography, and lipoperoxidation was measured by thiobarbituric acid reactive substances. Membrane fluidity in mitochondria was measured with the excimer forming probe dipyrenylpropane and mitochondrial function was measured with a Clark-type electrode. The results show that even a chronic mild hyperglycemia increases lipoperoxidation and decreases mitochondrial function in placenta. Simultaneously, placental fatty acids metabolism in total tissue is modified but in a different way than in placental mitochondria. Whereas the chronic mild hyperglycemia induced a decrease in unsaturated to saturated fatty acids ratio (U/S) in placental total tissue, the ratio increased in placental mitochondria. The measurements of membrane fluidity showed that fluidity of placenta mitochondrial membranes increased with hyperglycemia, showing consistency with the fatty acids composition through the U/S index. The thermotropic characteristics of mitochondrial membranes were changed, showing lower transition temperature and activation energies. All of these data together demonstrate that even a chronic mild hyperglycemia during pregnancy of early reproductive Wistar rats, generates an increment of lipoperoxidation, an increase of placental mitochondrial membrane fluidity apparently derived from changes in fatty acids composition and consequently, mitochondrial malfunction

Representative glucose tolerance curves at day 18 of pregnancy of control (white circles) and hyperglycemic rats (black circles).

<p>Representative glucose tolerance curves at day 18 of pregnancy of control (white circles) and hyperglycemic rats (black circles).</p

Respiration of placental mitochondria from control and hyperglycemic rats.

<p>RCR: Respiratory Control Ratio. OPR: Oxidative Phosphorilation Rate. n = 5;</p><p>* <i>p</i> < 0.05</p><p>Respiration of placental mitochondria from control and hyperglycemic rats.</p

Fatty acids composition (mol%) of total lipids from placenta (tissue), and placental mitochondria, from control and hyperglycemic rats at 19 days of pregnancy.

<p>EPA, Eicosapentaenoic acid; DHA, Docosahexaenoic acid; U/S, unsaturated/saturated. N.D. Non Detected</p><p>n = 10;</p><p>* <i>p</i> < 0.05.</p><p>Fatty acids composition (mol%) of total lipids from placenta (tissue), and placental mitochondria, from control and hyperglycemic rats at 19 days of pregnancy.</p

Glucose concentration during pregnancy in control (white circles) and hyperglycemic (black circles) rats.

<p>Isolated circles represent the average glycemia for the last 5 weeks previous to pregnancy. n = 10. * <i>p</i> < 0.05.</p

Lipoperoxidation, represented as MDA, in control (white bars) and hyperglycemic (black bars) rats.

<p>It is shown the MDA in placenta (A) and liver (B) from total tissue determinations, and mitochondria from placenta (C) and liver (D). For A and B, n = 6; *<i>p</i> < 0.05. For C and D, n = 5; **<i>p</i> <0.05.</p

Placenta weight (A), fetuses weight (B) and number of fetuses (C) of control (white bars) and hyperglycemic rats (black bars).

<p>n = 10. <i>p</i> < 0.05.</p

Thermothropic characteristics of placental mitochondria membranes from control and hyperglycemic rats.

<p>For control, n = 5; for hyperglycemic, n = 6; statistical significance:</p><p>*(<i>p</i> < 0.05).</p><p>Thermothropic characteristics of placental mitochondria membranes from control and hyperglycemic rats.</p

Time for rats to reach sexual maturity.

<p>Control rats (white bar) and induced to hyperglycemia (black bar). n = 10. * <i>p</i> < 0.05.</p