How Does Mortgage Refinancing Work?

If you have a mortgage on a property now but wish you had a lower interest rate or wish to tap into the rental or investment property’s equity, you may benefit from mortgage refinancing.
A mortgage refinance means you pay off your existing mortgage with a new mortgage. The new mortgage will have different terms and sometimes a different loan amount. It’s a great way to save money on interest and or get access to the equity you’ve built up in the investment property. Whether you need to refinance it for an emergency fund, to pay a large expense, or to expand your real estate investment portfolio.
Refinancing a mortgage costs money, so keep that in mind. Even when interest rates drop, do the math and make sure it makes sense to take out a new loan. Remember, refinancing a mortgage is like starting over. In most cases, it makes sense to do so.
Here are the top reasons to consider refinancing a mortgage.
Like any personal finance decision, there are downsides to refinancing your mortgage. Here’s what you should consider before deciding.
Just like when you bought the investment property, you must qualify for a mortgage refinance. You must prove you can afford the loan and you have a good track record with your other debts.
While each loan has different qualifying requirements, here are the general requirements to refinance:
The investment property’s value – All refinances require another appraisal to ensure your investment property’s value is high enough to qualify for another loan. If you took care of your rental or investment property and other properties in the area appreciated through the years, the appraisal shouldn’t hold you back.
Refinancing isn’t a one-size-fits-all approach. Do your research and determine if you’ll benefit from a mortgage refinance. Will you save money monthly or benefit by taking cash out of your equity? Do you qualify for a lower rate or better term?
Look at the big picture. If you benefit from refinancing, shop around for the best rates to ensure you get the most out of refinancing your mortgage.
Cash flow from short-term rentals is really beyond anyone’s wildest expectations, and the mathematics can be made to work in almost any market. I can freely confess that I am the proud owner of five of them and am now working on a few more.
Airbnbs are wonderful accommodations provided that all of the conditions are met. I went through 2008, thus I can speak from personal experience when I say that I have thoughts and ideas on how appropriately minimizing risk. Over the previous decade, many real estate speculators have amassed enormous fortunes and are unable to conceive the prospect of a recession.
Many younger investors have difficulty thinking that the real estate industry might be turned on its head and collapse, but it is feasible. Recessions are ugly, and many people find it difficult to believe that the market for real estate could be disrupted in this way.
Properties that are listed on Airbnb might be a fantastic investment if certain conditions are met. I’m going to tell you five different reasons why you shouldn’t invest in Airbnb rentals in this post.
When I was a more experienced investor, I realized the importance of having a number of tactics to use when pivoting in different markets.
If I purchase a home for $400,000 and I can earn $6,000 per month with Airbnb but only $1,200 per month as a long-term rental, I put myself in a position where I am susceptible to some uncertainty.
When things are going well, I have a steady income stream, and I’m having the time of my life. Nevertheless, if the laws on short-term rentals are tightened in the same way that they were in Nashville and Austin, I will have to make a change. Finding a long-term renter is my great decision, but even if I get one, the rent won’t pay the costs at $1,200 or possibly $1,500 per month. If I decide to sell and the market continues to decline, or if the pressure increases because I have exhausted all of my financial reserves, I will be forced to leave the position at a loss. Some people have the perception that investing in real estate is “risky” due to the occurrence of these circumstances.
You really must plan and come up with a strategy. Even if you end up losing the sale because of this, it is preferable to lose your shirt.
This happened to me not too long ago with a lakehouse located in Arkansas. The city amazed me by denying my application for permission to own an Airbnb rental property. Fortunately, I arranged for a renter who paid more than enough to pay the mortgage and other property maintenance costs.
As I’ve said before, when Airbnbs are successful, they are an excellent source of incoming revenue.
However, considering the costs, this is not a feasible option. The expense of renovating a house may easily go into the thousands. Simply if you acquire an already equipped property, COVID-19 or even a slowdown month is something that no one could have expected.
If you keep half of the monthly profit from a property that brings in $7,000 and put the other half in savings, you’ll have $3,500. Nevertheless, let’s say that for whatever reason nobody can figure out, one month, your total income is mere $3,500. All of a sudden, your financial situation worsens.
There are no guarantees offered with short-term rentals. The majority of people who own vacation homes are prepared for slow months due to seasonal circumstances. But in one of my personal experiences, I had a slow month at my Airbnb, which is located in a residential area, and there were no reasons that might have predicted the decline in earnings.
For example, you need to have a significant amount of cash on hand. It is very necessary to have cash on hand to pay for unexpected costs or sluggish months, particularly when dealing with high overhead costs.
If the maintenance of your house is expensive, a drop in income for a few months might make things difficult for you if you are already running out of money. In the event that you find yourself in this predicament, my advice is to find a business partner and divide the profits with them. Or, if you have sufficient equity in the property, you might sell it. I hope you will be willing to minimize or eliminate any substantial tax gains.
It upsets me to be the one to deliver such depressing information, but someone has to do it. The real estate business is not always a winner, and Airbnb offers riskier bets with potentially more lucrative payouts. I want to make sure that you consider these different factors.
One of the most common investment strategies is to buy a large residence and then use it as a rental property to generate substantial earnings in the short term. When the economy is weak, or there is a slow marketplace, the first thing people have stopped doing is traveling to their luxurious vacation houses.
If you are counting on the monthly income from short-term luxury rent, you may find that you are forced to sell the property at a loss because you are unable to pay your debts.
Keep in mind that when you rent a property for a short time, you are the one who is responsible for paying the cable bill, hiring a gardener, paying for the upkeep of a pool or spa, and paying the utilities. You are the one who is responsible for paying the bill, irrespective of whether or not there is a visitor currently staying at the property.
Even if your Airbnbs is located in other states, you won’t have any trouble managing them. Having said that, it’s possible that you won’t have enough opportunity to address the booking questions and manage the cleaners and repairs.
In this scenario, it is strongly recommended that you seek the services of a property manager. However, they perform an excellent job, many charges between 25 and 30 percent of total sales. At that time, it’s possible that your stats won’t appear all that great.
This indicates that you will need to be completely prepared to self-manage or locate agreements that will enable you to employ a property manager for the appropriate amount and yet not enough money each month. If you choose to self-manage, you will need to have a plan in place for how you will pay your tenants.
Additionally, if Airbnb is a company, you may be responsible for incidental costs.
A visitor once poured red wine all over my table, and I had to pay $300 to have it replaced. Six weeks have passed since I submitted a claim for compensation to Airbnb, and I’m still waiting for a response. Another one of the cleaners I hired failed to clean one of the bathrooms. Honestly.
Yes. I gave the visitors a complimentary night’s stay and hoped they wouldn’t share the images (to my relief, they didn’t!). My bill for the night came to $350 as a result of the event, and another day had to be kept aside to organize the new cleaning staff.
In the world of Airbnb, there is potential for a wide variety of expensive situations due to the rapid revolutions and unpredictable schedules that are commonplace. On other occasions, a significant amount of money.
The experiences and motivations discussed up to this point are all part and a part of running an Airbnb.
If you believe that “life is too short,” if you hate being in charge of handling circumstances like these, or if you are someone who does not need the money all that urgently, you may want to reconsider. If so, don’t bother with it. There is much more than one way to make money off of real estate, and none of them entails the insanity that is an Airbnb.
Having said all of that, I do own Airbnb units that have never had any significant problems. The ones that are the least difficult to find often include longer rental periods, such as those required for out-of-state employees or traveling nurses. The elimination of other apparent problems may be achieved by excluding pets, but the result is a smaller pool of potential guests.
In the event that you are still considering using Airbnb, make sure you always follow these guidelines.
You’re not obligated to follow the crowd. Keep your sense of reason while still paying attention to the numbers. If running an Airbnb doesn’t sit well with you, your best bet for making money in real estate is to investigate alternative investment opportunities.
Do not, under any circumstances, give up on real estate investment completely just because one strategy does not provide the desired results for you. Everyone will eventually find their way in. You are now able to articulate the justifications for why Airbnb may not be the right investment for you.
Whether your an expert or just getting started with your Airbnb portfolio of real estate investments, having a competent investment property lender is critical to grow and to grow fast. New City Financial has over 10 years of investment property mortgage lending and rental property refinance experience.
Click here if your looking for a Airbnb Investment Property Refinance or Airbnb Mortgage Quote. You can also call them at (855) 848-2862.
To succeed or fail in investing, you must understand the rules of economics. Obviously, it is impossible to determine where the economy is going from here with absolute certainty. Furthermore, the value of the decision you make will determine whether or not you are able to hedge your bets for the best or the worse.
Whenever there is a crisis in the economy, such as the one that we could be going through right now, investments will, in most situations, suffer a decrease. The decline in GDP growth seen in the first quarter was far worse than expected, coming in at 1.4 percent. If this pattern continues until the end of the second quarter and we report another quarterly fall in GDP, we will, by definition, be in the midst of a recession.
This leads to the question of what kind of preparations you, as investors, should make. Invest in property.
During the last 60 years, there have been a number of recessions, yet real estate prices have nevertheless managed to keep increasing. There have been situations when they’ve grown even though the recession was still going on.
Even at the worst of the Economic Crisis, those who invested in stocks, particularly real estate, saw significant returns.
The question is, why is this the situation, and what does this indicate for you as the owner of a rental property? To repeat, what are some of the ways in which you might profit from purchasing investment properties?
Let’s discuss about this.
During times of economic downturn, investing in real estate is among the safest things you can do. In most situations, investing in rental property can act as natural protection against economic uncertainty. This is mostly attributable to homeownership rates fall during times of economic instability such as recessions.
Consequently, property owners find themselves in the position of becoming renters, which drives up the demand for rental homes in these kinds of circumstances. If the economic disaster is followed by an early decrease in real estate market values, as is often the situation, there is a possibility that there will be a small window of time during which you will be able to purchase homes at reduced prices. Economic downturns generally go hand in hand with early declines in real estate market values.
You are able to make intelligent decisions, purchase a property that has a decent cash flow, and make a profit even during a recession if you follow the formulae that we have all learned in real estate and do not give heed to our feelings.
People often lose their employment, earnings, and even their houses when the economy is in a deep crisis. When these times come around, it may not be difficult to discover people interested in leasing. Houses are constantly in high demand since they are a fundamental human necessity. This is hardly a situation where you’ll find many people who are willing to live on the street voluntarily.
There will be no difficulty finding renters if your rental property is not ignored. The advantages of your investment property can be maximized to its full potential via effective management of your assets and the purchase of a residence in a good location.
You could believe that the real estate business is more stable than the residential real estate market. After all, some businesses have been there since the 18th century and have experienced a variety of economic downturns, which demonstrates that they have the necessary level of expertise to weather the current storm.
However, if there is one thing that we have learned through our involvement with COVID-19, it is that the process of buying and selling commercial real estate is not as simple as it may seem. Whether it was due to the state of the economy or external factors, many enterprises, old and young, went out of business. We find ourselves in an intriguing position. It is important to think about the external risks that are now facing commercial real estate, such as problems with the supply chain and the growing cost of gas.
On the other side, residential homes are neither affected by the economics of business nor the whole world’s economy. No matter what is going on in the world, people will always need a place to call home.
The stock market was turned on its head by both the Great Depression and the dot-com bubble; nevertheless, investors in the residential housing sector did not suffer nearly as severe as those caused by the stock market. At the very end of the Great Recession, the single-family rental assets market was one of the few that posted positive values overall.
Unlike investing in stocks, investing in residential property on a smaller scale often does not involve daily trading activity. As a result, they provide some measure of comfort in times of market volatility.
Purchasing investment properties is definitely an exciting and worthwhile effort that comes with a variety of financial advantages for owners who own rental property. However, before you go ahead and sign that contract, have a look at the following advice, as it will assist you in making an excellent choice about the purchase of a property and will assist you to get the most out of your investment properties in the long term.
The following are two guidelines to focus on in order to get the most out of your investment in real estate:
Get an overall picture of what happened before making any decisions on whether or not to purchase rental properties at a time of economic instability. It is essential to keep in mind that the objective is to purchase the location rather than the property itself. Consequently, you should research areas that have both steady employment and prospects for job development.
Your goals for the revenue from your rental property might be disrupted by the labor market. If a renter has been laid off and is having trouble finding a new job, it’s possible that they won’t be able to pay their rent and may have to move out of the region.
In addition to that, you should consider your lifestyle. For instance, neighborhoods closer to the central business district are more popular for renters. On the other hand, when a severe economic downturn occurs, inhabitants may end up rethinking their preferences about the location of their homes. Always keep an eye on what’s happening in the market. Have you heard that there’s a housing crisis in the city? Suburban or rural?
The increase in remote work combined with people’s demand for more space led to a major migration to rural and suburban regions by the year 2020. Will this continue to be the case when the next economic downturn comes?
Keeping your cash flow in mind is another important criterion that may assist you in completing the most profitable real estate transactions. For illustration’s convenience, let’s say that you want to add a rental property to your portfolio during economic upheaval. In such a case, you should purchase real estate with a steady cash flow. After deducting operating costs and monthly mortgage payments, these properties continue to generate positive cash flow.
These types of rental properties will assist in mitigating risk, even in the face of a potential economic downturn.
Nobody likes to go through tough times when the economy is struggling. It creates problems with our money and has the potential to radically alter the course of our life. However, if you are the rental property owner, this does not have to be your story. Instead, a lull in the economy could put you in a position to capitalize on opportunities presented by the disruptions it causes.
It is important to keep in mind that the quality of your selection when investing in the market for rental properties will determine the degree to which the chances are pushed in your favor, regardless of the state of the economy.
Finding a Funding Resource
When looking to purchase investment real estate, its important to find a Investment Property Loan company. The likes of New City Financial which offers Low Rates, Excellent Commercial Real Estate Mortgage programs for seasoned real estate investors as well as those looking to start their real estate investment portfolio.
Call New City Financial at 855-848-2862, you can always get a Investment Property Loan Rate Quote online by clicking here. If you are looking to Refinance a Investment Property click here.
This article addresses how the possibility for decompression of capitalization rates might result in a large decrease in the value of your assets and the means through which this potential risk might be avoided or minimized.
If you’re a passive investor in multifamily properties or any other commercial assets valued using this technique, you should know about this:
Value = Net Operating Income ÷ Cap Rate
This is relevant for many properties, including apartments, self-storage facilities, mobile home parks, recreational vehicle parks, senior living communities, industrial facilities, hotels, shopping malls, retail stores, and even cell towers.
Because of the “humility” I titled my 2016 apartment investment book, The Perfect Investment, I feel inclined to ensure that investors understand what they are getting into. If you spend more than it’s worth for anything, it’s no longer the “perfect investment.”
Having said all of this, many people who invest in apartment buildings are not overspending. Some dominate the competition and raking in millions of dollars for their investors. Last week, I went to Dallas to meet with a person who is currently working in this field.
However, when there are so many indications that a bubble may be developing, it makes me nervous. And there are a lot of assumptions regarding rent growth, continuing cap rate compression, high LTV debt, and aggressive interest rate projections. However, it is not the end of the story.
My primary worry is that syndicators and investors will make risky bets on assets already being managed by excellent operators who have improved and stabilized the situation. For many of them, the only way to survive in an environment with persistently low-interest rates is to pray and hope for inflation.
Even while I’m all for putting confidence and hoping for the best, this is not the most effective method for running a business. Even more so when you’re investing money you’ve worked hard for.
The reason for this is due to the probability of cap rate decompression.
This means the possibility that cap rates will increase in the future. That results in a decline in the prices of assets. This problem is made more obvious when cap rates are low (which results in high pricing) than when higher cap rates. The following is the justification for this.
The capitalization rate is the anticipated rate of return on an investment made in an asset in the same location, under the same conditions, at the same point in time, and with the same risk level as the asset in question. The capitalization rate is included in the denominator of our value calculation; hence, changes in the cap rate will have an adverse effect on asset values.
When the cap rate was ten percent, a one percent change in either direction resulted in a value change that was ten percent in either direction. Therefore, a decompression from a cap rate of 10 percent to 11 percent leads to a 10 percent loss in asset value.
Most assets, though, haven’t seen cap rates below 10% in a while. The current cap rates can fluctuate anywhere from 3% to 4% at any one moment. In recent times, we have seen a significant number of multifamily deals and other types of deals involving a percentage point or less.
So, what happens if your cap rate goes up from 3% to 4%? What kind of an effect does this have on the value? Let us suppose that the business has a net operating income of $500,000. The value of assets is calculated as follows using a capitalization rate of three percent:
$500,000 ÷ 3% = $16,666,667
It will cost you $16.7 million if you want an annual cash flow of half a million dollars. Furthermore, mortgage costs will drastically reduce owners’ net cash flow.
If cap rates go from 3% to 4%, an increase of 1% means:
$500,000 ÷ 4% = $12,500,000
So, the following is the math that supports the claim made in the title of this post. A bigger increase in a measure that is generally within the investment’s control is required to offset a decrease in value caused by a generally uncontrollable factor (cap rate), which accounts for 25 percent of the total (net operating income).
When you use the calculation for the capitalization rate of 4 percent and increase the net operating income by 33.3 percent, you may get back to the breakeven asset value:
1.333 * $500,000 ÷ 4% = $16,666,667
Because of this, you will need to increase rents by a third so that they are back at their original value. Now, this might be possible with inflation over many years. But what if inflation doesn’t rise in the way that you anticipate?
This might be worse by decreasing occupancy, rising concessions, and stagnant rental rates during a downturn in the economy. If you don’t think anything like this is even somewhat possible, I’m sorry to break it to you, but your perspective is in complete contradiction to the whole of financial history across all investment vehicles. Read Howard Marks’ book Mastering the Market Cycle for those who doubt. Listen to Brian Burke’s account of his worst deal of the year in 2008, or read about it here.
Caveat: Someone will claim that increasing rents by 33% will generate more than a 33% increase in NOI since operational expenses don’t rise at the same rate. Excellent point. You got me.
However, I would suggest that your operating expenditures (OPEX) and your capital expenses (CAPEX) will likely see considerable inflation. And the developing labor (and material) shortage can probably boost your prices even more than projected as the employment market for maintenance and comparable trades continues to decrease.
However, if you keep trying to make this argument, I will agree that you may be able to reduce the 33% number somewhat. You might assume that the rate is 18% if you’d like. This presents a significant barrier in the near future. Particularly in the event that the short-term involves a refinance.
Oh, and before you exhale with satisfaction at “just” 18%, keep in mind that cap rates might potentially relax by more than 1 percent. What will happen if they increase from 3% to 5%? The issue that I’m about to present to you here will become twice as difficult to solve.
Yesterday, I had a conversation with a buddy about this idea. He told me that it was more theoretical than practical. Really? Decompressing cap rates could have five potential repercussions, therefore let’s talk about them.
If cap rates go up, it might be bad for syndicators who only have a limited time to keep their properties or a short time before they need to refinance. Since the appraisal is directly dependent on the cap rate, a situation such as the one described above, in which the asset’s value drops by 25 percent, might present potential difficulties.
Cap rates generally rise along with interest rates, which is a problem for investors. Therefore, decompressed cap rates combined with increased interest payments resulting from additional debt may be a double whammy for a company.
Because of this, a capital call will likely be required from the investors. The introduction of fresh equity. However, investors may already be skeptical about the viability of this transaction, and they may be hesitant to accept the offer to risk their good money on something that may not pan out. You run the risk of getting into some deep water here.
On the other hand, a “chronically leaking boat” may not be what you and I picture. However, the things that we believe don’t really make a difference. Since the investors have worked hard for this cash, their opinion will be given precedence in this situation.
Aside from that, let’s admit it: business transactions almost never happen exactly as anticipated. And if (when) you have additional concerns, such as not meeting occupancy objectives, rent goals, or revenue predictions, this refinancing/capital call issue may seem to be the last straw in an investor’s evaluation.
II’m not a big supporter of using internal rates of return for most agreements since I find them difficult to calculate. These IRRs are often misunderstood and maybe manipulated due to this misunderstanding. The obsession with the internal rate of return (IRR) sometimes leads to thinking in the short term, which is typically not the best strategy for building wealth over the long run.
A syndicator’s projection of IRRs at a specific level may be affected by cap rate decompression and its ugly twin, increased interest rates. Why? The following are four potential reasons for this:
Do you, Mr. or Ms. Syndicator, intend to remain committed to this endeavor for the near future? I hope you do. Because individuals who choose a path and remain committed to it over an extended period often accumulate the greatest amounts of wealth.
I can promise you that this will leave a black mark on your track record if you engage in risky activities with risky debt and are forced to deal with the consequences described in points 1 through 4 above. And it will make it much more difficult, if not difficult, for you to obtain further cash in the years to come.
I would also suggest that you, Mr. or Ms. Passive Investor, assess business opportunities very carefully using this lens. Ensure that you are not entering into a commercial transaction with these risks. In addition, you need to check that your syndicator does not have a record of or a propensity for playing with this kind of fire.
Do you actually know how to assess the dangers that are involved? Investing in a group that has the collective expertise to evaluate these operators and transactions is a great idea if you are unsure of what you are doing in this area. Also, I highly recommend that you pick up a copy of The Hands-Off Investor, an excellent book written by Brian Burke.
Are you sick of paying too much for single-family and multifamily homes because the market is too hot? One option that is often ignored is investing in self-storage, which is a decision that can increase one’s income and increase one’s wealth.
One strategy for avoiding this problem is investing in relatively risk-free debt. What is “safe” debt? It might be debt with a low LTV. There is also the chance of having long-term set rates. Hopefully, both are true.
There are a few strong reasons for a developer to use 80% loan-to-value, floating-rate, three-year term loans. This is particularly true for new construction.
But let’s face it… Although real estate developers are among the richest businesspeople in the United States, some probably end up in the poorhouse. Some of them became billionaires while they were in their thirties or forties. Now they spend their retirement working as greeters at Walmart. (Working as a greeter at Walmart is not problematic.) However, this is not how most of us see our golden years.
What happens, therefore, if you buy an asset with a low cap rate that starts to decompress in the second year after you purchase it? You could run into major challenges in the third year if you are forced to refinance, particularly at a higher interest rate. On the other hand, you can be in good condition if you have debt with a longer duration and a low-interest rate (for example, 10 or 12 years). The possibility remains that you may not be able to refinance your home to access your equity as quickly as you had expected, but the fact that you will be able to keep your investment for a longer time at lower interest rates can make up for a lot of other mistakes, particularly in the presence of inflationary conditions.
In this graphic, self-storage and mobile home parks are compared to big apartments (those with more than 50 units). A real estate asset’s value is generally determined by the vendor, who is often a qualified operator, and this is why this is important.
There are around 53,000 self-storage assets in the United States, and independent operators hold approximately three-quarters of them. Of those independent operators, almost two out of every three only own a single site. In most cases, this indicates that there is potential for financial gain associated with acquiring the asset.
Even more heavily reliant on mom-and-pop entrepreneurs are mobile home parks. There are 44,000 parks in the United States, and up to 90 percent fall into this category.
Believe me when I say that mom-and-pop offers like this often have a lot of meat on the bones despite their modest appearance. Learn how to locate deals that have real intrinsic value in this article.
You can discover mom-and-pop businesses in every asset class; although, as you can see, it is probably simpler to locate them outside of the multifamily real estate sector.
Investors’ value from acquiring and enhancing a mom-and-pop business is significant. In addition, and this is of the utmost importance for the purpose of risk reduction, this may help you build a larger margin of safety between your monthly income and the amount that must be paid to service your debt. One of the fundamental ideas involved in real estate investment is the Debt Service Coverage Ratio, which refers to this particular concept.
A third strategy to protect yourself against this potential tragedy is to entirely steer clear of real estate investment. It is highly recommended that you stay away from the stock market and any other equity investments. These methods will allow you to steer well clear of the risks and dangers of investing in real estate.
Bank and money market accounts (current yields: 0.5% to 0.7%) provide you the chance to earn interest on your savings. You also have the option of investing in the United States government. Now, you may qualify for long-term rates that are more than 2 percent. Various debt products potentially have greater interest rates available. There are municipal bonds that yield anywhere from 2% to 3%, and there are debt funds that have a greater level of risk but also provide higher returns.
You might put your money into precious metals or cryptocurrency, but in my opinion, these so-called “investments” are more like gambling or buying insurance than actual investments. In any case, I believe it’s a good idea to get some kind of insurance.
Even burying money in the ground is an option. However, a well-respected ancient Jewish rabbi advised against engaging in this behavior in both one’s personal life and one’s financial dealings.
Each investment has a risk-return relationship. In addition, some of the risks that are associated with these low-risk investments are concealed from plain view. Part two of this essay will cover this topic in more detail. A bit of advice: the ravages of inflation might force you to lose money with each low returning loan payment you make.
So, let me ask you this: what are your thoughts? Do you understand and agree with the reasoning and mathematics given here? Or is the author similar to the story of the boy who cried wolf?
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