【正文】 Source: Understanding real estate values in a rising market—Brief Article, Gerald A. Bower, 2023 .findarticles./p/articles/mi_m3601/is_29_47/ai_71565185 Price Adjustment I 價(jià)格調(diào)整 ? Usage of the property房產(chǎn)用途 ? Ownuse residential property自用住宅 ? Most useful 最有用的 ? Ownuse farm and forest land/factory and warehouse自用農(nóng)場(chǎng)和林地 /工廠和倉(cāng)庫(kù) ? The ine capitalization approach收入還原法 ? Residential/business property for lease出租用住宅 /商用房產(chǎn)物業(yè) ? Ine capitalization approach收入還原法 ? Rent prices in the neighborhood附近社區(qū)的出租價(jià)格 ? Future occupancy rate estimation未來(lái)占用率預(yù)計(jì) ? Residential leasing property and business leasing property出租住宅物業(yè)和商用出租物業(yè) ? For sale出售 ? Speculative in nature投機(jī)性 Price Adjustment II 價(jià)格調(diào)整 ? Trends of real estate price房地產(chǎn)價(jià)格趨勢(shì) ? Sales and transaction prices銷售和交易價(jià)格 ? Information from neighbors鄰近地區(qū)的信息 ? Information from experts, brokers, sales registries, and mortgage registries專家，經(jīng)紀(jì)人，銷售登記和抵押登記機(jī)構(gòu)的信息 ? Ine level of the area該地區(qū)的收入水平 ? Demand and supply conditions of the market市場(chǎng)的供求情況 ? Published land prices and tax rates公布的土地價(jià)格和稅率 ? Regional development plan地區(qū)發(fā)展計(jì)劃 ? Availability of mortgage loan/foreign land ownership是否存在抵押借款和外國(guó)土地所有權(quán) Price Adjustment III 價(jià)格調(diào)整 ? Conditions of the property/nature of the surrounding area周邊地區(qū)的房產(chǎn) /自然情況 ? Geographic conditions, such as, close to the coast, river, cliffs, or located on tilted land, in a dip, on the weak stratum 地理情況，例如，靠近海灘，河流，懸崖或者位于傾斜的土地上，地層不牢固。 Funding Cost資金成本 Operating Cost運(yùn)營(yíng)成本 Expected Loss (PD LGD) 預(yù)計(jì)損失 Unexpected Loss非預(yù)期損失 (Required Return Allocated Economic Capital) Value Added價(jià)值增加 MARGIN利潤(rùn) 價(jià)格PRICE By reducing loss given default, the bank can reduce the margin without reducing value added. 通過(guò)降低違約損失，銀行可以降低 利潤(rùn)而不降低價(jià)值增加部分。) Ine Capitalization收益還原法 I ? Find a geographically weightedaverage rent price per unit of land in the same way before. 和市場(chǎng)比較法一樣，找到每單位土地的加權(quán)平均出租價(jià)格 ? ? ? Rent price B (320$/month) Rent price A (350$/month) Rent price C (360$/month) ? Weightedaverage of A and B (price D) A和 B加權(quán)平均價(jià)格 ? Estimated rent price E估計(jì) E出租價(jià) ($/month?) Note: Each price points should not be separated by a major street or river, which affect the price differences 每個(gè)價(jià)格不能被主要街道或河流分割，這會(huì)影響價(jià)格 40m 10m 30m 15m ? Calculate the present value of the rent ine for the certain future ? Ine capitalization approach using rents may be used in a situation where a loan officer knows the property concerned has a certain value for the market, but there is no way to reasonably estimate and explain the value due to the lack of ，貸款主管知道土地的市場(chǎng)價(jià)格，不過(guò)如果沒(méi)有類似交易的時(shí)候，就沒(méi)有辦法合理估計(jì)和解釋價(jià)值了。 ? Depending on the jurisdiction, different collateral may have different rules for perfection根據(jù)權(quán)限，不同的抵押物有不同的完善規(guī)則 ? Perfection upon attachment alone單獨(dú)附加的完善 ? Temporary perfection in certain collateral特定抵押物的暫時(shí)完善 ? Perfection by pledge or possessory security interest通過(guò)抵押或擁有擔(dān)保利益來(lái)完善 ? Perfection by filing (registration)歸檔（登記）完善 ? Perfection where filing is required under a special law特定法律規(guī)定需要通過(guò)歸檔來(lái)完善 ? Perfection by public notice (example: news paper advertisement)通過(guò)公告來(lái)完善（例：報(bào)紙廣告） *Based on: Law in a Nutshell: Secured transactions, Richard B. Hagedorn, Thomson West, 2023, p123 6. Collateral Management 抵押品管理 Collateral Management 抵押品管理 ? Collateral Management抵押品管理 ? Collateral management includes two risk management concepts: 抵押品管理包括兩項(xiàng)風(fēng)險(xiǎn)管理概念 ? (1) Collateral management for credit risk management信貸風(fēng)險(xiǎn)管理的抵押品管理 ? (2) Safeguarding the enforceability強(qiáng)制行使權(quán)的保護(hù) Collateral Management 抵押品管理 Collateral Management for CRM 抵押品管理 Safeguarding the Enforceability 保護(hù)強(qiáng)制行使權(quán) Safe Custody/ Collateral Book 保管 /抵押品登記冊(cè) Credit File 信貸檔案 ? Record Keeping檔案記錄 ? Revaluation/Reappraisal against credit exposure 根據(jù)信用風(fēng)險(xiǎn)再評(píng)估 /再評(píng)價(jià) ? Numbering/Tagging編號(hào) /標(biāo)簽 ? Maturity Management到期管理 ? Renewal of security interest 更新?lián)＠? ? Periodical check of inventory 定期實(shí)物檢查 Credit File信用檔案 I ? Record Keeping檔案管理 ? Appraiser’s name, the effective date of the evaluation, and signature and address (when the evaluation is outsourced)鑒定人名稱，評(píng)估的有效日期，千字和地址（當(dāng)評(píng)估是由外部人員完成的） ? Description of the collateral抵押品描述 ? Real estate: ownership, location, shape, condition, developments, pictures, maps, neighborhood, usage, a copy of construction approval, attached easement, ：所有者，位置，形狀，環(huán)境，發(fā)展?fàn)顩r，照片，地圖，附近情況，用途，建筑批準(zhǔn)書(shū)復(fù)印件，附屬物，等 ? Goods: location of the goods, quantity, species/variety, measure/weight, value per unit, quality, condition, schedule 商品：物品所在地，數(shù)量，種類 /品種，尺寸 /重量，單價(jià)，質(zhì)量，情況，時(shí)間表 ? Intangibles: pledgor, amount, quantity, third party obligor, attached security interest, ：抵押人，金額，數(shù)量，第三方債務(wù)人，附加擔(dān)保利益，等 ? Description of the evaluation method employed對(duì)所用評(píng)估方法的描述 ? Description of the source information used in the evaluation評(píng)估中信息來(lái)源的描述 ? An estimated value of the collateral and the opinion of the loan officer on the evaluation抵押品的估計(jì)價(jià)值，以及貸款主管的對(duì)評(píng)估的意見(jiàn) Source: Interagency Appraisal and Evaluation Guidelines, FDIC, 1994 Credit File信用檔案 II ? Reappraisal重新評(píng)估 ? Collateral should be regularly revalued depending on the collateral ? Collateral value should be constantly monitored against credit ? Frequency of reappraisal depends on the market condition重新評(píng)估的頻率應(yīng)該根據(jù)市場(chǎng)情況決定 ? Real estate (revaluation): every 6 months or 12 months 房地產(chǎn)（重新評(píng)估）：每 6或 12個(gè)月 ? Real estate (onsi