【正文】 B External: n/a As of: Mar 08 借款方： ABC貿易公司， 內部編號： 4B，外部：不適用，日期： 3月 8日 Thousand $ ? After evaluation of land and building the following credit/collateral balance table is updated. How do you interpret the table and what should be done?在評估了土地和建筑物之后，更新貸款 /擔保余額表，你怎樣理解這張表和需要做什么 Safe Custody/Collateral Book I 保管 /抵押品登記冊 ? Safe Custody保管 ? In order to safeguard and protect the enforceability of security interest, (1) collateral agreement and (2) pledged goods and documents should be put in a safe 強制行使權，必須安全保管 (1)擔保合同 (2)抵押品和文件 ? Collateral agreement (together with other relevant legal documents, record of registry, fire insurance policy for collateralized buildings*, etc.) may be kept in order by borrower name擔保合同（和其他相關法律文件，登記檔案，擔保建筑物的火災保險書）可以按照借款方名字有序保管 ? Pledged goods and documents may be kept by type抵押品和文件按種類保管 ? Collaterals for which limitation period or maturity date is critical should be kept in order by such 照日期排放 ? Limited access to the safe custody應該限制人員接近保管場所 ? Protection from natural disaster避免自然災害 Note: Fire insurance policy for collateralized building may be kept separately in order by expiration date because of the importance of the expiration date management. 注意：擔保建筑物的火災保險書應該按照期滿日單獨排列，因為管理保險到期日很重要。 ? Size of the real estate房地產的規(guī)模 ? Shape of the real estate房地產的形狀 ? Location of the real estate in the block房地產在街區(qū)的具體位置 ? Accessibility to the public roads是否可以方便地到達公共道路 ? Accessibility to public and mercial facilities是否可以方便的到達公共和商業(yè)設施 ? Existence of unfavorable facilities是否存在不良設施 ? Municipal services available是否有市政服務 Price Adjustment IV 價格調整 ? Legal issues法律問題 ? Easements: restrictions, encumbrances, leases, reservations, covenants, contracts, declarations, special assessments, ordinances, or other items of a similar ：限制，妨礙，租賃，保留，限制性條款，合同申明，特別估價，法令或者其他類似性質 ? ―Eminent domain‖: in mon law countries, the government may have the rights to buy real property without the owner’s consent for the purposes of public usage, such as public utilities, highway, airport, and ：在普通法系國家，政府有權力不經過所有者的同意購買房地產用于公共用途，例如公共設施，高速公路，機場和鐵路。 ? Factors affecting investors’ desired return on real estates影響投資者對房地產期望收益的因素 ? Culture, economic trends, other investment property type, other investment opportunities, 、經濟趨勢，其他投資財產，其他投資機會等 ? In practice在實踐中 ? The most simplified way is to use available loan interest rates for such an investment as a capitalization 作為還原率 ? When interest rates are used as a capitalization rate, loan officers must be aware that the interest rate does not include necessary returns for taking risks inherent to the investment, hence, the oute overvalues the real ，借款主管必須知道利率中沒有包括這項投資所承擔風險所對應的回報，計算結果會高估價值。) Ine Capitalization收益還原法 I ? Find a geographically weightedaverage rent price per unit of land in the same way before. 和市場比較法一樣，找到每單位土地的加權平均出租價格 ? ? ? Rent price B (320$/month) Rent price A (350$/month) Rent price C (360$/month) ? Weightedaverage of A and B (price D) A和 B加權平均價格 ? Estimated rent price E估計 E出租價 ($/month?) Note: Each price points should not be separated by a major street or river, which affect the price differences 每個價格不能被主要街道或河流分割，這會影響價格 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價格，不過如果沒有類似交易的時候，就沒有辦法合理估計和解釋價值了。)? 調整前價格 Note: Each price points should not be separated by a major street or river, which affect the price differences 注：每個價格點不能被主要街道或河流分割，這會影響價格 150m 50m 70m 30m (Price A 30) + (Price B 70) (Price D 150) + (Price C 50) Sales Comparison Approach: Example 市場比較法：舉例 ? Evaluate the land price E價格 ? Three recent real estate transactions around E的附近有三個交易 ? A: $2,000, B: $2,450, and C: $1,900 ? On the map, locate price D between A and B在地圖上找到 A和 B之間的價格 D ? Distances between these points are:這些地點的距離 ? AD: 70m, DB: 30m, DE: 50m, and CE 150m. ? Then dollar price par square meter of E will be: E的每平方米價格是 Price D = 70 + 30 Price E = 50 + 150 = 2,315 ($/m178。) Price C (1,900$/m178。 ? ? ? Price B (2,450$/m178。 2. Evaluate collateral on the basis of the market value rather than book value. 抵押品的評估是依據市場價值而非帳面價值 3. Apply the most conservative evaluation method. 采取最保守的評估方法 4. If possible, collateral property should be located within a distance bank officers can take frequent visits. 如果可能，擔保資產應該放在銀行人員可以經常看得到的地方 5. Watch the market price if it’s rising fast: a price bubble may be developing. 如果市場價格增長很快，那么小心市場價格，可能存在價格泡沫。 1 PV at the default date of recoveries + PV of costs associated with collecting 回收物在違約日的現(xiàn)值 +會收的相關成本的現(xiàn)值 EAD (Exposure at default)違約風險暴露 Wrong Collateral Evaluation 錯誤的抵押品評估 Higher Wrightoffs 更高的壞帳核銷 Capital Waste 資本浪費 Higher LGD Estimation 增高違約損失率 Higher Provision 更高的壞賬損失 Lower Profits 利潤更低 PV: Present value現(xiàn)值 Role of Collateral in Financial Intermediation I 抵押品在金融中介活動中的作用 I ? Collateral stabilizes financial intermediation抵押品穩(wěn)定金融中介活動 ? Collateral better aligns interests of the lender and borrower because:抵押品更好的使出借方和借用方的利益達成一致 ? The lender can maximize the safety