【正文】 External: n/a As of: Mar 08 借款方： ABC貿(mào)易公司， 內(nèi)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(dān)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(qiáng)制行使權(quán)，必須安全保管 (1)擔(dān)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(dān)保合同（和其他相關(guān)法律文件，登記檔案，擔(dān)保建筑物的火災(zāi)保險(xiǎn)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(yīng)該限制人員接近保管場所 ? Protection from natural disaster避免自然災(zāi)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(dān)保建筑物的火災(zāi)保險(xiǎn)書應(yīng)該按照期滿日單獨(dú)排列，因?yàn)楣芾肀ｋU(xiǎn)到期日很重要。 ? Size of the real estate房地產(chǎn)的規(guī)模 ? Shape of the real estate房地產(chǎn)的形狀 ? Location of the real estate in the block房地產(chǎn)在街區(qū)的具體位置 ? Accessibility to the public roads是否可以方便地到達(dá)公共道路 ? Accessibility to public and mercial facilities是否可以方便的到達(dá)公共和商業(yè)設(shè)施 ? Existence of unfavorable facilities是否存在不良設(shè)施 ? Municipal services available是否有市政服務(wù) Price Adjustment IV 價(jià)格調(diào)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(jià)，法令或者其他類似性質(zhì) ? ―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(quán)力不經(jīng)過所有者的同意購買房地產(chǎn)用于公共用途，例如公共設(shè)施，高速公路，機(jī)場和鐵路。 ? Factors affecting investors’ desired return on real estates影響投資者對房地產(chǎn)期望收益的因素 ? Culture, economic trends, other investment property type, other investment opportunities, 、經(jīng)濟(jì)趨勢，其他投資財(cái)產(chǎn)，其他投資機(jī)會等 ? In practice在實(shí)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(xiàng)投資所承擔(dān)風(fēng)險(xiǎn)所對應(yīng)的回報(bào)，計(jì)算結(jié)果會高估價(jià)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(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價(jià)格，不過如果沒有類似交易的時(shí)候，就沒有辦法合理估計(jì)和解釋價(jià)值了。)? 調(diào)整前價(jià)格 Note: Each price points should not be separated by a major street or river, which affect the price differences 注：每個(gè)價(jià)格點(diǎn)不能被主要街道或河流分割，這會影響價(jià)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(jià)格 ? Three recent real estate transactions around E的附近有三個(gè)交易 ? A: $2,000, B: $2,450, and C: $1,900 ? On the map, locate price D between A and B在地圖上找到 A和 B之間的價(jià)格 D ? Distances between these points are:這些地點(diǎn)的距離 ? AD: 70m, DB: 30m, DE: 50m, and CE 150m. ? Then dollar price par square meter of E will be: E的每平方米價(jià)格是 Price D = 70 + 30 Price E = 50 + 150 = 2,315 ($/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(jù)市場價(jià)值而非帳面價(jià)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(dān)保資產(chǎn)應(yīng)該放在銀行人員可以經(jīng)?？吹玫降牡胤? 5. Watch the market price if it’s rising fast: a price bubble may be developing. 如果市場價(jià)格增長很快，那么小心市場價(jià)格，可能存在價(jià)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(guān)成本的現(xiàn)值 EAD (Exposure at default)違約風(fēng)險(xiǎn)暴露 Wrong Collateral Evaluation 錯(cuò)誤的抵押品評估 Higher Wrightoffs 更高的壞帳核銷 Capital Waste 資本浪費(fèi) 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(dòng)中的作用 I ? Collateral stabilizes financial intermediation抵押品穩(wěn)定金融中介活動(dòng) ? 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(dá)成一致 ? The lender can maximize the safety of r