风险定价和资金成本:银行如何为房地产融资定价

Allan Griffiths
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引用次数: 4

摘要

当作者第一次受邀为《华尔街日报》撰稿时,暂定标题是“创意地产贷款以及如何最大化杠杆”。作为地产银行家协会(Association of Property Bankers)的成员,并有幸担任该组织的前任主席,作者根本不确定自己是否应该接受这份工作!然而,由于有机会得到一个观点——即健全的房地产贷款并不一定依赖于低贷款与价值比率(以及以流动措施支付的承诺)——的鼓励,作者让步了。在这篇论文中,他想看看理解风险的技术,避免不必要的风险,并为无法避免的风险建立“正确的”定价。当然,没有所谓的“正确”定价,但在这种情况下,作者指的是定价水平,从长期来看,在允许偶尔的损失之后,仍然显示出有利可图的结果。1990年金融危机之后,人们(主要是破产从业人员)经常说,对于许多房地产贷款银行来说,在过去的十年里,为整个房地产贷款团队支付打高尔夫球的费用会更便宜!冒着听起来居高临下的风险,本文将从一些显而易见但却至关重要的东西开始。版权所有©2001 Henry Stewart Publications
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Pricing of risk and the cost of money: how banks are pricing property funding

When the author was first asked to write for the Journal, the working title was ‘Creative property lending and how to maximise gearing’. As a member of the Association of Property Bankers, and having the honour of being a past president of that organisation, the author was not at all sure that he should accept the engagement! However, encouraged by the chance to get a point of view across – ie that sound property lending does not necessarily depend on low loan-to- value ratios (and the promise of payment in liquid measure), the author gave in. In this paper, he wants to look at techniques for understanding risk, avoiding unnecessary risk, and establishing ‘correct’ pricing for the risks which cannot be avoided. Of course, there is no such thing as ‘correct’ pricing, but in this context, the author means pricing at a level which, over the long term and after allowing for the occasional loss, still shows a profitable outcome. It was often said after the 1990 crash (mainly by insolvency practitioners), that for many property lending banks, it would have been cheaper to pay for their entire property lending teams to play golf for the previous ten years! At the risk of sounding condescending, this paper will start with something obvious but which nevertheless is fundamental. Copyright © 2001 Henry Stewart Publications

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