十大证券化贷款谈判†

Gregory P. Pressman
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引用次数: 1

摘要

从借款人的角度来看,推动许多贷款谈判的是一种紧张关系,一方面,资本市场的流动性使证券化贷款人能够提供有吸引力的定价(与他们的组合贷款人竞争相比),另一方面,增加了前期结构要求,并增加了对借款人财产运营的持续“监管”和限制。更糟糕的是,借款人有时会将服务反应迟钝视为进行房地产抵押贷款投资渠道(REMIC)交易的代价。本系列的第一部分重点介绍以下关键问题:(1)通过影响交易早期各方的相对谈判杠杆,为后续谈判奠定基调的事项;(2)融资前尽职调查和(类似的)贷款期限监控的范围和限制;(三)无追索权的免责;(四)转让限制;(5)远离破产。版权所有©2008 John Wiley &儿子,有限公司
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Top 10 securitizable loan negotiations†

From a borrower's point of view, what drives many loan negotiations is a tension between, on the one hand, the attractive pricing that the liquidity of the capital markets enables securitizing lenders to offer (when compared with their portfolio lender competition), versus, on the other hand, added up-front structuring requirements and increased ongoing ‘policing’ of and constraints on the borrower's property operations, compounded by the arguably less-responsive servicing that borrowers occasionally view as the price of doing real estate mortgage investment conduit (REMIC)-destined deals. This first part of the series highlights key issues regarding (1) matters that set the tone for subsequent negotiations by influencing the parties' relative negotiating leverage from early stages of the deal; (2) the extent of and limits on pre-funding due diligence and (similarly) life-of-loan monitoring; (3) the non-recourse carveouts; (4) transfer restrictions; and (5) bankruptcy remoteness. Copyright © 2008 John Wiley & Sons, Ltd.

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Advances in quantifying risk in commercial real estate lending Leverage in real estate investments: an optimization approach Holding period effect and home price indexes: a dynamic analysis Top 10 securitizable loan negotiations† Real estate loan delinquency, property prices and alternative income opportunities
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