融资与证券【外文翻译】

《融资与证券【外文翻译】》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。

1、本科毕业论文（设计）外文翻译原文：FinancingandSecuritiesI.TraditionalFinancingTraditionally,realestatefinancinghasbeenprovidedbytheGermanbankingsystemthroughuniversalandmortgagebanks.Thebanksbasicallyofferunstructuredfinancingintheformof“universalloans".Thisloanisbasedonthecurrentm

2、arketvaluewhichisdeterminedbyanexpert.Themarketvalueformsthebasisforthelendingvalue.Afirstmortgageisgrantedfor60%oftheproperty'slendingvalueandenteredinthelandregisterasafirst-rankingmortgage.Theremainingamountupto80%ofthelendingvalueisgrantedintheformofapersonallo

3、an,anyamountexceedingthisasanopencredit.Insomecases,thepropertyisevenfinancedentirelywithborrowedcapital.Theloansarelong-term.Thedebtisservicedthroughcurrentpaymentsofinterestandprincipal,whichgraduallyreducesthefinancingbank'srisk.Thelocationandqualityofthepropert

4、y,thereliabilityandsolvencyoftheborrower,theamountofcapitaltheborrowerisputtinguphimselfandanyrighttousegrantedtothirdpartiesarethemaincriteriaforthegrantingofloans.Furthermore,therearerefinancingpossibilitiesforbanks,especiallyformortgagebondbanks,whichmay-inaccor

5、dancewiththeGermanMortgageBondAct-issuemortgagebondsandsellthemonthecapitalmarketinordertorefinancetheloansgranted.Mortgagebondsaresecuritiesbackedbymortgages.Therefore,onlymortgageswhichprovidesecurityforloansuptoanamountof60%ofthelendingvaluemaybeconsidered.Theas

6、sessmentismadeonthebasisoftheRegulationontheAssessmentofLendingValueswhichcameintoeffectatthebeginningofAugust2006.Thisisthefirstregulationtolaydownstandard,transparentrequirementsonvaluationmethodsandthequalificationsofexpertsforallbondissuers.II.FormsofFinancingQ

7、uestionsrelatingtofinancingarisewithvirtuallyeveryrealestatepurchase.Evenifsufficientequityisavailable,itissensibletouseotherfinancinginstrumentstoexploitthedifferencebetweentheborrowingcostsandtheincomefromtherealestatesoastoimprovethereturnofequity(leverageeffect

8、).Alargenumberoffinancingalternativesareavailableforthispurpose.Innovativeandflexiblefinancingalternativeshavenowestablishedthemselvesalongsideth