融资与证券【外文翻译】

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

2、valuewhichisdeterminedbyanexpert.Themarketvalueformsthebasisforthelendingvalue.Afirstmortgageisgrantedfor60%oftheproperty'slendingvalueandenteredinthelandregisterasafirst-rankingmortgage.Theremainingamountupto80%ofthelendingvalueisgrantedintheformofapersonalloan,anyamou

3、ntexceedingthisasanopencredit.Insomecases,thepropertyisevenfinancedentirelywithborrowedcapital.Theloansarelong-term.Thedebtisservicedthroughcurrentpaymentsofinterestandprincipal,whichgraduallyreducesthefinancingbank'srisk.Thelocationandqualityoftheproperty,thereliabilit

4、yandsolvencyoftheborrower,theamountofcapitaltheborrowerisputtinguphimselfandanyrighttousegrantedtothirdpartiesarethemaincriteriaforthegrantingofloans.Furthermore,therearerefinancingpossibilitiesforbanks,especiallyformortgagebondbanks,whichmay-inaccordancewiththeGermanMo

5、rtgageBondAct-issuemortgagebondsandsellthemonthecapitalmarketinordertorefinancetheloansgranted.Mortgagebondsaresecuritiesbackedbymortgages.Therefore,onlymortgageswhichprovidesecurityforloansuptoanamountof60%ofthelendingvaluemaybeconsidered.Theassessmentismadeonthebasiso

6、ftheRegulationontheAssessmentofLendingValueswhichcameintoeffectatthebeginningofAugust2006.Thisisthefirstregulationtolaydownstandard,transparentrequirementsonvaluationmethodsandthequalificationsofexpertsforallbondissuers.II.FormsofFinancingQuestionsrelatingtofinancingari

7、sewithvirtuallyeveryrealestatepurchase.Evenifsufficientequityisavailable,itissensibletouseotherfinancinginstrumentstoexploitthedifferencebetweentheborrowingcostsandtheincomefromtherealestatesoastoimprovethereturnofequity(leverageeffect).Alargenumberoffinancingalternativ

8、esareavailableforthispurpose.Innovativeandflexiblefinancingalternativeshavenowestablishedthemselvesalongsideth