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1、外文翻譯CommercialRealEstateFinancinginaPostSecuritizedLendingEraMaterialSource:PractisingLawInstituteAuth:RobertJ.HellmanTwoyearsagorealestatesecuritizedlendingcametoacrashinghaltaconcernsoverbondratingsfCMBSCDOissues，asset

2、valuationstheoversizedimpacthadveryhighleveragewhenlendersbrowedshtlentlong.Realestatedevelopersinvestslearnedthehardwaythattheliquiditysecuritizedlendingaddedtotherealestateindustryputthemmeatthemercyoffinancialmarketst

3、haneverbefe.BecausesuchmarketsrelyoninvestconfidenceasmuchasmethanNOIsan“expert’s”projectionscapitalcanflowoutawholelotfasterthanitflowsin.Withoutareadilyavailablealternativeliquiditydrainedfromrealestatebefemostinvestsw

4、ereabletocashintheirchipscreatinghugepaperlossesshuttingdownthemarketefficiencythathadpropelledrealestatetothetopoftheinvestmentpyra.Fawhileitappearedthatrealestatehadbecomeatrulyliquidassetdespiteitsbricksmtarstatusable

5、totradeonmethanjusttheunderlyingfundamentals.WithspreadsftheAAACMBStranchesonlyminimallyabovetheriskfreeTreasuryratemanyinvestsseemedtobelieveeitherthatrealestaterequiredlittleinthewayofariskpremiumthatWallStreethadrunou

6、tvirtuallyalloftheriskthroughfinancialengineering.Unftunatelyneitheroftheseoptionsprovedtobetrue.Withthebroadbasedeconomicdeclinebroughtonbyalackofcreditbeginningin2008realestatebeganshowingitstruecolsasemploymentpedoffi

7、cesemptiedsteswentdarkrealestatevaluationsfellasadirectconsequenceofdeclinesinoperatingincomeagradualreturntohisticnmsfcapitalizationrates.Bytheendof2007certaintrendsinrealestatelendingappearedlikelymostofwhichcanbeseent

8、odayareusefultoexamineasameanstogaugewhererealestatefinancingstsattheendof2009.Thegoodnewsthenasnowisthat“Realestatehasbecomeanacceptedassetclassfinvestswldwidesotodaysenvironmentshouldbeviewedasa(relatively)shttermtrans

9、itionalperiodthattechbubblebursthighlyratedpaperacrossthedebtspectrumgeneratedrazthinspreadsoverindexeslikeLIBTreasurybondsfurthercompressingyieldsoneventhelowestratedtranchesofCMBSbonds.Somewherealongthecontinuumbeginni

10、ngaround1995whencommercialrealestateCMBSbecameaprovenproductendingin2007lenders(i.e.invests)seemedtocometobelievethattherisksinherentincommercialrealestatehadbeensufficientlyidentifiedthatnotonlycouldthatriskbetranchedou

11、tbutthatindoingsotheoverallriskhadsomehowbeenmitigatedaswell.becauseissuersofrealestatedebtwereabletoselloffalloftheirriskiftheysochoseriskfurtherrecededfromconsiderationwhencreatinglargepoolsofrealestateloansfsecuritiza

12、tion.Browershaddiscoveredamarketsohungryfyieldthattheywereabletoselloffsubstantiallyalloftheirriskaswell.Akeycomponenttotheinflationofrealestatevalueswastheabilityofdeveloperstoraisethirdparty(leveraged)equityathisticall

13、ylowcostbylayeringintothecapitalstackincreasinglycomplexmezzaninedebtpreferredequityindertoacquirebuildnewprojects.Whileequityreturnsof15%meonrealestateprojectshadhisticallybeenconsideredanadequateriskadjustedreturnnomin

14、al(unleveraged)mezzaninedebtpreferredequityreturnsbeganfallingbelow10%asthebullmarketfrealestatecontinued.Whenthecapitalmarketsshutdowntheeconomyfaltereddeveloperscouldnolongerrefinanceatwillinvestssuddenlyrealizedthatth

15、eywerenolongerbeingcompensatedappropriatelyfthelevelofrisktheyhadaccepted.AtthatpointyieldsonAAACMBStranchesskyrocketedtoasmuchas18%mostoftheremainingtrancheslostallinterestfrompotentialbuyers.Currentlyyieldshaveeasedast

16、heriskhasbeenreassessedbutdoubledigitreturnson(supposedly)nearriskfreedebtisstillnotunusual.RevengeoftheUnderwriters.Conventionalwisdomatthebeginningof2008wasthatonly“good”dealscouldstillgetfinanced(implyingofcoursethat“

17、bad”dealswereabletobefinancedpreviously).fatimethatwasmostlytrueascommercialbankscontinuedtolendbutconservativeunderwritingsuddenlyseemedprudent.Butprudentmarketdrivenlendingchangedalltheassumptionsbrowerstookfgrantedwhe

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