在后证券化时代的商业房地产融资外文翻译.docVIP

外文翻译 Duìyú duǎnqí shāngyè dàikuǎn gòngtóng de qīwàng bāokuò: Méiyǒu cóng bǎoxiǎn yè de biànhuà, shāngyè yínháng jīhū méiyǒu biànhuà, yīnwèi tāmen jìxù nǔlì, tōngguò tāmen zìjǐ de zījīn wèntí, bìng zuìzhōng chéngwéi le CMBS shìchǎng huíbào, dàn suí zhe gāi shìchǎng de guīmó gūjì zhǐ bù děng Cóng 450 yì měiyuán zhì 850 yì měiyuán měinián. 字典 - 查看字典详细内容 形容词 短期的 Commercial Real Estate Financing in a Post-Securitized Lending Era Material Source:Practising Law Institute Author: Robert J. Hellman Two years ago, real estate securitized lending came to a crashing halt amid concerns over bond ratings for CMBS and CDO issues，asset valuations and the oversized impact had very high leverage when lenders borrowed short and lent long. Real estate developers and investors learned the hard way that the liquidity securitized lending added to the real estate industry put them more at the mercy of financial markets than ever before. Because such markets rely on investor confidence as much as, or more than, NOIs and an “expert’s” projections, capital can flow out a whole lot faster than it flows in. Without a readily available alternative, liquidity drained from real estate before most investors were able to cash in their chips, creating huge paper losses and shutting down the market efficiency that had propelled real estate to the top of the investment pyramid. For a while, it appeared that real estate had become a truly liquid asset, despite its bricks-and-mortar status, able to trade on more than just the underlying fundamentals. With spreads for the AAA CMBS tranches only minimally above the risk free Treasury rate, many investors seemed to believe either that real estate required little in the way of a risk premium or that Wall Street had run out virtually all of the risk through financial engineering. Unfortunately, neither of these options proved to be true. With the broad-based economic decline brought on by a lack of credit beginning in 2008, real estate began showing it