Recourse loan与Non-recourse loan的比较

　　Recourse loan（有追索权的贷款）：

 

　　the lender has a claim against the borrower for the shortfall between the outstanding balance and the proceeds received from the sale of the property.

 

　　Less likely to default.

 

　　有追索权的贷款赋予了出借人权利，他在借款人没有及时成功还款时，可以在未还款的限额内占有借款人的除抵押品之外的其他资产。这种有追索权的贷款一般违约概率较小。

 

　　Non-recourse loan（无追索权的贷款）：

 

　　the lender cannot claim borrower’s personal assets except for collateral property.

 

　　More likely to default.

 

　　无追索权的贷款：当借款人不能支付借款时，出借人没有权利追索除了抵押品之外其他借款人的资产，更有可能发生违约；

 

　　例：Rose obtains a 8 million EUR mortgage loan from Bank Nederlandse.A year later the principal on the loan is 5 million EUR and Rose defaults on the loan.Bank Nederlandse forecloses,sells the property for 2.5 million EUR,and is entitled to collect the shortfall,2.5 million EUR,from Rose.Rose most likely had

 

　　a:

 

　　A.bullet loan.

 

　　B.recourse loan.

 

　　C.non-recourse loan.

 

　　【Answer：B】

 

　　解析：Bank Nederlandse has a claim against Rose for 2.5 million EUR,the shortfall between the amount of the mortgage balance outstanding and the proceeds received from the sale of the property.This indicates that the mortgage loan is a recourse loan.The recourse/non-recourse feature indicates the rights of a lender in foreclosure.If Rose had a non-recourse loan,the bank would have only been entitled to the proceeds from the sale of the underlying property,or 2.5 million EUR.

 

　　因为Rose在卖了抵押品并归还抵押品资金后，还需要通过其他方式来还未还的款，就说明这个贷款是有追索权的，如果没有追索权的话，银行只能拿回抵押品销售的2.5million，而不能拿到剩余的钱。看完CFA知识点，再来了解下CFA相关备考资料吧→>>点击领取CFA免费资料大礼包

来源|金融先进考   若需引用或转载,请联系原作者,感谢作者的付出和努力!

相关CFA知识推荐：

CFA考生备考中易忽视的三个问题

这十大CFA学习坏习惯你有吗？