ᚴ
੠
䆱
4• ᳡
䌍
ࡵ
䇗
⦄
ᭈ
䞥
៤
ᴀ • ܹ㔥ᑈ䰤˄᳜˅
7 • 㓁ㅒ
11 • 䌶ಲ
㦋প
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ᅶ᠋行㔥䰊↉
偅ࡼ಴㋴
Ӌؐᴴᴚ
㧹䫔ᓎ䆂
行㔥 ണᏤ 䌶ಲ
Lj๲ࡴᤑ⬭⥛ Lj๲ࡴᤑ⬭ᅶ᠋Ӌؐ Lj‫ޣ‬ᇥ行㔥៤ᴀ
Ljᇍ┰೼ⱘ行㔥⫼᠋ᦤկ᳈໮᳡ࡵˈᦤ催ᤑ⬭⥛ Ljᦤ催ᇍ催Ӌؐ行㔥⫼᠋੠催ৃ㛑ᗻ行㔥ⱘᤑ⬭ Lj䙓‫ܡ‬䫭䇃ᤑ⬭䴲行㔥⫼᠋˗‫ޣ‬ᇥ↣⃵ᤑ⬭ⱘ៤ᴀ
Ljѝপ⫼᠋ᯊ䙓‫┰ܡ‬೼ണᏤ 亢䰽
Lj೼Ⳃࠡⱘᅶ᠋෎⸔Ё‫ޣ‬ᇥ ണᏤ
Lj䩜ᇍϡৠ㒚ߚᏖഎ੠行㔥ॳ಴ˈ䆒䅵ϡৠⱘ䌶 ಲㄪ⬹
LjՓᦤկⱘѻક/᳡ࡵӋؐϢᅶ᠋ӋؐⳌ㒳ϔˈሑ 䞣ᓊ䭓䌶ಲৢⱘ⫳ੑᳳ
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Lj䙓‫ܡ‬ℎ䆜 LjӬ࣪ᬊℒᴹ‫ޣ‬ᇥണᏤᤳ༅
Ljѝপ᳈໮㡃ད⫼᠋ˈৠᯊ‫ޣ‬ᇥ᳝ണᏤ亢䰽ⱘᅶ ᠋᭄䞣
Lj᥻ࠊണᏤᓩ䍋ⱘ⍜䌍䰤乱ˈ‫ޣ‬ᇥᢦҬᏤऩⱘᑇ ഛ乱
Ljࡴ㋻ᬓㄪ䰤ࠊ˗‫ޣ‬ᇥ⃴䌍ⱘ⫼᠋᭄䞣˗᳔ᇣ࣪ ᢦҬ亢䰽
Ljᦤ催ᅲᬊ⥛˗᳔໻࣪ᬊܹᤳ༅ⱘ㸹ٓ
Ljࡴ໻䌶ಲ࡯ᑺ Ljᦤ催᥹ফ⥛ Lj๲ࡴ䌶ಲӋؐ
Lj䩜ᇍℷᡩ䌘ಲ᡹⥛ⱘ行㔥⫼᠋ˈᇱ䆩໮辵䌶ಲ ᮍᓣˈ๲ࡴᇱ䆩⃵᭄
⍺⥛԰ЎЏ㽕Ⳃᷛ
Ӭᚴ੠䆱 䌍䇗ᭈ
LjҎᎹ䖯㸠ⱘ鳥ߚ੠Ꮴऩ 㑻Ӭᚴ Lj㞾ࡼ࣪鳥ߚ੠Ꮴऩ㑻Ӭ ᚴ Ljᦤछᅶ᠋⒵ᛣᑺ
Lj䩜ᇍϡৠ鳥ߚ੠Ꮴऩ㑻Ӭᚴⱘॳ಴ǃ㉏߿੠ѿ ᳝㗙ˈ᥻ࠊ⃵᭄੠䞥乱
Lj䞣࣪ᅵḌ㧹䫔Ḝᬜᵰ˗ঞᯊপ⍜᮴ᬜ㧹䫔Ḝ Lj᥼㤤᳔䗖ড়ᅶ᠋ⱘ㧹䫔Ḝ
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ᅶ᠋⫳ੑ਼ᳳ᳆㒓˖⫼Ѣሩ⦄ǃ ᇍ↨৘Ꮦ݀ৌᅶ᠋ⱘᭈԧ⫳ੑ ㅵ⧚῵ൟ ਼ᳳ⢊‫↣ˈމ‬Ͼ䰊↉ᅶ᠋Ӌؐ ⱘᇍ↨ˈ৘⫳ੑ਼ᳳ䰊↉䎼ᑺ ᇍ↨
‫ع‬ᒋᑺ䆘Ԅ῵ൟ˖⫼Ѣ㸵䞣ᶤ
ϾᏖ݀ৌᅶ᠋⫳ੑ਼ᳳㅵ⧚ⱘ
“‫ع‬ᒋ”⿟ᑺˈ⫼Ѣ‫އ‬ᅮᑨ䆹
ᇚાᮍ䴶ᏖഎᎹ԰ᅶ᠋԰㾘῵Ўথ䞡ሩ ⚍DŽ
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0.80
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ᅶ᠋⫳ੑ਼ᳳӬ࣪
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ᅶ᠋⫳ੑ਼ᳳⱘ11 Ͼ݇䬂偅ࡼ಴㋴
LTV ៤ᴀ ᬊܹ ᅶ᠋ㅒ㑺˄䞡ᮄㅒ㑺˅ ᅶ᠋Ёℶড়㑺
2000
• 行㔥
ᅶ᠋⫳ੑ
9
10 • ണᏤ
1500
਼ᳳӋؐ
• 䕀鼠
8
1000
• Ѹঝ䫔ଂ/
500
• ঴ࡴ䫔ଂ 5
ܼ⧗䗮ᘏԧ䆱ࡵ䞣ᦤछ 䭓䗨䆱ࡵ㧹䫔 ܼ⧗䗮Ё催ッᅶ᠋Ӌؐᦤछ
Ѹঝ䫔ଂ/ ঴ࡴ䫔ଂ
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෎⸔῵ൟ
៬⬹Ⳃᷛ
⫳ੑ਼ᳳ
ಯϾ᳔Ӭ࣪ ㅵ⧚῵ൟ
ҹᅶ᠋⫳ੑ਼ᳳㅵ⧚˄CLM˅⧚䆎Ўᣛᇐˈᦤ կԧ㋏࣪ⱘߚᵤᬃᩥ
> ᇚॳ᳝ⱘ⣀ゟⱘߚᵤІ៤ϔϾ㒳ϔǃ ण䇗ⱘߚᵤḚᶊˈᵘᓎ‫ܜ‬䖯ⱘㅵ⧚⧚ᗉᴹ ᬃᩥᏖഎߚᵤ˗
> ೈ㒩ᅶ᠋⫳ੑ਼ᳳㅵ⧚⧚ᗉᴹᵘᓎᑊ 䚼㕆ᣪᥬߚᵤᑨ⫼DŽ Nhomakorabeaᑨ⫼῵ൟᑧ
ᅶ᠋⫳ੑ਼ᳳ ㅵ⧚˄CLM)
0
-500 -1000 -1500 -2000
1
•䌁 ф ᛣ
2
৥ • 㦋প
៤ᴀ
3• 㒣 ᐌ ᬊ ܹ
6
•Ӭ
ᚴ
੠
䆱
4• ᳡
䌍
ࡵ
䇗
⦄
ᭈ
䞥
៤
ᴀ • ܹ㔥ᑈ䰤˄᳜˅
7 • 㓁ㅒ
11 • 䌶ಲ
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ᑨ⫼῵ൟᑧ
ᅶ᠋⫳ੑ ᅶ᠋⫳ੑ਼ᳳ᳆ ‫ع‬ᒋᑺ䆘Ԅ῵
਼ᳳ䆚߿ 㒓
ൟ
ᅶ᠋Ӌؐ῵ൟ ᅶ᠋⫳ᄬߚᵤ ᅶ᠋㒚ߚ῵
῵ൟ
ൟ
෎⸔῵ൟ˖Ўᅶ᠋⫳ੑ਼ᳳ݊Ҫ῵ ൟᦤկ෎⸔ⱘߚᵤᬃᩥˈࣙᣀ
•ᅶ᠋Ӌؐ῵ൟ •ᅶ᠋⫳ᄬߚᵤ῵ൟ •ᅶ᠋㒚ߚ῵ൟ
ᅶ᠋⫳ੑ਼ᳳ䆚߿˖⫼Ѣ䆚߿ ऩϾᅶ᠋៪ᅶ᠋㕸ԧ໘ѢાϾ ⫳ੑ਼ᳳ䰊↉ˈҹ䖯ϔℹ⹂ᅮ ᳝ાѯ݇䬂偅ࡼ಴㋴ৃҹ֗䖯 ݊ӋؐᦤछDŽ
䕀鼠
Lj䰡Ԣ䖕鼠ⱘᕅડ࡯ Lj‫ޣ‬ᇥ䰡ԢᬊⲞⱘ䖕鼠᭄
䞣 Lj߽⫼䖕鼠ⱘ鳥ᵕࡃ԰⫼
Lj䙓‫ܡ‬䖛ߚ哧ࢅ⫼᠋䖕鼠ˈᦤկ᳓ҷൟ䗝ᢽ Lj䰆ℶ䖕鼠䆜偫 Ljᅮԡ䗖ড়䖕鼠ⱘᅶ᠋ˈ䰡Ԣ䖕鼠៤ᴀ
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ᑨ⫼῵ൟᑧ
෎⸔῵ൟ
៬⬹Ⳃᷛ ᑨ⫼῵ൟᑧ ಯϾ᳔Ӭ࣪
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Ѡǃ݇䬂偅ࡼ಴㋴੠Ӌؐᴚᴴ
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ᔽ䪗⌕༅乘䄺῵ൟ
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07ᑈ䳔∖㾘ߦᚙ‫މ‬
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ऎඳ᠋໪ᅷӴ⌏ࡼߚᵤ ‫ݰ‬ᴥ⫼᠋ϧ乬ߚᵤ
ऎඳ⏴䘧㾘ߦঞӬ࣪
ᱎ㛑㔥ક⠠Ӭ࣪ ᱎ㛑㔥ક⠠䕀ܼ⧗䗮
Lj䗮䖛ᯢ⹂ⱘѻકᅮԡ੠໮ᮍԡ᳝ᬜ֗䫔ˈ֗Փᅶ ᠋㗗㰥䌁фѻક੠᳡ࡵ
Ljֱ䆕⫼᠋᳝⒵ᛣⱘՓ⫼㔥㒰੠䜡༫᳡ࡵⱘԧ偠
㦋প៤ᴀ
Ljᠽ໻䫔ଂⱘ䗨ᕘ Ljᦤ催䕀ᤶ⥛ Lj๲ࡴ䫔ଂⱘᑇഛᅶ᠋⫳
ੑӋؐ Lj䰡Ԣ䫔ଂ៤ᴀ
Ljᢧሩ䫔ଂ⏴䘧ᑊ๲ࡴ৘⏴䘧ⱘ䫔ଂ䞣 Ljᦤ催䫔ଂᡔᎻᑊ䕙ҹ֗䫔乍Ⳃˈᦤ催ᅶ᠋᥹ফ⥛
ঞ᳔㒜៤Ѹ⥛ Ljᓊ䭓ᅶ᠋ⱘ乘ᳳ⫳ੑ਼ᳳᑊ๲ࡴ݊ᑇഛՓ⫼⥛੠
Џ㽕‫ݙ‬ᆍ
ϔǃ“⫳ੑ਼ᳳ”ᭈԧḚᶊ῵ൟ Ѡǃ ݇䬂偅ࡼ಴㋴੠Ӌؐᴚᴴ ϝǃ ῵ൟⷨおঞ䆩⚍ᭈԧ䚼㕆
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ᑇഛѻકᬊⲞ Ljय़㓽೎ᅮᬃᣕ៤ᴀҹঞৃবⱘԷ䞥੠݊Ҫ䕙ࡽ៤
ᴀ
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Ӌؐᴚᴴҟ㒡
ᅶ᠋ᦤछ䰊↉
偅ࡼ಴㋴
Ӌؐᴴᴚ
㧹䫔ᓎ䆂
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ϔǃ“⫳ੑ਼ᳳ”ᭈԧḚᶊ῵ൟ
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ᅶ᠋⫳ੑ਼ᳳㅵ⧚ὖ‫މ‬
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ᅶ᠋⫳ੑ਼ᳳⱘ11 Ͼ݇䬂偅ࡼ಴㋴
LTV ៤ᴀ ᬊܹ ᅶ᠋ㅒ㑺˄䞡ᮄㅒ㑺˅ ᅶ᠋Ёℶড়㑺
2000
• 行㔥
ᅶ᠋⫳ੑ
9
10 • ണᏤ
1500
਼ᳳӋؐ
• 䕀鼠
8
1000
• Ѹঝ䫔ଂ/
500
• ঴ࡴ䫔ଂ 5
0
-500 -1000 -1500 -2000
1
•䌁 ф ᛣ
2
৥ • 㦋প
៤ᴀ
3• 㒣 ᐌ ᬊ ܹ
6
•Ӭ
ᬊ
ܹ ៤ ᴀ
ᅶ᠋ᇓੑ㸼
ᅶ᠋ᇓ 行㔥⥛ 行㔥ὖ …
ੑ
⥛
៤䭓ᳳ 23ˁ
45%
㹄䗔ᳳ 86ˁ
46%
..
…
> 乘⌟ϡৠ㕸ԧᅶ᠋ 㒻㓁೼㔥ⱘᯊ䭓 > ᵘᓎᅶ᠋ᇓੑ㸼
ᅶ᠋⫳ᄬߚᵤ῵ൟ
ᅶ᠋㒚ߚ῵ൟ
> 䗮䖛㘮㉏ߚᵤᡔ ᴃˈᑊϨҹ⫳ੑ਼ᳳ䰊 ↉ߦߚЎⳂᷛˈҢ໮Ͼ 㓈ᑺᇍᅶ᠋䖯㸠ὖᣀᗻ ߚ㉏DŽ
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