Credit Restrictions and the Market for Commercial Real Estate Loans
基于收入资本化率、债务覆盖率和贷款价值比等变量，构建商业房地产贷款市场模型，发现贷款需求对资本化率和建筑许可发放敏感，且贷款人主要依据债务覆盖率而非贷款价值比进行决策。
This paper develops a model of the market for commercial real estate loans based on the variables used by investors and lenders in property decision‐making: the income capitalization (cap) rate, the debt‐coverage ratio and the loan‐to‐value ratio. Empirical results for aggregate United States real estate originations and commitments for 1970–93 indicate that loan demand is sensitive to the cap rate and to building permit issuance. The dominant criterion used by lenders is the debt‐coverage ratio as opposed to the loan‐to‐value ratio, a finding which may have implications for underwriting standards and credit policy.