如何用藝術品獲得低息貸款
Amassing wealth is terrific─as long as you can tap into it when you need to.
積累財富是件絕妙的事情──因爲當你需要的時候就能夠利用它們。But what if many of your assets are illiquid?
但是如果你的財產很多都是非現金性質的，那該怎麼辦呢？That is a common problem among some wealthier investors. When the perfect investment opportunity comes along─say, a real-estate project or private-equity fund─these investors are unable to redeploy funds quickly.
在一些比較富裕的投資者中，這是一個普遍的問題。當絕好的投資機會到來時──比如，一個房地產項目或者私募基金──這些投資者無法迅速調動資金。
To combat the problem, investors increasingly are turning to low-interest-rate loans from private banks or wealth-management firms to tap anywhere from $75,000 to hundreds of millions of dollars. They use a pool of their own securities, artwork or even aircraft as collateral.
爲了應對這個問題，越來越多的投資者從私人銀行或財富管理公司申請低息貸款，借取75,000至數以百萬計美元不等的資金。他們使用自己持有的有價證券、藝術品甚至飛機作爲抵押。Corporate executives have borrowed against their stock holdings for years using such loans. Known as 'structured lending' or 'borrowing against holdings,' the practice grew more popular among smaller investors in 2012, say executives at wealth-management firms and private banks.
公司高管們通過這類貸款用所持股票作抵押借取資金已經有好些年了。財富管理公司和私人銀行的高管們說，這種操作行爲人稱“結構性貸款”或“股份抵押借貸”，2012年在小投資者中越來越流行了。At Raymond James Bank, a subsidiary of Raymond James Financial, a St. Petersburg, Fla.-based financial-services company, securities-based loans outstanding rose to $414 million at the end of 2012 from $41 million in March.
瑞傑銀行(Raymond James Bank)是總部位於佛羅里達州聖皮特斯堡(St. Petersburg)的金融服務公司瑞傑金融集團(Raymond James Financial)下屬的子公司。該銀行以有價證券作抵押的未償貸款從2012年3月的4,100萬美元上升到了年底的4.14億美元。'People are feeling a lot more comfortable and want to re-enter business transactions,' says Anne McCosker, co-head of credit products at the Wealth and Investment Management division of Barclays . 'At the same time, banks are generally increasing their appetite for credit again.'
巴克萊銀行(Barclays)財富和投資管理部負責信貸產品的聯合主管安妮•麥科斯克(Anne McCosker)說，“人們現在感覺輕鬆多了，想要重新進入商業交易領域。與此同時，銀行也普遍重新增加了放貸量。”Securities-based loans, or loans made against pools of securities, are increasingly attractive to clients because of their low interest rates and flexibility, says Jordan Waxman, a managing director and partner at HighTower's HSW Advisors, which has about $1 billion under management. Currently, annual interest rates fluctuate between 1% and 2%. He says loan liabilities comprise $60 million of assets under management at his practice.
HighTower公司所屬HSW Advisors的常務董事及合夥人喬丹•韋克斯曼(Jordan Waxman)說，有價證券類貸款，也就是以有價證券爲抵押獲取的貸款，因其低利率和靈活性的特點對客戶越來越有吸引力。HSW Advisors管理的財富達10億美元左右。目前此類貸款的年利率在1%和2%之間波動。韋克斯曼說他管理的資產中60%是貸款負債。Clients have been using the loans for opportunistic investments that should return more than the cost of borrowing the capital to invest, Mr. Waxman says. Depending on the loan, there might also be no set 'due date' for when clients have to repay the loans.
韋克斯曼說，客戶使用這種貸款進行機會性投資，這些投資的回報高於借貸的成本。根據具體情況，有的貸款可能沒有設定客戶必須償還貸款的“到期日”。The loans carry advantages and drawbacks.
這類貸款有利有弊。On the positive side, the loans let people keep their portfolios intact, without having to forsake future profits in the market and having to incur capital gains, says Andrew Kaiser, chief operating officer of Goldman Sachs Bank USA, a unit of Goldman Sachs Group.
高盛集團(Goldman Sachs Group)下屬美國高盛銀行(Goldman Sachs Bank USA)的首席執行長安德魯•凱澤(Andrew Kaiser)說，從有利的方面來看，這類貸款可以讓人保持投資組合的完整性，無須放棄未來的市場利潤，也無須交納資本利得稅。Borrowers should remember they must pay back the loan with interest─and might end up having to sell of a portion of their securities to do so if the value of the securities declines, warns Bill Geis, executive vice president of retail lending at Raymond James Bank. Typically, clients use the income generated by the investments made possible by the loan to pay it back. But if those investments sour, the borrower still is on the hook.
瑞傑銀行負責零售貸款的執行副總裁比爾•蓋斯(Bill Geis)警告說，借款者應該記住，他們償還貸款時必須支付利息──如果證券的價值下跌，他們可能最終不得不賣掉部分證券來還貸。一般來說，客戶使用成就他們投資的貸款所產生的收益來償還貸款，但是如果那些投資失敗，借款者便會陷入困境。The interest rate on the loans tends to be floating, says Mike McPartland, head of investment finance for North America at Citi Private Bank, a unit of Citigroup. The rate is typically tied to the 30-day London interbank offered rate. If the interest rate is Libor plus one percentage point and the 30 day-Libor is 0.25%, then the interest rate on the loan would be 1.25%. Some firms offer fixed rates as well, says Ms. McCosker of Barclays.
花旗集團(Citigroup)下屬北美花旗私人銀行(North America at Citi Private Bank)的投資財務負責人邁克•麥帕特蘭德(Mike McPartland)說，這類貸款的利率往往是浮動的。它的利率一般是和30天的倫敦銀行同業拆借利率(London interbank offered rate,簡稱Libor)相關聯的。如果這種貸款的利率是Libor+1%，而30天的Libor是0.25%，那麼它的利率就是1.25%。巴克萊銀行的麥科斯克說，有些貸款也提供固定利率。Loans differ depending on the nature of the collateral, Mr. McPartland says. For example, securities that are less volatile, like municipal bonds and Treasurys, will on average command an 'advance rate' of 85%. So, if you put up $50 million worth of securities, you would receive a loan worth $43 million. The advance rate would be lower if the securities were noninvestment grade.
麥帕特蘭德說，貸款因抵押品性質的不同而有差異。比如，像市政債券和國庫券這些穩定性較好的證券平均會獲得85%的“放款率”。因此，如果你的抵押債券價值5,000萬美元，你會得到4,300萬美元的貸款。如果債券屬於非投資級債券，放款率就會低一些。Banks are more likely to lend against more liquid offerings, like securities, than against assets like interests in a hedge fund or private-equity fund that are harder to value, says Mindy Rosenthal, executive director of the Institute for Private Investors, a New York group for high-net-worth families.
紐約爲高淨值家庭服務的私人投資者學院(Institute for Private Investors)的執行董事明迪•羅森塔爾(Mindy Rosenthal)說,相對對衝基金投資和私募基金投資這些比較難以估價的資產，銀行更願意以證券等流動性更強的資產爲抵押發放貸款。Still, Stephen Brodie, a partner at law firm Herrick, Feinstein in New York who represents six different private banks in lending to high-net-worth individuals, says art loans are 'far more common' today than they were three or four years ago.
六家向高淨值個人提供貸款的私人銀行的法律代表、紐約Herrick, Feinstein律師事務所的合夥人斯蒂芬•布羅迪(Stephen Brodie)說，如今藝術品抵押貸款比三、四年前“常見多了”。Works of art can be tough to sell quickly, and usually have advance rates from 40% to 50% of a conservative value estimate, Mr. Brodie says. Interest rates on those loans might be Libor plus two or three percentage points, says Scott Milleisen, a capital adviser at J.P. Morgan Private Bank, a unit of J.P. Morgan Chase.
布羅迪說，藝術品很難快速出售，通常其放款率只有其保守估價的40%-50%。摩根大通(J.P. Morgan Chase)下屬摩根大通私人銀行(J.P. Morgan Private Bank)的資本顧問斯科特•米萊森(Scott Milleisen)說,這類貸款的利率可能是Libor加2-3個百分點。To use art as collateral, clients also must pay appraisal fees to the bank─but they usually get to keep the art on their walls.
要使用藝術品作抵押，客戶也必須向銀行支付估價費──但是他們通常能把藝術品繼續掛在自家的牆上。
