Лекции по английскому языку для изучающих банковское и финансовое дело. Лекции по английскому языку для изучающих банковское и финансов. Составитель Н. А. Самуэльян
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Part II. Granting the Loan on an Open Note Builder: 1 received your notice that my note is due. 1 can pay it off now, but there is a piece of land right next to my property that I'd like to buy. Banker: 1 don't remember your situation exactly. Are your present holdings free of encumbrance? Bu.: My real estate is clear. But there's a chattel mortgage on my construction equipment. 37 it a Ba. Ви. Has this land you want to buy been appraised? Ва.. Ви.. Ва.. Yes. It belongs to an estate and was appraised by| order of the court. They estimated its value all $20,000. *1 Can it be bought for that figure! I think so. I'd like to make them that offer. Would you consider giving us a trust deed lo secure your present note plus the additional funds you'll need? Ви.: Ва.: Ви.: Ва.: I might. But I'd thought that my net worth is high enough that I could borrow the amount on my open note. j Well, in that case, would your wife agree to bej a co-signer? \ I'm sure she would, because title to the properly! will be in both our names. Well, it seems lo me that you have enough equity in your property for us lo make Ihe loan on an орел nole. Questions on the dialogue: i Parti. \ \
9. Whal sorl of guarantee does Ihe banker insist on secure the funds the builder will need? 10. What made Ihe builder Ihink lhal he could borrow the amoun on an open note?
Text Banks make their profits by lending Ihe money which cus-loiners deposil wilh them to olhers who need il for personal or business reasons. Mosl people need more money lhan Ihey have currently available al some time in their lives. To be a borrower you must be a customer of the bank because Ihe money will be lent lo you Ihrough a bank account. There are Iwo ways in which you may borrow. The first, and easy, is to spend more money than you have in your current accounl — lo overdraw. The second, and the normal way of borrowing larger amoun Is or for a long period of lime is Ihe loan. If a manager permils an overdraft on currenl accounl he is likely lo sel a limit lo Ihe size of Ihe overdraft and may stipulate a dale by which Ihe accounl is back in credil. Businesses whose payments and rcceipls are often irregular will fre-quenlly need lo use overdraft facilities and Ihey are often granted lo private customers as well particularly when Ihe manager knows lhal regular payments are made directly into the account. If a loan is granted il will be a fixed sum immediately available for a fixed period of time. The principal and Ihe inleresl on it may all become due for paymenl at the end of lhal period bul for personal loans il is common lo arrange lhat the loan and interest are repaid in equal regular instalment over the period of the loan. A separate account is opened lo record Ihe repayments as Ihey are made. Whether you are seeking money for business or personal reasons there are a number of Ihings lhal Ihe manager will I 38 39 want to know before he is prepared to grant your request. The obvious facts will be the amount that you seek and the arrangements for re-payment that you are able to suggest. You need to tell him something about the purpose of the loan, a business loan is likely to help you make profits out of which the loan can be repaid with interest and he will wish to judge for himself whether or not this is likely. Personal loans usually have to be repaid out of an income which will not get any bigger and the manager will be particularly anxious to ensure that you are not being loo optimistic. In deciding this he will be considerably assisted by his knowledge of you and his estimate of your character. Sometimes people do nol ask for enough money because they are anxious about the burden of Ihc repayments. The manager will be wise enough to try and ensure thai you will have sufficient amount of money to do what you want to do. Finally he will consider whether or not you really will be able to repay and what kind of security you can offer against the possibility that you do not repay. In the ease of a business Ihe manager may well want to sec well prepared, relevant documents such as profit and loss accounts and balance sheets for the most recent years. He would also ask about the expected return from the use of the money and want to see soine figures upon which you have based your calculations. Fora business good security might be one or more of the assets of the business whilst personal loans are often secured by such things as life insurance policies on which the bank is making regular payment for you or the deeds of your house. Questions on the text:
is permissible? 3. How are personal loans usually repaid? 4. Will you pay back more than you lx>rrowed? What will the difference be?
return?
Vocabulary Exercises I
40 41
k) a document which proves legal ownership of real estate 1) the value of the piece of property bc-yond any indebtedness held against it in) a statement of the assets and liabilities of a business which shows its position at a particular date n) a payment towards a larger sum usually made at regular intervals o) the amount of the loan itself before any interest is added p) a statement which shows the calculation of the results of doing business for a particular period of lime r) a fixed sum of money borrowed for a fixed period of time s) land or buildings t) amounts of money which are given to a creditor in settlement of a debl or a loan II Using the words in brackets, explain the meaning of Ihe following terms and phrases: 1. the morlgage is being amortized (regular payments on, the principal, the interest, make)
held as) 9. lo make a loan on an open note (grant, the repayment, not guaranteed collateral security)
III Choose the right answer: 1. "application for loan" means:
2. "balance sheet" denotes:
a particular moment 3. "indebtedness" here means:
4. "security" in Ihis sense is:
5. "principal" here means:
42 43 г с) the chief ilem or person. H. "my loan is due for repayment" means: a) my loan has reached maturity, h) my loan has been paid off, e) my loan has been extended. 7. "holdings free of encumbrance" means:
8. "my net worth "means:
9. "a co-signer" denotes:
10. "title to properly" is:
a) when 1 expecl to come back, h) the amount of money 1 expecl to have to repay, c) the income 1 expecl to receive from doing business. 12. "deeds" are: a) actions, h) documents showing how well my business is doing, c) documents which prove that I own a parlicular piece of J real properly. IV Say whal is true and what is false. Correct the false, sentences:
6. The bank will never wish to offer a larger loan than the applicant asks for. optimistic security character sufficient Find synonyms for: liability collateral repay debts VI 1. Find the nouns which are qualified by these adjectives and ivrile one noun to each adjective: additional open collateral personal current present expected private financial real most recent semi-annual 2. Combine the words listed below into meaningful two or lliree word expressions: asset equipment current fixЈd 44 45 I committee instalment deed loan discount net documents worth VII Explain the following:
possessions
VIII Fill in the blanks: Last week Mr Auger went lo his bank lo apply for a as he wishes to purchase a piece of land righl lo his own. He applied for a and 'Ihe bank asked him for a stalemcnl of his business affairs including a account and a The bank manager was happy lo granl Ihe loan but wanted some form of from Mr Auger and asked him if he would offer one or more of his fixed as The bank was pre pared to make the loan for ten years and expected Mr Auger to pay off the annual and some of each year in two equal every six months. IX Demonstrate the meaning of the following expressions in sentences of your own:
10. to draw up a profit and loss account | ||||||||||||||||||||||||||||||||||||||||