Bankenverwertung

English translation: realisation of (bank) security

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
German term or phrase:Bankenverwertung
English translation:realisation of (bank) security
Entered by: Victor Dewsbery

12:26 Apr 21, 2005
German to English translations [PRO]
Bus/Financial - Real Estate
German term or phrase: Bankenverwertung
Im Rahmen einer Bankenverwertung vermittelte XXX (Makler) ein Liegenschaftspaket, bestehend aus drei Wohn- und Geschäftshäusern, an eine Investmentgesellschaft.

This is from a market report on the property market ("real estate" for those from the U.S.) in certain regions of Germany, prepared by a chain of estate agents. I think this reference is to sale of the properties on behalf of a bank to recover as much as possible from failed loans.
Victor Dewsbery
Germany
Local time: 20:35
There has been a sale alright,
Explanation:
but how do you know that the bank was not disposing of its own property (say because it was falling in value)?

Is there any specific reference to a loan in the text you have to translate?

Some banks do have divisions that hold real property as owners.

If the bank was realising a security it would have been a pretty big loan.

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Note added at 2005-04-21 13:57:46 (GMT)
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I have had a quick look around some German estate agents\' sites and think you are probably right and that it is the security that is being realised (especially as you point out that the property is in the eastern part of Germany).

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Note added at 2005-04-21 14:06:14 (GMT)
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Also found this:

Immobilien aus der Bankenverwertung sind sehr günstig zu haben. Wenn man weiß wo und wenn man das entsprechende know how besitzt.

Bei Kaufpreisen deutlich unterhalb des Verkehrswertes ergeben sich satte zweistellige Mietrenditen.

Und es handelt sich ausschließlich um Spitzenobjekte - keine 2. Wahl.

Durch direkte Kontakte zu den Banken kann man Ihnen diese Objekte anbieten, bevor sie in die Zwangsversteigerung gehen, in den Versteigerungsanzeigern auftauchen und dadurch andere Interessenten hellhörig machen.







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Note added at 2005-04-21 14:07:04 (GMT)
--------------------------------------------------

The key phrase here being \"bevor sie in die Zwangsversteigerung gehen\"

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Note added at 2005-04-21 14:43:32 (GMT)
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A note on the term \"foreclosure\".

When a lender forecloses (at least under English/Welsh law), the borrower loses what is known as the \"right of redemption\", the right to pay back the loan, which means that the borrower loses the equity in the property
Thus the lender takes the freehold without being obliged to pay the borrower what is left from the proceeds of sale after the bank has recovered its security.

However s. 91(2) of the Law of Property Act 1925 allows \"any person interested either in the mortgage money or in the right of redemption\" to request that the court makes an order for sale rather than foreclosure.

Equity gives the court discretion to allow the borrower to redeem and re-open the foreclosure.

The Law Commission have recommended that the \"remedy of foreclosure\" should be abolished in its current form.

The German \"Zwangsversteigerung is different, of course, but I don\'t think that the bank can take more than what the security is worth.

I would be cautious about using terms like \"foreclosure\".
Selected response from:

Anne Gillard-Groddeck
Local time: 20:35
Grading comment
It was Anne who pointed me in the right direction. I would have liked to give points to kchew, too. But this solution (see glossary) is more common in the UK (and even comes up in the Land Registration Act).
4 KudoZ points were awarded for this answer



Summary of answers provided
4(bank) disposal of collateral
kchew
3There has been a sale alright,
Anne Gillard-Groddeck
3Bank utilisation
cnmgloballtd


Discussion entries: 2





  

Answers


43 mins   confidence: Answerer confidence 3/5Answerer confidence 3/5
Bank utilisation


Explanation:
The bank’s loan promise
Utilisation: a loan promise issued by the bank to the submission of the application in the interest of ensuring external resources to cover project costs above own funds and the non-refundable state subsidy claimed on the basis of the invitation for applications for subsidies from EU Structural Funds. After the subsidy is won, the promised amount will be available to the applicant as external funds in the frameworks of a loan contract

(see below)



    Reference: http://www.ieb.hu/vallalatoknak/eu_projektek/default_en.asp
cnmgloballtd
United Kingdom
Local time: 19:35
Native speaker of: Native in FrenchFrench
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1 hr   confidence: Answerer confidence 3/5Answerer confidence 3/5
There has been a sale alright,


Explanation:
but how do you know that the bank was not disposing of its own property (say because it was falling in value)?

Is there any specific reference to a loan in the text you have to translate?

Some banks do have divisions that hold real property as owners.

If the bank was realising a security it would have been a pretty big loan.

--------------------------------------------------
Note added at 2005-04-21 13:57:46 (GMT)
--------------------------------------------------

I have had a quick look around some German estate agents\' sites and think you are probably right and that it is the security that is being realised (especially as you point out that the property is in the eastern part of Germany).

--------------------------------------------------
Note added at 2005-04-21 14:06:14 (GMT)
--------------------------------------------------

Also found this:

Immobilien aus der Bankenverwertung sind sehr günstig zu haben. Wenn man weiß wo und wenn man das entsprechende know how besitzt.

Bei Kaufpreisen deutlich unterhalb des Verkehrswertes ergeben sich satte zweistellige Mietrenditen.

Und es handelt sich ausschließlich um Spitzenobjekte - keine 2. Wahl.

Durch direkte Kontakte zu den Banken kann man Ihnen diese Objekte anbieten, bevor sie in die Zwangsversteigerung gehen, in den Versteigerungsanzeigern auftauchen und dadurch andere Interessenten hellhörig machen.







--------------------------------------------------
Note added at 2005-04-21 14:07:04 (GMT)
--------------------------------------------------

The key phrase here being \"bevor sie in die Zwangsversteigerung gehen\"

--------------------------------------------------
Note added at 2005-04-21 14:43:32 (GMT)
--------------------------------------------------

A note on the term \"foreclosure\".

When a lender forecloses (at least under English/Welsh law), the borrower loses what is known as the \"right of redemption\", the right to pay back the loan, which means that the borrower loses the equity in the property
Thus the lender takes the freehold without being obliged to pay the borrower what is left from the proceeds of sale after the bank has recovered its security.

However s. 91(2) of the Law of Property Act 1925 allows \"any person interested either in the mortgage money or in the right of redemption\" to request that the court makes an order for sale rather than foreclosure.

Equity gives the court discretion to allow the borrower to redeem and re-open the foreclosure.

The Law Commission have recommended that the \"remedy of foreclosure\" should be abolished in its current form.

The German \"Zwangsversteigerung is different, of course, but I don\'t think that the bank can take more than what the security is worth.

I would be cautious about using terms like \"foreclosure\".

Anne Gillard-Groddeck
Local time: 20:35
Native speaker of: Native in EnglishEnglish
PRO pts in category: 6
Grading comment
It was Anne who pointed me in the right direction. I would have liked to give points to kchew, too. But this solution (see glossary) is more common in the UK (and even comes up in the Land Registration Act).

Peer comments on this answer (and responses from the answerer)
neutral  kchew: Does one only uses the term "foreclosure" in the context of a mortgage? At any rate, I was thinking of a secured/guaranteed loan when I wrote my answer, so perhaps just striking the words "the bank foreclosed" would eliminate the innacuracy.
2 hrs
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1 hr   confidence: Answerer confidence 4/5Answerer confidence 4/5
(bank) disposal of collateral


Explanation:
or "sale of collateral" or "collateral sale".

As you say, the bank wants to recover as much value as possible from failed loans. Those loans were presumably secured by collateral (the buildings in question). When the borrower defaulted, the bank foreclosed. The collateral is now the bank's to dispose of as it sees fit.

see §9.1: http://cobrands.contracts.findlaw.com/agreements/invision/sv...


    Reference: http://englisch.germanien.name/dv10.htm
kchew
Local time: 20:35
Native speaker of: Native in EnglishEnglish
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