We study the role that recourse plays in the commercial real estate loan contracts of the largest U.S. banks. We find that recourse is valued by lenders as a substitute for conventional equity. At origination, recourse loans have rate spreads that are about 20 basis points lower and loan-to-value ratios that are almost 3 percentage points higher than nonrecourse loans. Dynamically, recourse affects loan modification negotiations by providing additional bargaining power to the lender. Recourse loans were half as likely to receive accommodation during the COVID-19 pandemic, and the modifications that did occur entailed a relatively smaller reduction in payments.

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作为影子股权的追索权：来自商业房地产贷款的证据

我们研究追索权在美国最大银行的商业房地产贷款合同中所扮演的角色。我们发现，贷款人重视追索权作为传统股权的替代品。在发起时，追索权贷款的利差比无追索权贷款低约 20 个基点，贷款价值比高出近 3 个百分点。从动态上看，追索权通过为贷款人提供额外的议价能力来影响贷款修改谈判。在 COVID-19 大流行期间，追索贷款获得住宿的可能性减少了一半，而且确实发生的修改导致付款减少相对较小。