{"id":613,"date":"2020-05-01T21:36:19","date_gmt":"2020-05-01T12:36:19","guid":{"rendered":"https:\/\/fudousangyo.com\/?p=613"},"modified":"2020-08-31T16:37:03","modified_gmt":"2020-08-31T07:37:03","slug":"%e4%b8%8d%e5%8b%95%e7%94%a3%e9%96%a2%e9%80%a3%e8%8b%b1%e8%aa%9e%e3%80%90finance%e3%80%91","status":"publish","type":"post","link":"https:\/\/fudousangyo.com\/?p=613","title":{"rendered":"\u4e0d\u52d5\u7523\u95a2\u9023\u82f1\u8a9e\u3010Finance\u3011"},"content":{"rendered":"<h4>Amortization<\/h4>\n<p>\u30a2\u30e2\u30c1\u30bc\u30fc\u30b7\u30e7\u30f3\u3002\u7565\u79f0\u30a2\u30e2\u30c1\u3002\u5b9a\u671f\u7684\u306a\u5143\u672c\u8fd4\u6e08\u306e\u3053\u3068\u3002\u5143\u672c\u8fd4\u6e08\u65b9\u5f0f\u306f\u3001\u5143\u91d1\u5747\u7b49\u8fd4\u6e08\u65b9\u5f0f\u3068\u5143\u5229\u5747\u7b49\u8fd4\u6e08\u65b9\u5f0f\u304c\u3042\u308b\u304c\u3001\u4f4f\u5b85\u30ed\u30fc\u30f3\u306a\u3069\u306e\u500b\u4eba\u5411\u3051\u306b\u306f\u3001\u5143\u5229\u5747\u7b49\u8fd4\u6e08\u65b9\u5f0f\u304c\u591a\u3044\u304c\u3001\u4e8b\u696d\u7528\u8cb8\u4ed8\u306e\u5834\u5408\u306f\u5143\u91d1\u5747\u7b49\u8fd4\u6e08\u65b9\u5f0f\u304c\u591a\u3044\u3002\u5358\u306b\u3001\u30a2\u30e2\u30c1\u3068\u547c\u3070\u308c\u3066\u3044\u308b\u3002<\/p>\n<h4>Asset Finance<\/h4>\n<p>\u30a2\u30bb\u30c3\u30c8\u30fb\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u3002\u4f1d\u7d71\u7684\u306a\u4f01\u696d\u878d\u8cc7\uff08\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30ed\u30fc\u30f3\uff09\u306b\u5bfe\u6bd4\u3059\u308b\u6982\u5ff5\u3002\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30ed\u30fc\u30f3\u3067\u306f\u3001\u4f01\u696d\u304c\u501f\u4e3b\uff08\u30dc\u30ed\u30ef\u30fc\uff09\u3068\u306a\u308a\u3001\u62b5\u5f53\u6a29\u306a\u3069\u306e\u62c5\u4fdd\u3092\u8a2d\u5b9a\u3059\u308b\u3053\u3068\u3082\u3042\u308b\u304c\u3001\u8fd4\u6e08\u4e0d\u80fd\u306e\u969b\u306e\u62c5\u4fdd\u6a29\u5b9f\u884c\u5f8c\u306b\u304a\u3044\u3066\u3001\u6b8b\u50b5\u304c\u6b8b\u3063\u305f\u5834\u5408\u306b\u304a\u3044\u3066\u306f\u3001\u5f53\u8a72\u6b8b\u50b5\u3092\u8fd4\u6e08\u3059\u308b\u7fa9\u52d9\u304c\u3042\u308b\u30ed\u30fc\u30f3\u3068\u306a\u308b\u3002\u3053\u308c\u3092\u30ea\u30b3\u30fc\u30b9\u30ed\u30fc\u30f3\uff08\u9061\u53ca\u578b\u30ed\u30fc\u30f3\uff09\u3068\u3044\u3046\u3002\u4e00\u65b9\u3001\u30a2\u30bb\u30c3\u30c8\u30fb\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u306b\u304a\u3044\u3066\u306f\u3001\u8fd4\u6e08\u539f\u8cc7\u306f\u3001\u62c5\u4fdd\u3068\u306a\u308b\u5bfe\u8c61\u8cc7\u7523\u306eCF\u306b\u9650\u5b9a\u3055\u308c\u3001\u50b5\u52d9\u4e0d\u5c65\u884c\u306e\u969b\u306b\u304a\u3051\u308b\u62c5\u4fdd\u6a29\u5b9f\u884c\u306e\u969b\u306b\u6b8b\u50b5\u304c\u6b8b\u3063\u305f\u3068\u3057\u3066\u3082\u3001\u539f\u5247\u7684\u306b\u501f\u4e3b\uff08\u30dc\u30ed\u30ef\u30fc\u3068\u306a\u308bSPC\uff09\u306b\u306f\u3001\u8fd4\u6e08\u7fa9\u52d9\u3092\u8ca0\u308f\u306a\u3044\u30ed\u30fc\u30f3\u3068\u306a\u308b\u306e\u304c\u4e00\u822c\u7684\u3067\u3042\u308b\u3002\u3053\u308c\u3092\u30ce\u30f3\u30ea\u30b3\u30fc\u30b9\u30ed\u30fc\u30f3\uff08\u975e\u9061\u53ca\u578b\u30ed\u30fc\u30f3\uff09\u3068\u3044\u3046\u3002\u5e83\u7fa9\u306e\u30a2\u30bb\u30c3\u30c8\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u3067\u306f\u3001\u5bfe\u8c61\u8cc7\u7523\u304c\u50b5\u6a29\u3001\u52d5\u7523\u3001\u4e0d\u52d5\u7523\u3001\u77e5\u7684\u8ca1\u7523\u6a29\u7b49\u5e45\u5e83\u304f\u8a8d\u8b58\u3055\u308c\u3001\u305d\u308c\u305e\u308c\u306b\u6c11\u6cd5\u4e0a\u306e\u50b5\u52d9\u8005\u5bfe\u6297\u8981\u4ef6\u3084\u7b2c\u4e09\u8005\u5bfe\u6297\u8981\u4ef6\u3092\u5177\u5099\u3059\u308b\u624b\u5f53\u304c\u306a\u3055\u308c\u308b\u3002<\/p>\n<h4>Balloon<\/h4>\n<p>\u30d0\u30eb\u30fc\u30f3\u8fd4\u6e08\u3002\u30ed\u30fc\u30f3\u671f\u9593\u4e2d\u306e\u5143\u91d1\u8fd4\u6e08\u306f\u884c\u308f\u308c\u305a\u3001\u30ed\u30fc\u30f3\u671f\u9593\u306e\u6700\u7d42\u671f\u306b\u3066\u4e00\u62ec\u8fd4\u6e08\u3092\u884c\u3046\u8fd4\u6e08\u65b9\u5f0f\u3002\u30ed\u30fc\u30f3\u671f\u9593\u4e2d\u306f\u3001\u5143\u672c\u306b\u5bfe\u5fdc\u3057\u305f\u91d1\u5229\u306e\u307f\u304c\u8fd4\u6e08\u3055\u308c\u308b\u3053\u3068\u306b\u306a\u308b\u3001\u30c6\u30fc\u30eb\u30d8\u30d3\u30fc\uff08Tail Heavy\uff09\u3068\u3082\u547c\u3070\u308c\u308b\u3002<\/p>\n<h4>Borrower<\/h4>\n<p>\u30dc\u30ed\u30ef\u30fc\u3002\u50b5\u52d9\u8005\u3001\u501f\u4e3b\u306e\u3053\u3068\u3002\u4e0d\u52d5\u7523\u8a3c\u5238\u5316\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u306e\u5834\u5408\u306b\u304a\u3044\u3066\u306f\u3001\u30dc\u30ed\u30ef\u30fc\u306fSPC\u3068\u306a\u308b\u3002<\/p>\n<h4>Break Funding Cost<\/h4>\n<p>\u30d6\u30ec\u30fc\u30af\u30d5\u30a1\u30f3\u30c7\u30a3\u30f3\u30b0\u30b3\u30b9\u30c8\u3002\u8fd4\u6e08\u671f\u9593\u4e2d\u306b\u50b5\u52d9\u8005\u5074\u306e\u7533\u3057\u51fa\u306b\u3088\u308a\u671f\u9650\u524d\u5f01\u6e08\u3092\u884c\u3046\u5834\u5408\u306b\u304a\u3044\u3066\u50b5\u52d9\u8005\u304b\u3089\u50b5\u6a29\u8005\u306b\u652f\u6255\u3046\u624b\u6570\u6599\u3002\u30d6\u30ec\u30fc\u30af\u30d5\u30a1\u30f3\u30c7\u30a3\u30f3\u30b0\u30b3\u30b9\u30c8\u306b\u306f\u2460\u9038\u5931\u5229\u76ca\u306e\u88dc\u511f\u306e\u610f\u5473\u3068\u3001\u2461\u56fa\u5b9aSWAP\u306e\u7d00\u5143\u524d\u5f01\u6e08\u89e3\u7d04\u30b3\u30b9\u30c8\u306e\u88dc\u511f\u306e\uff12\u3064\u306e\u6982\u5ff5\u304c\u3042\u308b\u3002<br \/>\n\u306a\u304a\u3001\u4f4f\u5b85\u30ed\u30fc\u30f3\u306e\u56fa\u5b9a\u91d1\u5229\u578b\u306e\u56fa\u5b9a\u671f\u9593\u4e2d\u306e\u7e70\u308a\u4e0a\u3052\u8fd4\u6e08\u306e\u969b\u306b\u3001\u9280\u884c\u304b\u3089\u6c42\u3081\u3089\u308c\u308b\u300c\u7e70\u308a\u4e0a\u3052\u8fd4\u6e08\u624b\u6570\u6599\u300d\u3082\u3053\u306e\u30d6\u30ec\u30fc\u30af\u30d5\u30a1\u30f3\u30c7\u30a3\u30f3\u30b0\u30b3\u30b9\u30c8\u306b\u8a72\u5f53\u3059\u308b\u3002\u305f\u3060\u3057\u3001\u6628\u4eca\u306f\u3001\u4f4f\u5b85\u30ed\u30fc\u30f3\u3067\u306e\u30d6\u30ec\u30fc\u30af\u30d5\u30a1\u30f3\u30c7\u30a3\u30f3\u30b0\u30b3\u30b9\u30c8\u3092\u5fb4\u6c42\u3055\u308c\u308b\u30b1\u30fc\u30b9\u304c\u3080\u3057\u308d\u7a00\u306b\u306a\u3063\u3066\u3044\u308b\u3002<\/p>\n<h4>CMBS\u3000 Commercial Mortgage Backed Securities<\/h4>\n<p>\u5546\u696d\u7528\u4e0d\u52d5\u7523\u62c5\u4fdd\u8a3c\u5238\u3002\u30ce\u30f3\u30ea\u30b3\u30fc\u30b9\u30ed\u30fc\u30f3\u3092\u675f\u306d\u3066\u3001SPC\u306b\u50b5\u6a29\u8b72\u6e21\u3092\u884c\u3044\u3001\u5f53\u8a72SPC\u304c\u8a3c\u5238\u3092\u767a\u884c\u3057\u3066\u6295\u8cc7\u5bb6\u306b\u8ca9\u58f2\u3059\u308b\u3002\u8a3c\u5238\u5316\u3055\u308c\u305f\u5546\u54c1\u306f\u3001\u512a\u5148\u52a3\u5f8c\u69cb\u9020\u3092\u63a1\u7528\u3057\u3001\u5404\u512a\u5148\u5ea6\uff08\u30c8\u30e9\u30f3\u30b7\u30a7\uff09\u306b\u5fdc\u3058\u305f\u30af\u30fc\u30dd\u30f3\u304c\u652f\u6255\u308f\u308c\u308b\u3053\u3068\u306b\u306a\u308b\u3002\u306a\u304a\u3001\u4f4f\u5b85\u30ed\u30fc\u30f3\u3092\u675f\u306d\u305f\u8a3c\u5238\u5316\u5546\u54c1\u306fRMBS\u3068\u547c\u3070\u308c\u308b\u3002<\/p>\n<h4>Covenants<\/h4>\n<p>\u30b3\u30d9\u30ca\u30f3\u30c4\u3002\u878d\u8cc7\u306e\u9806\u5b88\u4e8b\u9805\u3002\u878d\u8cc7\u6761\u4ef6\u306b\u9055\u7d04\u3057\u305f\u5834\u5408\u3001\u878d\u8cc7\u6761\u4ef6\u306b\u8a2d\u5b9a\u3057\u305f\u7d4c\u6e08\u6761\u4ef6\u3092\u4e0b\u56de\u3063\u305f\u5834\u5408\u306b\u304a\u3044\u3066\u306f\u3001\u671f\u9650\u306e\u5229\u76ca\u3092\u55aa\u5931\u3057\u3001\u5143\u91d1\u306e\u4e00\u62ec\u53c8\u306f\u4e00\u90e8\u8fd4\u6e08\u53c8\u306f\u30a8\u30af\u30a4\u30c6\u30a3\u306e\u8ffd\u52a0\u6295\u8cc7\u306a\u3069\u304c\u878d\u8cc7\u6761\u4ef6\u306b\u3066\u8a2d\u5b9a\u3055\u308c\u308b\u3053\u3068\u304c\u591a\u3044\u3002\u3053\u306e\u878d\u8cc7\u6761\u4ef6\u306e\u3053\u3068\u3092\u30b3\u30d9\u30ca\u30f3\u30c4\u3068\u3044\u3046\u3002<\/p>\n<h4>Default<\/h4>\n<p>\u30c7\u30d5\u30a9\u30eb\u30c8\u3002\u30ed\u30fc\u30f3\u306e\u5143\u5229\u91d1\u8fd4\u6e08\u304c\u652f\u6255\u3044\u4e0d\u80fd\u3068\u306a\u308b\u3053\u3068\u3002\u4e0d\u52d5\u7523\u8a3c\u5238\u5316\u306b\u304a\u3044\u3066\u306f\u3001\u30c7\u30d5\u30a9\u30eb\u30c8\u306b\u306f\u5927\u304d\u304f\u6b21\u306e2\u3064\u610f\u5473\u3092\u6301\u3064\u3002\u4e00\u3064\u306f\u3001\u4e0d\u52d5\u7523\u6240\u6709SPC\u306e\u30c7\u30d5\u30a9\u30eb\u30c8\u3067\u3042\u308a\u3001\u30ce\u30f3\u30ea\u30b3\u30fc\u30b9\u30ed\u30fc\u30f3\u306e\u5143\u5229\u91d1\u306b\u652f\u6255\u3044\u306b\u652f\u969c\u3092\u304d\u305f\u3059\u3082\u306e\u3067\u3042\u308b\u3002\u3082\u3046\u4e00\u3064\u306f\u3001\u58f2\u4e3b\uff08\u30aa\u30ea\u30b8\u30cd\u30fc\u30bf\u30fc\uff09\u306e\u7834\u7523\u624b\u7d9a\u304d\u304cSPC\u306b\u53ca\u3076\u3068\u3044\u3046\u8ad6\u70b9\u304c\u3042\u308b\u3002\u4e0d\u52d5\u7523\u8a3c\u5238\u5316\u3067\u306f\u3001\u58f2\u4e3b\u306e\u7834\u7dbb\u304b\u3089\u306e\u5012\u7523\u9694\u96e2\u30b9\u30ad\u30fc\u30e0\u3092\u69cb\u7bc9\u3057\u305f\u308a\u3001\u58f2\u8cb7\u306e\u771f\u6b63\u6027\u306e\u62c5\u4fdd\u304c\u91cd\u8981\u3068\u8a00\u308f\u308c\u308b\u6240\u4ee5\u3067\u3042\u308b\u3002<\/p>\n<h4>DSCR\u3000Debt Service Coverage Ratio<\/h4>\n<p>\u5e74\u9593\u306e\u4e0d\u52d5\u7523NCF\uff08\u53c8\u306fNOI\uff09\u306b\u5bfe\u3059\u308b\u5143\u5229\u91d1\u306e\u8fd4\u6e08\u6bd4\u7387\u3002\u3053\u306e\u5024\u304c\u9ad8\u3051\u308c\u3070\u5143\u5229\u91d1\u306e\u8fd4\u6e08\u80fd\u529b\u304c\u9ad8\u3044\u3053\u3068\u3092\u793a\u3059\u3002\u4f8b\u3048\u3070DSCR\u304c1\u3092\u5272\u308a\u8fbc\u3093\u3060\u5834\u5408\u306f\u3001\u4e0d\u52d5\u7523NCF\u304b\u3089\u5143\u5229\u91d1\u306e\u8fd4\u6e08\u304c\u56f0\u96e3\u306b\u306a\u308b\u3053\u3068\u304b\u3089\u3001\u9806\u5b88\u3059\u3079\u304dDSCR\u30921.2\u7b49\u306b\u8a2d\u5b9a\u3057\u3066\u3001\u3053\u308c\u3092\u4e0b\u56de\u308b\u5834\u5408\u306b\u304a\u3044\u3066\u306f\u3001\u30a8\u30af\u30a4\u30c6\u30a3\u306e\u8ffd\u52a0\u51fa\u8cc7\u306b\u5fdc\u3058\u3055\u305b\u308b\u306a\u3069\u306e\u30b3\u30d9\u30ca\u30f3\u30c4\u6761\u9805\u304c\u5165\u308b\u30b1\u30fc\u30b9\u304c\u591a\u3044\u3002\u5358\u306b\u3001DCR\u3068\u547c\u3076\u3053\u3068\u3082\u3042\u308b\u3002<\/p>\n<h4>Escrow<\/h4>\n<p>\u30a8\u30b9\u30af\u30ed\u30fc\u3002\u58f2\u8cb7\u306b\u5f53\u305f\u3063\u3066\u3001\u58f2\u8cb7\u6c7a\u6e08\u6642\u307e\u3067\u306b\u767a\u751f\u3059\u308b\u58f2\u8cb7\u4ee3\u91d1\u306e\u4e00\u90e8\u3084\u7a4d\u7acb\u91d1\u3084\u6577\u91d1\u306a\u3069\u306e\u8cbb\u7528\u3092\u4e00\u6642\u7684\u306b\u7b2c\u4e09\u8005\u304c\u4fdd\u7ba1\u3059\u308b\u5236\u5ea6\u3002\u65e5\u672c\u3067\u306f\u4f1a\u8a08\u58eb\u3084\u5f01\u8b77\u58eb\u304c\u3053\u306e\u5f79\u5272\u3092\u679c\u305f\u3059\u30b1\u30fc\u30b9\u304c\u3042\u308b\u307b\u304b\u3001\u4fe1\u8a17\u9280\u884c\u304c\u30a8\u30b9\u30af\u30ed\u30fc\u30b5\u30fc\u30d3\u30b9\u3092\u63d0\u4f9b\u3057\u3066\u3044\u308b\u30b1\u30fc\u30b9\u304c\u3042\u308b\u3002<\/p>\n<h4>Lender<\/h4>\n<p>\u30ec\u30f3\u30c0\u30fc\u3002\u50b5\u6a29\u8005\u3001\u8cb8\u4e3b\u306e\u3053\u3068\u3002\u4e0d\u52d5\u7523\u8a3c\u5238\u5316\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u306e\u5834\u5408\u306b\u304a\u3044\u3066\u306f\u3001\u901a\u5e38\u3001\u9280\u884c\u7b49\u306e\u91d1\u878d\u6a5f\u95a2\u304c\u30ec\u30f3\u30c0\u30fc\u3068\u306a\u308b\u3002<\/p>\n<h4>Loan Constant<\/h4>\n<p>\u30ed\u30fc\u30f3\u30b3\u30f3\u30b9\u30bf\u30f3\u30c8\u3002K%\u3068\u3082\u8a00\u308f\u308c\u308b\u3002\u6570\u5f0f\u3068\u3057\u3066\u306f\u3001\u300c\u5e74\u9593\u306e\u5143\u5229\u91d1\u306e\u8fd4\u6e08\u984d\u00f7\u501f\u5165\u6b8b\u9ad8\u300d\u3092\u30d1\u30fc\u30bb\u30f3\u30c8\u8868\u793a\u3057\u305f\u3082\u306e\u3068\u306a\u308b\u3002\u3053\u306e\u30ed\u30fc\u30f3\u30b3\u30f3\u30b9\u30bf\u30f3\u30c8\uff08K%\uff09\u304c\u9ad8\u3051\u308c\u3070\u652f\u6255\u3044\u671f\u9593\u4e2d\u306b\u304a\u3051\u308b\u652f\u6255\u3044\u4f59\u529b\u304c\u4f4e\u304f\u3001\u9006\u306b\u4f4e\u3051\u308c\u3070\u652f\u6255\u3044\u80fd\u529b\u304c\u9ad8\u3044\u3053\u3068\u306b\u306a\u308b\u3002\u30ed\u30fc\u30f3\u30b3\u30f3\u30b9\u30bf\u30f3\u30c8\u306f\u3001\u300cLTV\u304c\u4f4e\u3044\u3001\u91d1\u5229\u304c\u4f4e\u3044\u3001\u501f\u5165\u671f\u9593\u304c\u9577\u3044\u300d\u5834\u5408\u306b\u304a\u3044\u3066\u306f\u4f4e\u304f\u306a\u308b\u3002<br \/>\n\u8a3c\u5238\u5316\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u306b\u304a\u3044\u3066\u306f\u3001\u30ed\u30fc\u30f3\u30b3\u30f3\u30b9\u30bf\u30f3\u30c8\uff08K%\uff09\u3092\u4f8b\u3048\u3070\uff16\uff05\u3068\u8a2d\u5b9a\u3057\u3066\u3001\u305d\u306e\u969b\u306eDSCR\u5024\u3068\u306e\u6bd4\u8f03\u3067\u5143\u5229\u91d1\u511f\u9084\u306e\u5b89\u5168\u6027\u3092\u56f3\u308b\u6307\u6a19\u3068\u3057\u3066\u4f7f\u308f\u308c\u308b\u3053\u3068\u304c\u591a\u3044\u3002<\/p>\n<h4>LTV\u3000Loan to Value<\/h4>\n<p>\u62c5\u4fdd\u639b\u76ee\u306e\u3053\u3068\u3002\u4e0d\u52d5\u7523\u4fa1\u683c\u306b\u5bfe\u3059\u308b\u5f53\u521d\u30ed\u30fc\u30f3\u5143\u91d1\u306e\u6bd4\u7387\u3002REIT\u306eLTV\u306f40\uff5e50\uff05\u3001\u79c1\u52df\u30d5\u30a1\u30f3\u30c9\u3067\u30aa\u30dd\u30d5\u30a1\u30f3\u30c9\u306eLTV\u306f80\uff5e90\uff05\u306a\u3069\u3001\u30a8\u30af\u30a4\u30c6\u30a3\u6295\u8cc7\u5bb6\u3084\u5546\u54c1\u8a2d\u8a08\u306b\u3088\u3063\u3066LTV\u306f\u7570\u306a\u308b\u3053\u3068\u306b\u306a\u308b\u3002\u4e00\u822c\u7684\u306b\u3001LTV\u6bd4\u7387\u304c\u9ad8\u3051\u308c\u3070\u91d1\u5229\u8a2d\u5b9a\u3082\u9ad8\u304f\u306a\u308b\u50be\u5411\u304c\u3042\u308b\u3002\u4e0d\u52d5\u7523\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u306b\u304a\u3044\u3066\u306f\u3001\u5143\u672c\u8fd4\u6e08\u306e\u72b6\u6cc1\u3001\u4e0d\u52d5\u7523\u4fa1\u683c\u306e\u5909\u52d5\u306b\u3088\u308aLTV\u304c\u4e0a\u4e0b\u3059\u308b\u3053\u3068\u306b\u306a\u308a\u3001DSCR\u306e\u30c1\u30a7\u30c3\u30af\u306b\u52a0\u3048\u3066\u671f\u672b\u3067LTV\u306e\u30c1\u30a7\u30c3\u30af\u3092\u884c\u3046\u30b1\u30fc\u30b9\u3082\u591a\u304f\u898b\u53d7\u3051\u3089\u308c\u308b\u3002<\/p>\n<h4>Mandate<\/h4>\n<p>\u30de\u30f3\u30c7\u30fc\u30c8\u3002\u5143\u3005\u306f\u59d4\u4efb\u3055\u308c\u305f\u6a29\u9650\u3068\u3044\u3046\u610f\u5473\u3067\u3042\u308a\u3001\u91d1\u878d\u6a5f\u95a2\u304c\u4f01\u696d\u304b\u3089\u8a3c\u5238\u767a\u884c\u3084\u878d\u8cc7\u3092\u6b63\u5f0f\u306b\u53d7\u8a17\u3059\u308b\u3053\u3068\u3092\u6307\u3059\u3002\u3053\u308c\u304c\u8ee2\u3058\u3066\u3001\u8a3c\u5238\u5316\u30a2\u30ec\u30f3\u30b8\u30e3\u30fc\uff08AM\u4f1a\u793e\uff09\u304c\u6295\u8cc7\u5bb6\u304b\u3089\u904b\u7528\u696d\u52d9\u3092\u6b63\u5f0f\u306b\u53d7\u8a17\u3059\u308b\u3053\u3068\u306b\u3082\u4f7f\u308f\u308c\u3066\u3044\u308b\u3002<\/p>\n<h4>Mezzanine\u3000Loan<\/h4>\n<p>\u30e1\u30b6\u30cb\u30f3\u30ed\u30fc\u30f3\u3002\u30e1\u30b6\u30cb\u30f3\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u3068\u3082\u547c\u3070\u308c\u3001\u30b7\u30cb\u30a2\u30ed\u30fc\u30f3\u3068\u30a8\u30af\u30a4\u30c6\u30a3\u306e\u4e2d\u9593\u7684\u306a\u30ea\u30b9\u30af\u3092\u6301\u3064\u30ed\u30fc\u30f3\u3002\u540d\u79f0\u306f\u30ed\u30fc\u30f3\u3068\u306a\u3063\u3066\u3044\u308b\u304c\u3001\u30ed\u30fc\u30f3\u3068\u30a8\u30af\u30a4\u30c6\u30a3\u306e\u30cf\u30a4\u30d6\u30ea\u30c3\u30c9\u306a\u6027\u683c\u3092\u6301\u3064\u3002\u30b7\u30cb\u30a2\u30ed\u30fc\u30f3\u306b\u52a3\u5f8c\u3057\u3066\u8fd4\u6e08\u3092\u53d7\u3051\u308b\u3053\u3068\u304b\u3089\u52a3\u5f8c\u30ed\u30fc\u30f3\u3001\u52a3\u5f8c\u50b5\u3068\u3082\u547c\u3070\u308c\u308b\u3002<\/p>\n<h4>NON-Recourse\u3000Loan<\/h4>\n<p>\u30ce\u30f3\u30ea\u30b3\u30fc\u30b9\u30ed\u30fc\u30f3\u3002\u65e5\u672c\u8a9e\u8a33\u3068\u3057\u3066\u306f\u300c\u975e\u9061\u53ca\u578b\u878d\u8cc7\u300d\u3002\u4f1d\u7d71\u7684\u306a\u4f01\u696d\u878d\u8cc7\uff08\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30ed\u30fc\u30f3\uff09\u306b\u5bfe\u6bd4\u3055\u308c\u308b\u6982\u5ff5\u3002\u30ed\u30fc\u30f3\u304c\u30c7\u30d5\u30a9\u30eb\u30c8\u3057\u305f\u969b\u306b\u50b5\u6a29\u8005(\u30ec\u30f3\u30c0\u30fc)\u306f\u3001\u62c5\u4fdd\u5bfe\u8c61\u3068\u306a\u308b\u8cc7\u7523\uff08\u4e0d\u52d5\u7523\uff09\u304b\u3089\u306e\u307f\u8cc7\u91d1\u56de\u53ce\u304c\u3067\u304d\u308b\u7279\u7d04\u304c\u4ed8\u3044\u305f\u30ed\u30fc\u30f3\u3002\u4e0d\u52d5\u7523\u8a3c\u5238\u5316\u306b\u30b9\u30ad\u30fc\u30e0\u306b\u304a\u3051\u308b\u30a2\u30bb\u30c3\u30c8\u30fb\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u3067\u63d0\u4f9b\u3055\u308c\u308b\u30ed\u30fc\u30f3\u306e\u6b86\u3069\u306f\u3053\u306e\u30ce\u30f3\u30ea\u30b3\u30fc\u30b9\u30ed\u30fc\u30f3\u3068\u306a\u308b\u3002\u306a\u304a\u3001\u30ed\u30fc\u30f3\u5951\u7d04\u306e\u540d\u79f0\u306f\u3001\u300c\u8cac\u4efb\u8ca1\u7523\u9650\u5b9a\u7279\u7d04\u4ed8\u304d\u91d1\u92ad\u6d88\u8cbb\u8cb8\u501f\u5951\u7d04\u300d\u3068\u306a\u308b\u3002\u3061\u306a\u307f\u306bREIT\u306e\u30ed\u30fc\u30f3\u306f\u6295\u8cc7\u6cd5\u4eba\u306b\u5bfe\u3059\u308b\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30ed\u30fc\u30f3\u3068\u306a\u308b\u3002<\/p>\n<h4>Project Finance<\/h4>\n<p>\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u30fb\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\uff08PF\uff09\u3002PF\u306e\u5834\u5408\u3001\u5bfe\u8c61\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u304b\u3089\u5f97\u3089\u308c\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08CF\uff09\u306b\u8fd4\u6e08\u539f\u8cc7\u304c\u9650\u5b9a\u3055\u308c\u308b\u305f\u3081\u3001\u4f1d\u7d71\u7684\u306a\u4f01\u696d\u878d\u8cc7\uff08\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30ed\u30fc\u30f3\uff09\u3068\u306f\u533a\u5225\u3057\u3066\u6574\u7406\u3059\u308b\u5fc5\u8981\u304c\u3042\u308b\u3002\u4e0d\u52d5\u7523\u5206\u91ce\u3067\u306f\u3001\u958b\u767a\u578b\u8a3c\u5238\u5316\u30b9\u30ad\u30fc\u30e0\u3082PF\u306e\u4e00\u7a2e\u3067\u3042\u308a\u3001\u6628\u4eca\u306f\u3001\u516c\u7684\u8cc7\u7523\u306e\u6c11\u9593\u53d7\u8a17\u4e8b\u696d\u3067\u3042\u308bPFI\u4e8b\u696d\u306a\u3069\u3067PF\u304c\u63a1\u7528\u3055\u308c\u308b\u30b1\u30fc\u30b9\u304c\u591a\u3044\u3002PF\u306f\u56fa\u5b9a\u5316\u3055\u308c\u305f\u4e0d\u52d5\u7523\u3068\u306f\u9055\u3044\u3001\u5b9f\u969b\u306e\u30d3\u30b8\u30cd\u30b9\u306b\u3088\u308bCF\u304c\u652f\u6255\u3044\u306e\u6e90\u6cc9\u3068\u306a\u308b\u305f\u3081\u3001\u4e0d\u52d5\u7523\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u306b\u304a\u3051\u308b\u30a2\u30bb\u30c3\u30c8\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u3088\u308a\u95a2\u4fc2\u5f53\u4e8b\u8005\u304c\u591a\u304f\u306a\u308a\u3001\u8907\u96d1\u306a\u69cb\u9020\uff08\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30fc\uff09\u3092\u6709\u3059\u308b\u50be\u5411\u304c\u3042\u308b\u3002<\/p>\n<h4>Proratable<\/h4>\n<p>\u8fd4\u6e08\u5272\u308a\u5f53\u3066\u65b9\u5f0f\u3002\u7565\u79f0\u30d7\u30ed\u30e9\u30bf\u3002\u5354\u8abf\u878d\u8cc7\u3001\u30b7\u30f3\u30b8\u30b1\u30fc\u30c8\u30ed\u30fc\u30f3\u306e\u3088\u3046\u306a\u8907\u6570\u306e\u91d1\u878d\u6a5f\u95a2\u304b\u3089\u878d\u8cc7\u3092\u3046\u3051\u308b\u969b\u306b\u304a\u3044\u3066\u306f\u3001\u3069\u306e\u91d1\u878d\u6a5f\u95a2\uff08\u30ec\u30f3\u30c0\u30fc\uff09\u304c\u512a\u5148\u7684\u306b\u5143\u5229\u91d1\u306e\u8fd4\u6e08\u3092\u53d7\u3051\u308b\u306e\u304b\u304c\u554f\u984c\u3068\u306a\u308b\u3002\u30ed\u30fc\u30f3\u306b\u512a\u5148\u52a3\u5f8c\u69cb\u9020\u304c\u3042\u308b\u5834\u5408\u306f\u7b2c\u4e00\u30ec\u30f3\u30c0\u30fc\u306e\u5143\u5229\u91d1\u3078\u306e\u5145\u5f53\u306e\u5f8c\u3001\u7b2c\u4e8c\u30ec\u30f3\u30c0\u30fc\u304c\u5143\u5229\u91d1\u306e\u652f\u6255\u3044\u3092\u53d7\u3051\u308b\u304c\u3001\u30d7\u30ed\u30e9\u30bf\u65b9\u5f0f\u306e\u5834\u5408\u306f\u3001\u5143\u5229\u91d1\u306e\u8fd4\u6e08\u306f\u5404\u50b5\u6a29\u8005\u306e\u5143\u672c\u6b8b\u9ad8\u306b\u5fdc\u3058\u3066\u306a\u3055\u308c\u308b\u3053\u3068\u304c\u7279\u5fb4\u7684\u3002\u53cd\u5bfe\u6982\u5ff5\u306f\u3001\u30b7\u30fc\u30af\u30a8\u30f3\u30b7\u30e3\u30eb\u8fd4\u6e08\u65b9\u5f0f\uff08Sequential\uff09\u3002<\/p>\n<h4>Refinance<\/h4>\n<p>\u30ea\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u3002\u30ed\u30fc\u30f3\u671f\u9593\u306e\u7d42\u4e86\u6642\u306b\u304a\u3044\u3066\u3001\u66f4\u306b\u671f\u9593\u3092\u5ef6\u9577\u3057\u3066\u30ed\u30fc\u30f3\u6761\u4ef6\u3092\u66f4\u6539\u3059\u308b\u3053\u3068\u3002\u30ea\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u306b\u5f53\u305f\u3063\u3066\u306f\u3001\u30ea\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u6642\u70b9\u306e\u91d1\u878d\u7d4c\u6e08\u306e\u52d5\u5411\u3084\u62c5\u4fdd\u4fa1\u5024\u306e\u72b6\u6cc1\u3092\u898b\u3066\u3001\u30ed\u30fc\u30f3\u6761\u4ef6\u304c\u518d\u8a2d\u5b9a\u3055\u308c\u308b\u3002\u8ffd\u52a0\u53d6\u5f97\u578b\u30d5\u30a1\u30f3\u30c9\u306e\u5834\u5408\u3001\u30d5\u30a1\u30f3\u30c9\u306e\u7d42\u4e86\u671f\u9593\u3092\u6c7a\u3081\u306a\u3044\u53c8\u306f\u8d85\u9577\u671f\u306b\u53ca\u3076\u3082\u306e\u3082\u3042\u308a\u3001\u901a\u5e38\u3001\u30ea\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u304c\u7e70\u308a\u8fd4\u3055\u308c\u308b\u3053\u3068\u306b\u306a\u308b\u3002\u7565\u3057\u3066\u30ea\u30d5\u30a1\u30a4\u3068\u547c\u3070\u308c\u308b\u3002\u307e\u305f\u3001\u30ea\u30b9\u30b1\u30b8\u30e5\u30fc\u30eb\u3059\u308b\u3053\u3068\u304b\u3089\u30ea\u30b9\u30b1\u3068\u3082\u547c\u3070\u308c\u308b\u3053\u3068\u3082\u3042\u308b\u3002<\/p>\n<h4>Senior Loan<\/h4>\n<p>\u30b7\u30cb\u30a2\u30ed\u30fc\u30f3\u3002\u512a\u5148\u7684\u5f01\u6e08\u6a29\u3092\u6301\u3063\u305f\u30ed\u30fc\u30f3\u3002\u30a2\u30bb\u30c3\u30c8\u30fb\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u306b\u304a\u3044\u3066\u306f\u3001\u30e1\u30b6\u30cb\u30f3\u3001\u30a8\u30af\u30a4\u30c6\u30a3\u306b\u5bfe\u3057\u3066\u3001\u512a\u5148\u7684\u306b\u5143\u5229\u91d1\u306e\u8fd4\u6e08\u3092\u53d7\u3051\u308b\u3053\u3068\u306b\u306a\u308b\u3002\u30ce\u30f3\u30ea\u30b3\u30fc\u30b9\u30ed\u30fc\u30f3\u306f\u30b7\u30cb\u30a2\u30ed\u30fc\u30f3\u3068\u306a\u308b\u30b1\u30fc\u30b9\u304c\u6b86\u3069\u3002<\/p>\n<h4>Sequential<\/h4>\n<p>\u30b7\u30fc\u30af\u30a8\u30f3\u30b7\u30e3\u30eb\u8fd4\u6e08\u65b9\u5f0f\u3002\u30ed\u30fc\u30f3\u30ec\u30f3\u30c0\u30fc\u304c\u8907\u6570\u5b58\u5728\u3057\u305f\u5834\u5408\u3001\u7b2c\u4e00\u512a\u5148\u30ed\u30fc\u30f3\u306e\u5143\u5229\u91d1\u306e\u652f\u6255\u3044\u306e\u5f8c\u306b\u3001\u7b2c\u4e8c\u512a\u5148\u30ed\u30fc\u30f3\u304c\u652f\u6255\u308f\u308c\u308b\u8fd4\u6e08\u65b9\u5f0f\u3002\u30d7\u30ed\u30e9\u30bf\u8fd4\u6e08\u65b9\u5f0f\u3068\u5bfe\u6bd4\u3059\u308b\u8fd4\u6e08\u6982\u5ff5\u3002\u8cc7\u7523\u8a3c\u5238\u5316\u306e\u969b\u306e\u30b7\u30cb\u30a2\u30ed\u30fc\u30f3\u306e\u90e8\u5206\u3092\u66f4\u306b\u8a3c\u5238\u5316\u3057\u305f\u969b\u306b\u3001\u5404\u512a\u5148\u9806\u4f4d\uff08\u30c8\u30e9\u30f3\u30b7\u30a7\uff09\u306e\u9806\u4f4d\u306b\u5f93\u3063\u3066\u671f\u4e2d\u306e\u5143\u5229\u91d1\u8fd4\u6e08\u3082\u512a\u5148\u52a3\u5f8c\u69cb\u9020\u3092\u6301\u3064\u8fd4\u6e08\u65b9\u5f0f\u3002<\/p>\n<h4>Structured Finance<\/h4>\n<p>\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30fc\u30c9\u30fb\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u3002\u8a3c\u5238\u5316\u5bfe\u8c61\u4e0d\u52d5\u7523\u306e\u30d5\u30a1\u30f3\u30c9\u7d44\u6210\u306b\u5f53\u305f\u3063\u3066\u306f\u3001\u6295\u8cc7\u30b9\u30ad\u30fc\u30e0\u306b\u3088\u308a\u3001\u30ed\u30fc\u30f3\u3001\u30e1\u30b6\u30cb\u30f3\u3001\u30a8\u30af\u30a4\u30c6\u30a3\u3068\u8907\u96d1\u306a\u69cb\u9020\u3092\u6709\u3059\u308b\u4ed5\u639b\u3051\u3067\u8cc7\u91d1\u8abf\u9054\u3059\u308b\u3053\u3068\u304c\u4e00\u822c\u7684\u3067\u3042\u308a\u3001\u3053\u308c\u3092\u7dcf\u5408\u3057\u305f\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30fc\u30c9\u30fb\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u3068\u547c\u3093\u3067\u3044\u308b\u3002\u30b9\u30c8\u30d5\u30a1\u30a4\u3068\u7565\u3059\u308b\u4eba\u3082\u3044\u308b\u3002\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30fc\u30c9\u30d5\u30a1\u30a4\u30f3\u30a2\u30f3\u30b9\u306e\u985e\u7fa9\u5f8c\u3068\u3057\u3066\u30a2\u30bb\u30c3\u30c8\u30fb\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u3068\u8a00\u3046\u8a00\u8449\u304c\u3042\u308b\u304c\u3001\u30a2\u30bb\u30c3\u30c8\u30fb\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u306f\u30ce\u30f3\u30ea\u30b3\u30fc\u30b9\u30ed\u30fc\u30f3\u306b\u4ee3\u8868\u3055\u308c\u308b\u3088\u3046\u306b\u8cc7\u7523\u306e\u307f\u3092\u62c5\u4fdd\u3068\u3057\u3066\u878d\u8cc7\u5f62\u5f0f\u3067\u3042\u308a\u3001\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30fc\u30c9\u30fb\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u3068\u306f\u53b3\u5bc6\u306b\u306f\u7528\u6cd5\u304c\u7570\u306a\u308b\u3002<\/p>\n<h4>Tail<\/h4>\n<p>\u30c6\u30fc\u30eb\u671f\u9593\u3002\u30ed\u30fc\u30f3\u5951\u7d04\u306b\u304a\u3044\u3066\u306f\u6700\u7d42\u306e\u5143\u5229\u91d1\u8fd4\u6e08\u671f\u9650\u304c\u8a2d\u5b9a\u3055\u308c\u308b\u3053\u3068\u306b\u306a\u308b\u304c\u3001\u4e0d\u52d5\u7523\u306e\u5834\u5408\u3001\u6700\u7d42\u671f\u65e5\u5f8c\u306b\u4e0d\u52d5\u7523\u306e\u58f2\u5374\u6d3b\u52d5\u3084\u30ea\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u304c\u884c\u308f\u308c\u308b\u3053\u3068\u304c\u3057\u3070\u3057\u3070\u8d77\u3053\u308a\u5f97\u308b\u3002\u3053\u306e\u5834\u5408\u306b\u4e00\u5b9a\u306e\u671f\u9593\u3001\u671f\u9650\u306e\u5229\u76ca\u3092\u5ef6\u9577\u3055\u305b\u308b\u671f\u9593\u306e\u3053\u3068\u3092\u300c\u30c6\u30fc\u30eb\u671f\u9593\u300d\u3068\u3044\u3046\u3002\u30c6\u30fc\u30eb\u671f\u9593\u304c\u8a2d\u5b9a\u3055\u308c\u308b\u3053\u3068\u306b\u306a\u308a\u3001\u50b5\u52d9\u8005\u306f\u30c7\u30d5\u30a9\u30eb\u30c8\u3092\u56de\u907f\u3067\u304d\u308b\u3068\u3044\u3046\u671f\u9650\u306e\u5229\u76ca\u306e\u5ef6\u9577\u52b9\u679c\u3092\u4eab\u53d7\u3059\u308b\u3053\u3068\u306b\u306a\u308b\u3002<\/p>\n<h4>Trigger<\/h4>\n<p>\u30c8\u30ea\u30ac\u30fc\u3002\u30a2\u30bb\u30c3\u30c8\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u306e\u30ed\u30fc\u30f3\u5951\u7d04\u66f8\u306b\u304a\u3044\u3066\u306f\u3001\u4e00\u5b9a\u306e\u4e8b\u7531\u304c\u767a\u751f\u3057\u305f\u5834\u5408\u306b\u304a\u3044\u3066\u3001\u671f\u9650\u306e\u5229\u76ca\u3092\u55aa\u5931\u3055\u305b\u305f\u308a\u3001\u8ffd\u52a0\u62c5\u4fdd\u306e\u62e0\u51fa\u3092\u6c42\u3081\u308b\u3053\u3068\u6761\u9805\u304c\u76db\u308a\u8fbc\u307e\u308c\u308b\u3053\u3068\u304c\u591a\u3044\u3002\u3053\u306e\u5951\u7d04\u6761\u9805\u3092\u300c\u30c8\u30ea\u30ac\u30fc\u300d\u3068\u547c\u3076\u3002\u5177\u4f53\u7684\u306b\u306f\u3001DSCR\u30c8\u30ea\u30ac\u30fc\u3084LTV\u30c8\u30ea\u30ac\u30fc\u3001\u7a3c\u50cd\u7387\u306b\u5fdc\u3058\u305f\u30c8\u30ea\u30ac\u30fc\u306a\u3069\u304c\u3042\u308b\u3002\u3053\u306e\u30c8\u30ea\u30ac\u30fc\u6761\u9805\u3092\u50b5\u52d9\u8005\u306b\u7d04\u675f\u3055\u305b\u308b\u3053\u3068\u6761\u9805\u3092\u30b3\u30d9\u30ca\u30f3\u30c4\u6761\u9805\u3068\u3044\u3046\u3002<\/p>\n<h2>\u4e0d\u52d5\u7523\u30d5\u30a1\u30f3\u30c9\u696d\u754c\u3001AM\u696d\u754c\u3067\u591a\u7528\u3055\u308c\u308b\u82f1\u8a9e\u306f\u3053\u3061\u3089<\/h2>\n<blockquote class=\"wp-embedded-content\" data-secret=\"0GEYICCa1Y\"><p><a href=\"https:\/\/fudousangyo.com\/?p=617\">\u4e0d\u52d5\u7523\u95a2\u9023\u82f1\u8a9e\u3010Real Estate Fund\u3011<\/a><\/p><\/blockquote>\n<p><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;\u4e0d\u52d5\u7523\u95a2\u9023\u82f1\u8a9e\u3010Real Estate Fund\u3011&#8221; &#8212; \u4e0d\u52d5\u7523\u696d\u30c9\u30c3\u30c8\u30b3\u30e0\" src=\"https:\/\/fudousangyo.com\/?p=617&#038;embed=true#?secret=0GEYICCa1Y\" data-secret=\"0GEYICCa1Y\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Amortization \u30a2\u30e2\u30c1\u30bc\u30fc\u30b7\u30e7\u30f3\u3002\u7565\u79f0\u30a2\u30e2\u30c1\u3002\u5b9a\u671f\u7684\u306a\u5143\u672c\u8fd4\u6e08\u306e\u3053\u3068\u3002\u5143\u672c\u8fd4\u6e08\u65b9\u5f0f\u306f\u3001\u5143\u91d1\u5747\u7b49\u8fd4\u6e08\u65b9\u5f0f\u3068\u5143\u5229\u5747\u7b49\u8fd4\u6e08\u65b9\u5f0f\u304c\u3042\u308b\u304c\u3001\u4f4f\u5b85\u30ed\u30fc\u30f3\u306a\u3069\u306e\u500b\u4eba\u5411\u3051\u306b\u306f\u3001\u5143\u5229\u5747\u7b49\u8fd4\u6e08\u65b9\u5f0f\u304c\u591a\u3044\u304c\u3001\u4e8b\u696d &#8230; 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