11.5.3 Loan or advance against inventory
定义:This technique is described in the standard definitions as follows:
库存品贷款或预付款是向供应链中涉及的买方或卖方提供的融资，用于持有或仓储货物（预售、未售出或对冲），融资提供人通常对此取得担保权益或权利转让并行使一定程度的控制权。
“Loan or advance against inventory is financing provided to a buyer or seller involved in a supply chain for the holding or warehousing of goods (either pre‑sold, unsold, or hedged) and over which the finance provider usually takes a security interest or assignment of rights and exercises a measure of control.”
库存融资可被视为装运前（即客户是卖方）或装运后（即客户是买方）。
Inventory finance may be regarded as either pre‑shipment (ie the client is the seller) or post‑shipment (ie the client is the buyer).
融资提供人将在库存品中取得担保权益，并对其行使一定程度的控制权。还款来源将来自向最终买受人出售库存品的收益。因此，还款来源的可靠性对于解决方案的可行性至关重要**。
The finance provider will take a security interest in, and exercise a measure of control over, the inventory. The source of repayment will be derived from the proceeds of sale of the inventory to end‑buyers. The reliability of the source of repayment is, therefore, critically important to the viability of the solution.
影响因素:货物的性质-Nature of the goods
The nature of the goods has a material impact on the reliability of the source of repayment.
1.大宗商品 – 融资提供者可能乐于接受以下大宗商品：在终端交易所报价，易于出售，并且可以作为证券进行对冲以防止价格波动。
Commodities – finance providers are likely to readily accept commodities that are
quoted on a terminal exchange, are readily saleable, and can be hedged to protect against price volatility as security.
2.已经预售的成品是一个更具吸引力，因为至少有合同承诺的买家至少(消耗)大部分库存。融资提供者可能对一定比例的未售出商品（通常称为缓冲库存）感到满意，甚至可能准备为完全未售出的库存提供资金，如果商品是通用的，并且有多个买家的定期需求，使商品相对可销售。
Finished goods that have been pre‑sold are a more attractive proposition where there are contractually committed buyers for at least the majority of the inventory. Finance providers may be happy with a percentage of unsold goods (often known as buffer stock) and may even be prepared to finance stock that is entirely unsold if the goods are generic and there is regular demand from multiple buyers, making the goods relatively saleable.
3.在制品是最难估价的库存类型，通常对融资提供商没有吸引力。当然，也有例外，如果有制成品的合同订单，并且客户是具有成功生产相对通用商品的良好记录的制造商，则融资提供商可能准备继续进行，尽管贷款价值比百分比可能相对较低。Work‑in‑progress is the hardest type of inventory to value and is usually not attractive to finance providers. There are, of course, exceptions, and if there are contracted orders for the finished goods and the client is a manufacturer with a strong track record of successful production of relatively generic goods, the finance provider might be prepared to proceed,although the loan‑to‑value percentage is likely to be relatively low.
Benefits to sellers
如果卖方拥有适合此类融资的库存，并且具有可接受的还款来源，则可以使用此解决方案获得装运前资金。If a seller has inventory that is suitable for this type of finance and has an acceptable source of repayment it can obtain pre‑shipment funding using this solution.
Benefits to buyers
如果买方持有待售库存，并且已满足适用性标准，则可以使用此解决方案获得资金以向其供应商付款。If a buyer is holding inventory pending sale, and the suitability criteria has been met, it can use this solution to obtain funding to pay its suppliers.
Benefits to finance providers
这种解决方案提供了一个机会，可以从预售或易售货物的担保权益和控制以及可接受的还款来源中受益。This solution provides an opportunity to benefit from a security interest in and control of pre‑sold or readily saleable goods coupled with an acceptable source of repayment.
**贷款价值比-Loan to value
贷款与价值比率的放贷风险比率?
The amount advanced relative to the value of the asset securing the advance.
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