English Lesson · 13
Debt Yield
A lender's property-income return on the loan amount, independent of interest rate and amortization.
Definition
Debt yield equals lender-underwritten NOI divided by the loan amount. If a property produces $600,000 of NOI and the requested loan is $6 million, debt yield is 10%. It shows how much property income supports each dollar of debt.
Beginner Explanation
Imagine lending someone $100 against a small business that produces $10 before debt payments. Your income-based yield on the loan is 10%. Unlike DSCR, this measure does not ask what interest rate or payment schedule you selected. It looks directly at the relationship between the property's income and the lender's dollars at risk.
Professional Explanation
Debt yield gives lenders a leverage and exit-risk measure that is less affected by loan structure. Because it excludes interest rate, amortization, and term, borrowers cannot improve it merely by choosing interest-only payments. Lenders calculate it from their accepted NOI, not necessarily the seller's NOI or buyer's forecast. Minimum expectations vary by property type, market, liquidity, sponsorship, and credit conditions. Debt yield may become the binding loan-sizing test when an asset has strong DSCR only because the proposed payment is temporarily low.
Why It Matters
Debt yield helps estimate how exposed the lender would be if it had to take control of the property. A lower loan amount raises debt yield and creates more income protection; a larger loan lowers it. Investors can use the same measure to understand lender sizing and compare leverage across loans with different rates or amortization. It is a risk lens, not a standalone judgment of investment quality.
Real-World Example
At $500,000 underwritten NOI, a $5 million loan has a 10% debt yield. A $6.25 million loan on the same income has an 8% debt yield. The property did not change; only the lender's exposure increased.
Common Mistakes
- Using purchase price instead of loan amount.
- Using borrower-projected NOI without lender adjustments.
- Confusing debt yield with the mortgage interest rate.
Related Concepts
- NOI
- DSCR
- LTV
- Loan sizing
- Foreclosure risk
How the Industry Says It
- Wall Street
- Unlevered lender yield on basis
- Broker
- NOI divided by loan proceeds
- Interview
- Debt yield divides underwritten NOI by loan amount and removes payment-structure effects.
Frequently Used Abbreviations
- DY — Debt Yield
- NOI — Net Operating Income
Practical Exercise
Calculate debt yield for $720,000 NOI with $6 million, $7.2 million, and $8 million loans. Identify which offers the lender the largest income cushion.
Recommended Next Topic
Interest Rates and Amortization
中文
中文课程 · 13
债务收益率（Debt Yield）
贷款机构用物业收入衡量贷款金额的收益率，不依赖利率和摊销安排。
定义
债务收益率等于贷款机构承销的 NOI 除以贷款金额。若物业 NOI 为 60 万美元，申请贷款为 600 万美元，Debt Yield 即为 10%。它显示每一美元债务由多少物业收入支持。
先用简单语言理解
假设你向一家偿债前每年产生 10 美元收入的小企业贷款 100 美元，那么以收入衡量的贷款收益率就是 10%。与 DSCR 不同，这个指标不考虑选择了什么利率或付款安排，而是直接观察物业收入与贷款机构风险资金之间的关系。
专业解释
Debt Yield 为贷款机构提供一种较少受贷款结构影响的杠杆与退出风险指标。由于它排除利率、摊销和期限，借款人不能仅凭选择只付利息来改善该指标。贷款机构使用其认可的 NOI 计算，而不一定采用卖方 NOI 或买方预测。最低要求会随物业类型、市场、流动性、借款人实力和信贷环境变化。如果一项资产只因暂时较低的付款而拥有较强 DSCR，Debt Yield 可能成为真正限制贷款额度的测试。
为什么重要
Debt Yield 有助于估计贷款机构在不得不接管物业时面临的风险。较低贷款金额会提高该指标并增加收入保护，较高贷款金额则会降低它。投资人也可以用它理解贷款额度，并比较利率或摊销不同的贷款杠杆。它是一种风险视角，不是对投资质量的单独结论。
实际案例
承销 NOI 为 50 万美元时，500 万美元贷款对应 10% Debt Yield；同样收入下，625 万美元贷款对应 8%。物业没有变化，变化的是贷款机构的风险敞口。
常见错误
- 使用成交价而不是贷款金额。
- 未经贷款机构调整便使用借款人预测 NOI。
- 把 Debt Yield 与按揭利率混为一谈。
相关概念
- NOI
- DSCR
- LTV
- Loan sizing
- Foreclosure risk
行业表达
- Wall Street
- 贷款成本基础上的无杠杆收益
- Broker
- NOI 除以贷款额度
- Interview
- Debt Yield 用承销 NOI 除以贷款金额，排除了付款结构的影响。
常用缩写
- DY — Debt Yield
- NOI — Net Operating Income
练习
用 72 万美元 NOI 分别计算 600 万、720 万和 800 万美元贷款的 Debt Yield，并指出哪种贷款提供最大收入缓冲。
下一课
利率与摊销