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Clap note
Clap note is an unofficial shorthand term describing an interest-only financing tool used by certain institutional investors, such as major corporations for the purpose of funding new real-estate acquisitions.
==Terminology==
The instrument is called a ‘clap note’ because it provides the same interest rate ‘out of two different hands’ (“it takes two hands to clap”). For example, a so-called “10/10 Clap Note” is one that is sold at a 10% discount on the face value while simultaneously paying 10% annual interest. The investor in a $100,000 10/10 clap note can buy the note at a discount of 10%, or $90,000 yet be paid 10% interest per year on the full face value of the note (i.e. $10,000). Then, since the note is an interest-only instrument, when the term expires, the investor receives the full face value, which includes another 10% profit.
Therefore, the “fist hand” of the clap note is the annual interest rate of 10% and the “second hand” is the 10% profit paid at the end of the term of the note, which is normally 24 months.
Because clap notes are not available to the general public and are generally only sold to ‘insiders,’ there appears to be no standard name for these instruments. Frequently the official name or heading on the note includes the name of the corporation on whose behalf the note is issued, e.g., “XYZ Corporation Interest Only Real Estate Discount Note Issue #1234” or something similar.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
■ウィキペディアで「Clap note」の詳細全文を読む
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