A bank or mortgage originator lends you a large amount of money, which is secured by the house as collateral. In other words, if you fail to make your payments on time, the lender can foreclose on the loan and take possession of the property – as millions of homeowners have experienced in the last decade.
但一些最大的私募股权基金——事实上，可以说业内大牌都是如此——使用了非常聪明的招数，它们用所收购公司拥有的抵押品确保它们所发行的债务。这有点像买房子。银行或按揭供应商借给你一大笔钱，这笔钱有房产作为抵押提供担保。换句话说，如果你不能及时偿还按揭款，贷款人可以取消你的贷款偿还权并收走你的房子——过去十年有几百万屋主有过这种经验。