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Lifting clause
Lifting clause A provision in a junior mortgage that allows the underlying senior loan to be replaced or refinanced so long as the amount of the new senior loan does not exceed the amount of the first lien outstanding at the time the junior loan was made.
RELATED TERMS--------------------------------------
Mortgage
A legal document pledging property as security for the payment of a loan.
Loan
A sum of borrowed money (principal) that is generally repaid with interest.
Lien
A charge or claim by one party on the property of another as security for the payment of a debt.
SIMILAR TERMS--------------------------------------
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Life insurance
Pays out a lump sum on the death of the policyholder. Lenders usually insist that their mortgage customers have life insurance.
Life tenant
A person in possession of a life estate.
Lifecycle
The various developmental stages of a property: pre-development, development, leasing, operating and redevelopment (or rehab)
Lifecycle cost analysis
A method of calculating a building’s expected operating and maintenance costs over its lifespan.
Lifetime rate cap
In an adjustable rate mortgage (ARM), it limits the amount that the interest rate can increase or decrease over the life of the loan.
Lifting clause
Like-kind
A term relating to the nature of a property rather than its quality or quantity. Only like kind properties qualify for a real estate exchange and the resulting tax benefit.
Like-kind exchange
A tax-deferred exchange of similar items you use in your business or hold for investment, not including securities and other indebtedness or interests such as stocks and bonds.
Like-kind property
A term used in an exchange of property held for productive use in a trade or business or for investment. Unless cash is received, the tax consequences of the exchange are postponed pursuant to Section 1031 of the Internal Revenue Code.
Limited Liability Company (LLC)
LLCs are a relatively recent form of business organization. An LLC combines the most attractive features of limited partnerships and corporations.
Limited partnership
A partnership consisting of one or more general partners who conduct the business and are responsible for losses, and one or more special partners, who contributes capital and are liable only to the amount contributed.
This dictionary contains 6433 terms. |
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