"L" Listings - Mortgage Glossary
- Land Contract – Legal agreement to purchase raw land...
- Land Sale Leaseback – An arrangement by which a seller sells the land and immediately begins leasing it...
- Leakage – Release of sensitive information prior to a general public announcement or press release...
- Lease Assignment – An agreement between a commercial property owner and the lender that assigns lease payments...
- Lease Type – Gross, Triple Net (NNN), Net Net (NN), Hybrid, or other types of leases...
- Leaseback Loan – Legal agreement to purchase raw land...
- Leasehold Improvements – Any improvements made to the leased property...
- Leasing Commisions – The amount earned by a real estate broker or leasing agent for his services...
- Lessee – The tenant in a building...
- Letter of Interest – A letter that expresses an interest in acquiring a certain real estate investment property...
- Level Payment Mortgage – Any mortgage that provides for a fixed sum of money to be paid periodically during the term of the loan...
- Leverage – Real estate financing principle that uses investment debt financing to maximize the return per dollar of equity invested...
- LIBOR Index – The London Inter Bank Offered Rate...
- Lien – Any encumbrance or financial obligation attached to a property which must be satisfied before funds from the sale of said property...
- Light Industrial – Applies to industrial uses that conduct their operations so that no nuisance factor is created or apparent outside...
- Limited Liability Company (LLC) – A special type of business entity that is not a corporation, but provides more legal protection...
- Limited Partnership – A partnership that has one or more general partners plus some limited partners...
- Liquidity – Amount of ready cash available...
- LLC – Limited Liability Company. A legal business entity designed to limit the member's liability...
- Loan Amortization – The timetable for repayment of both principle and interest on a loan...
- Loan Maturity Date – The life of the loan or the amount of time that that particular loan will remain in existence until...
- Loan Processing Fee – A fee which exists to make sure the paper-shufflers get paid...
- Loan-to-Value Ration (LTV) – The ratio of a mortgage loan to the market value of the property...
- Lock-Box Provision – The trustee is given control over the gross revenues of the underlying properties in a CMBS...
- Lock-Out Period – When a multifamily mortgage loan is involved, this is the period of time during which prepayment is prohibited...
- Low-Rise Garden Apts – A multifamily subtype; a one-, two- or three-story apartment building or development with five or more apartments characterized by a garden-like setting ...
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