Home        Rates        Glossary        Downloadable Forms
LOAN TYPES

For a full list and description of available loan types click below.
Available Loan Types
PROPERTY TYPES

For a full list and description of eligible property types click below.
Eligible Property Types
 
 

GLOSSARY
| A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | V | W | X | Y | Z | ALL |
Land Acquisition Loan
A loan made for the purpose of purchasing land only, not improvements on or to the land. Also called an acquisition loan.
Lease
A written agreement between the property owner and a tenant that stipulates the payment and conditions under which the tenant may possess the real estate for a specified period of time.
Lease Abstract
A detailed recap of office and retail leases including tenant name, suite #, square footage, current rental rate including increases, lease start date, term, CAM requirements, extension options and rates.
Lease Option
An alternative financing option that allows home buyers to lease a home with an option to buy. Each month's rent payment may consist of not only the rent, but an additional amount which can be applied toward the down payment on an already specified price.
Leasehold Estate
A way of holding title to a property wherein the mortgagor does not actually own the property but rather has a recorded long-term lease on it.
Leasing Commission (Reserve) Escrow
The annual cost related to the leasing and releasing of commercial office and retail space. The amount deducted from the Net Operating Income prior to determining the net cash flow available for debt service coverage.
Legal Description
A property description, recognized by law, which is sufficient to locate and identify the property without oral testimony.
Lender
A term which can refer to the institution making the loan or to the individual representing the firm. For example, loan officers are often referred to as "lenders."
Lessee
An individual or entity to which property is rented under a lease. A tenant.
Lessors
An individual or other entity who rents property to another under a lease. A landlord.
Letter of Credit
An arrangement, with specified conditions, whereby a bank agrees to substitute its credit for a customer's.
Leveraged Buy-out
The acquisition of a company, financed primarily with borrowed money, using the acquired company’s assets to collateralize the loan.
Liabilities
A person's financial obligations. Liabilities include long-term and short-term debt, as well as any other amounts that are owed to others.
Lien
A legal claim against a property that must be paid off when the property is sold. A mortgage or first trust deed is considered a lien.
Life Cap
For an adjustable-rate mortgage (ARM), a limit on the amount that the interest rate can increase or decrease over the life of the mortgage.
Limited Partnership
Arrangement in which there is at least one partner whose liability extends beyond monetary investment and at least one partner who is passive and limits liability to the amount invested.
Line Of Credit
An agreement by a commercial bank or other financial institution to extend credit up to a certain amount for a certain time to a specified borrower.
Liquid Assets
A cash asset or an asset that is easily converted into cash.
Loan
A sum of borrowed money (principal) that is generally repaid with interest.
Loan Application Fee
A charge required by a lender or loan originator to be paid by the borrower to cover the cost of internal resources, personnel and other incidental expenses associated with underwriting the loan. The fee is generally not refundable.
Loan Officer
Also referred to by a variety of other terms, such as lender, loan representative, loan "rep," account executive, and others. The loan officer serves several functions and has various responsibilities: they solicit loans, they are the representative of the lending institution, and they represent the borrower to the lending institution.
Loan Servicing
After you obtain a loan, the company you make the payments to is "servicing" your loan. They process payments, send statements, manage the escrow/impound account, provide collection efforts on delinquent loans, ensure that insurance and property taxes are made on the property, handle pay-offs and assumptions, and provide a variety of other services.
Loan-To-Cost Ratio (LTC)
The amount of money borrowed compared to the cost (acquisition, construction, renovation, etc.) of the project at hand.
Loan-To-Value Ratio (LTV)
The amount of money borrowed compared to the value (appraised or sale price, whichever is lower) of the real property purchased.
Lock-Box
Rental income is delivered to a trustee (or servitor), who then pays expenses and makes the loan payment, before excess cash is released to the borrower. The lock-box removes borrower discretion and control over funds.
Lock-In
An agreement in which the lender guarantees a specified interest rate for a certain amount of time at a certain cost.
Lock-In-Period
The time period during which the lender has guaranteed an interest rate to a borrower.
Locked-In Interest Rate
The rate promised by a lender at the time of loan application or commitment. On income property loans, a lock-in generally requires a commitment fee or rate lock fee from the loan applicant.
London Interbank Offered Rate (LIBOR)
The rate that international banks dealing in Eurodollars charge each other for large loans. Some domestic banks and other lenders use this rate as an index for adjustable rate mortgages. The LIBOR rate quoted in the Wall Street Journal is an average of rate quotes from five major banks. Bank of America, Barclays, Bank of Tokyo, Deutsche Bank and Swiss Bank.
| A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | V | W | X | Y | Z | ALL |
 

 
 
Home    Rates    Glossary    Downloads    Loan Types    Property Types    Brokers    Contact
Summit Financial and Investment Group | 10421 South Jordan Gateway Suite #600 | South Jordan, UT 84095 | 801-944-4320 | e-mail
Copyright © Summit Financial and Investment Group, LLC 2018. All rights reserved. Web design by Santek Online