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Glossary (click letters)

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EFFECTIVE GROSS INCOME – gross income of a building if fully rented, less an allowance for estimated vacancies.

ENGINEERING REPORT – report generated by an architect or engineer describing the current physical condition of the property and its major building systems, i.e., HVAC, parking lot, roof, etc. The report also determines an amount for calculating replacement reserves, if needed.

ENTITLEMENTS – a right to benefits specified especially by law or contract.

ENVIRONMENTAL REPORT – report generated by qualified environmental firms to determine potential environmental hazards in a building’s region or within the building itself.

ENVIRONMENTAL RISK – risk of loss of collateral value and of lender liability due to the presence of hazardous materials, such as asbestos, PCB’s, radon or leaking underground storage tanks (LUSTS) on a property.

EQUITY LOAN – a loan for an equity position which represents an ownership position in a property or a loan for the participation in the profits of the commercial property

EQUITY – the difference between the fair market value and current indebtedness, also referred to as "owner’s interest."

ESCROW – 1. A special account set up by the lender in which money is held to pay for taxes and insurance. 2. A third party who carries out the instructions of both the buyer and seller to handle the paperwork at the settlement.

EURODOLLAR – U.S. dollar denominated deposits at commercial banks outside of the United States.

EXTENDED STAY – a hotel that caters to a business traveler on an extended lodging period.

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