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Glossary (click letters)

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LEASE ASSIGNMENT – an agreement between the commercial property owner and the lender that assigns lease payments directly to the lender.

LEASE TYPE – Gross, Triple Net (NNN), Net Net (NN), Hybrid, etc.

LEASEHOLD IMPROVEMENTS – the cost of improvements for a leased property, often paid by the tenant.

LEASING COMMISSIONS – an amount earned by a real estate broker or leasing agent for his services.

LESSEE – tenant in a building.

LIBOR (London Interbank Offered Rate) – the rate that the most creditworthy international banks dealing in Eurodollars charge each other for large loans. Rates are quoted in monthly increments out to 1 year.

LIMITED LIABILITY COMPANY (LLC) – the restriction of one’s potential losses to the amount invested. The absence of personal liability. Provided to stockholders in a corporation and limited partners of a limited partnership.

LIMITED PARTNERSHIP – one in which there is at least one partner who is passive and limits liability to the amount invested, and at least one partner whose liability extends beyond monetary investment.

LIMITED SERVICE – a hotel that offers lodging services only.

LOAN PROCESSING FEE – the fee charged by a lender, to prepare all the documents associated with your mortgage.

LOAN–TO–VALUE RATIO (LTV) – the ratio between the principal amount of the mortgage balance, at origination or thereafter, to the current value of the underlying real estate collateral. The ratio is commonly expressed to a potential borrower as the percentage of value a lending institution is willing to finance. The ratio is dynamic, and varies by lending institution, property type, geographic location, property size, etc.

LOCK–OUT PERIOD – a period of time after loan origination during which a borrower cannot prepay the mortgage loan.

LOT SIZE – total square footage of the land.

LOW–RISE OFFICE – a commonly used expression referring to an office building that is too low to require an elevator.

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Andrew, Sadie and your team did a great job on Dan and Annabelle’s loan, and I thank you very ...

- Scott Liming | Iron Oak Mortgage

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