1255:'s (or RTC's) commercial securitization program in 1992-1997. The RTC applied an approach similar to the one it had begun successfully using with residential mortgages, issuing multiple tranches of securities secured by diversified pools of commercial mortgage loans. Following the introduction of the securitization methods by the RTC, private banks began to originate loans specifically for the purpose of turning them into securities. These loans are typically structured to forbid prepayment beyond a specified amortization schedule. This makes the resultant securities more attractive to investors, because they know that the commercial mortgages will remain outstanding even if interest rates decline.
1384:(FCA). There is an exception for mixed-use properties where 40% or more of the property will be used as a dwelling. By March 2016, however, the UK will be required to have implemented new rules to comply with the pan-European Mortgage Credit Directive, which does not draw a distinction between commercial and semi-commercial properties; it is therefore currently unclear whether all mixed-use properties will be brought under FCA regulation when the new regulations take effect, irrespective of the proportion that is used for residential purposes.
40:
2222:
1069:"). Mortgages on multifamily properties that are provided by a government-sponsored enterprise or government agency may have terms of thirty years or more. Some commercial mortgages may allow extensions if certain conditions are met, which may include payment of an extension fee. Some commercial mortgages have an "anticipated repayment date," which means that if the loan is not repaid by the anticipated repayment date, the loan is not in defaults.
912:
2248:
900:
1299:, are active lenders for multifamily commercial real estate (that is, apartment buildings) in the United States. Approximately $ 390 billion of multifamily residential mortgages were held by government-sponsored enterprises or Agency and GSE-backed mortgage pools as of June 30, 2013, representing 12% of total commercial mortgages outstanding and 43% of multifamily commercial mortgages outstanding at that time.
2235:
1183:(LTV). LTV is a mathematical calculation which expresses the amount of a mortgage as a percentage of the total appraised value. For instance, if a borrower wants $ 6,000,000 to purchase an office worth $ 10,000,000, the LTV ratio is $ 6,000,000/$ 10,000,000 or 60%. Commercial mortgage LTV's are typically between 55% and 70%, unlike residential mortgages which are typically 80% or above.
1367:(FSA) required banks to hold a risk-weighted amount of capital against commercial mortgages – ranging from 50% to 250% of the loan amount – in order to limit their exposure to commercial property assets. Critics predicted that the larger capital requirements for large banks could adversely affect the availability of commercial credit; however, the
1406:
Buy-to-let mortgages share similarities with both commercial and residential mortgages. Because of high consumer demand and the lower capital offset requirements, mortgage lenders are able to offer buy-to-let finance at typically lower interest rates than commercial mortgages. There is also a degree
1064:
The term of a commercial mortgage is generally between five and ten years for stabilized commercial properties with established cash flows (sometimes called "permanent loans"), and between one and three years for properties in transition, for example, newly opened properties or properties undergoing
970:
Commercial mortgages are structured to meet the needs of the borrower and the lender. Key terms include the loan amount (sometimes referred to as "loan proceeds"), interest rate, term (sometimes referred to as the "maturity"), amortization schedule, and prepayment flexibility. Commercial mortgages
1186:
Lenders look at rents per square foot, cost per square foot and replacement cost per square foot. These metrics vary widely depending on the location and intended use of the property, but can be useful indications of the financial health of the real estate, as well as the likelihood of competitive
1410:
Like commercial mortgages, however, buy-to-let mortgages are underwritten according to debt-service coverage rather than income multiples. High street banks might calculate DSCR at 160–170% for commercial mortgages and 125–130% for buy-to-let mortgages, while a minority of specialist lenders might
1175:
which typically ranges from 1.1 to 1.4; the ratio is net cash flow (the income the property produces) over the debt service (mortgage payment). As an example if the owner of a shopping mall receives $ 300,000 per month from tenants, pays $ 50,000 per month in expenses, a lender will typically not
1044:, with the swap spread matched to the term of the loan. Market interest rates as well as underwriting factors greatly affect the interest rate quoted on a particular piece of commercial real estate. Interest rates for commercial mortgages are usually higher than those for residential mortgages.
1095:
Commercial loans vary in their prepayment terms, that is, whether or not a real estate investor is allowed to refinance the loan at will. Some portfolio lenders, such as banks and insurance companies, may allow prepayment flexibility. In contrast, for a borrower to prepay a conduit loan, the
1081:
over the term of the loan, meaning the borrower pays both interest and principal over time, and the loan balance at the end of the term is less than the original loan amount. However, unlike residential mortgages, commercial mortgages generally do not fully amortize over the stated term, and
1112:
such as a corporation or an LLC created specifically to own just the subject property, rather than by an individual or a larger business. This allows the lender to foreclose on the property in the event of default even if the borrower has gone into bankruptcy, that is, the entity is
971:
are generally subject to extensive underwriting and due diligence prior to closing. The lender's underwriting process may include a financial review of the property and the property owner (or "sponsor"), as well as commissioning and review of various third-party reports, such as an
1206:
Lenders typically do thorough extreme due diligence on a proposed commercial mortgage loan prior to funding the loan. Such due diligence often includes a site tour, a financial review, and due diligence on the property's sponsor and legal borrowing entity. Lenders look at
1323:
Correspondent
Lenders do not loan their own money, but provide front end services such as origination, underwriting, and loan servicing for lenders that utilize these types of companies. The correspondent often represents lenders in a particular geographic area.
1274:
prices to fall dramatically, and new issuances of CMBS securities came to a virtual halt in 2008-2009. The market has begun to recover, with $ 12 billion in new issuance in 2010, $ 37 billion in new issuance in 2011, and $ 48 billion in new issuance in 2012.
1379:
As regulated mortgage contracts are defined as relating to properties that will be used “as or in connection with a dwelling by the borrower… or a related person”, individual commercial mortgage contracts and the sale thereof are not regulated by the
1354:
In 2014, commercial lending represented just 5.2% of overall gross mortgage lending by volume, but 25.3% by value. The average commercial mortgage in this year was ÂŁ1.46 million, compared to the average residential mortgage of ÂŁ236,400.
1157:
Lenders may require borrowers to establish reserves to fund specific items at closing, such as anticipated tenant improvement and leasing commission (TI/LC) expense, needed repair and capital expenditure expense, and interest reserves.
1125:
Commercial mortgages may be recourse or non-recourse. A recourse mortgage is supplemented by a general obligation of the borrower or a personal guarantee from the owner(s) of the property, which makes the debt payable in full even if
978:
There were $ 3.1 trillion of commercial and multifamily mortgages outstanding in the U.S. as of June 30, 2013. Of these mortgages, approximately 49% were held by banks, 18% were held by asset-backed trusts (issuers of
1086:
of the remaining balance, which is often repaid by refinancing the property. Some commercial mortgages have an interest-only period at the beginning of the loan term during which time the borrower only pays interest.
967:, such as an office building, shopping center, industrial warehouse, or apartment complex. The proceeds from a commercial mortgage are typically used to acquire, refinance, or redevelop commercial property.
1407:
of regulatory crossover between the buy-to-let and residential markets, and many buy-to-let lenders employ underwriting checks similar to those prescribed by the FCA for residential mortgage applications.
1346:
data for property transaction completions in the United
Kingdom between 2005 and 2013 shows that, unlike residential lending, mortgage lending for non-residential property was on the decline prior to the
1244:
secured by the underlying commercial mortgage loans. Conduit lenders include both banks and non-bank finance companies. Approximately $ 560 billion of commercial mortgages were held by issuers of
1228:
Banks, large and small, are traditional providers of commercial mortgages. According to the
Federal Reserve, banks held $ 1.5 trillion of commercial mortgages on their books as of June 30, 2013.
1351:. Gross commercial and residential lending began picking up at a similar pace from 2009 onwards, exhibiting 16.2% and 18.2% non-inflation adjusted growth respectively between 2009 and 2013.
1056:
on the property. Commercial mortgages may also have origination or underwriting fees (paid at close as a reduction in loan proceeds) and/or exit fees (paid when the loan is repaid).
1403:
mortgages, which are for the purchase of residential real estate to let out to paying tenants. Buy-to-let loans may be offered by both commercial and residential mortgage lenders.
1315:
Mortgage brokers do not provide commercial mortgage loans, but are often used to obtain multiple quotes from different potential lenders and to manage the financing process.
1100:
the bonds, by buying enough government bonds (treasuries) to provide the investors with the same amount of income as they would have had if the loan was still in place.
1036:
Interest rates for commercial mortgages may be fixed-rate or floating rate. Fixed-rate mortgages on stabilized commercial real estate are generally priced based on a
1052:
Many commercial mortgage lenders require an application fee or good-faith deposit, which is typically used by the lender to cover underwriting expenses such as an
1145:
If a sponsor is seeking financing on a portfolio of commercial real estate properties, rather than a single property, the sponsor may choose to take out a
1307:
Insurance companies are active investors in commercial mortgages, and hold approximately $ 325 billion of commercial mortgages as of June 30, 2013.
830:
983:), 12% were held by government-sponsored enterprises and Agency and GSE-backed mortgage pools, and 10% were held by life insurance companies.
2206:
859:
1516:
1453:
1371:
2013 Q4 Credit
Conditions Survey indicated that commercial credit availability to the corporate sector had increased throughout the year.
1194:, lenders have started to focus on a new metric, debt yield, to complement the debt service coverage ratio. Debt yield is defined as the
820:
785:
1491:
2161:
1211:, bank statement, time-in-business, and annual revenue as well. Many lenders also commission and review third-party reports such as an
942:
1296:
598:
1667:
2176:
1531:
1566:
2166:
1472:
1271:
1259:
1245:
1241:
980:
611:
2191:
770:
1989:
1672:
1504:
492:
2146:
2126:
1591:
1267:
1191:
252:
162:
1236:
Conduit lenders originate commercial mortgages and hold them as investments for a short period of time before
2252:
935:
904:
148:
2156:
2100:
1705:
1364:
1252:
1176:
give a loan that requires monthly payments above $ 227,273 (($ 300,000-$ 50,000)/1.1)), a 1.1 debt cover.
2105:
2095:
1662:
1381:
1172:
1001:
1479:. U.S. CMBS Monthly Issuance. Click chart for backup and historical data. Accessed December 14, 2013.
2284:
1762:
1652:
714:
428:
118:
1710:
1607:
1559:
775:
660:
438:
212:
1622:
1263:
1083:
928:
464:
2238:
1904:
1793:
1642:
1440:. Released September 25, 2013. Accessed November 5, 2013. pp. 104-105, tables L.219 and L.220.
1146:
107:
97:
2004:
1964:
1730:
1450:
1343:
1292:
1109:
266:
177:
2065:
2045:
2019:
2009:
1969:
1837:
1798:
1700:
1657:
1647:
1632:
1612:
1392:
In the UK there is a distinction between commercial mortgages, which are for the purchase of
1212:
1142:
on the property, but has no further claim against the borrower for any remaining deficiency.
1053:
1017:
972:
606:
217:
2226:
1979:
1909:
1772:
1715:
1637:
1627:
1617:
1552:
1195:
802:
719:
423:
348:
282:
234:
77:
8:
2136:
1959:
1954:
1788:
1693:
1688:
1393:
964:
879:
869:
589:
546:
498:
443:
257:
2186:
2060:
2014:
1994:
1827:
1808:
1750:
1725:
892:
874:
724:
679:
628:
469:
358:
92:
1134:
mortgage is secured only by the commercial property that serves as collateral. In an
2274:
2090:
1899:
1882:
1842:
1767:
1757:
1735:
1720:
1411:
calculate it at 125–130% for commercial mortgages and 110% for buy-to-let mortgages.
1114:
1021:
780:
656:
551:
418:
413:
408:
382:
343:
167:
67:
1528:
2279:
2110:
2085:
1984:
1926:
1887:
1847:
1135:
1131:
852:
645:
619:
537:
530:
513:
459:
433:
320:
302:
287:
207:
198:
102:
87:
49:
23:
1974:
1921:
1535:
1476:
1457:
1368:
1348:
1078:
1025:
835:
760:
751:
709:
674:
666:
474:
363:
277:
58:
39:
2201:
2181:
2141:
2080:
1862:
1832:
1469:
1237:
742:
580:
272:
242:
157:
124:
1437:
2268:
1999:
1931:
1916:
1745:
1180:
1004:
ratios, more fully discussed below in the section on underwriting standards.
997:
960:
809:
765:
541:
503:
483:
368:
329:
82:
1016:
or, if a greater loan amount is desired, the borrower may be able to obtain
2171:
2070:
2055:
2029:
1852:
1818:
1208:
1037:
916:
734:
704:
564:
262:
139:
112:
1251:
Securitization of commercial mortgages in its current form began with the
996:
The loan amount of a commercial mortgage is generally determined based on
2196:
2050:
1872:
1867:
1740:
1575:
1396:
1288:
1139:
1127:
1066:
1041:
324:
189:
134:
129:
72:
1387:
2151:
2024:
1400:
1284:
1097:
1013:
559:
398:
334:
864:
825:
508:
297:
292:
2131:
2075:
1877:
1803:
1586:
1215:, environmental report, engineering report, and background checks.
312:
172:
31:
1936:
899:
184:
1544:
1892:
1149:
loan, in which all of the properties collateralize the loan.
1130:
on the property does not satisfy the outstanding balance. A
403:
353:
1857:
1198:(NOI) of a property divided by the amount of the mortgage.
729:
696:
307:
247:
1449:
FDIC. Managing the Crisis: The FDIC and RTC Experience.
640:
1248:
as of June 30, 2013, according to the
Federal Reserve.
1388:
Distinction between commercial and buy-to-let lending
1262:
issuance peaked in 2007 at $ 229 billion. Then, the
1218:
1028:, which generally carries a higher interest rate.
1108:A commercial mortgage is typically taken in by a
2266:
1529:Financial Conduct Authority Handbook PERG 4.4.1
1065:renovation or repositioning (sometimes called "
2207:List of housing markets by real estate prices
1560:
1337:
1020:financing as well, sometimes structured as a
936:
1436:Board of Governors of the Federal Reserve.
16:Mortgage loan secured by commercial property
1470:Commercial Mortgage Alert Market Statistics
1460:, pp. 417-423. Accessed December 12, 2013.
1438:Z.1 Financial Accounts of the United States
821:International Financial Reporting Standards
786:Separation of investment and retail banking
2247:
1567:
1553:
1012:Commercial mortgages can be structured as
943:
929:
1492:Annual UK Property Transaction Statistics
1283:Government-sponsored enterprises such as
1201:
1494:. HM Revenue & Customs. 27 Jun 2014.
1487:
1485:
1318:
1432:
1430:
1428:
1426:
1424:
1166:
2267:
1363:Regulations introduced in 2013 by the
1302:
1278:
1548:
1505:Bank rules hit UK property developers
1482:
2234:
1421:
1310:
13:
2192:Undergraduate real estate programs
1231:
1171:Lenders usually require a minimum
1103:
860:Private equity and venture capital
771:Bank for International Settlements
14:
2296:
1990:Investment rating for real estate
1332:
1219:Providers of commercial mortgages
1007:
905:Business and Economics portal
2246:
2233:
2221:
2220:
1517:Q4 2013 Credit Conditions Survey
1327:
1187:new developments coming online.
1082:therefore frequently end with a
1077:Commercial mortgages frequently
1031:
910:
898:
493:Base erosion and profit shifting
38:
1574:
1507:. Financial Times. 16 Jan 2013.
1161:
1072:
2147:Graduate real estate education
1592:Tertiary sector of the economy
1522:
1519:. Bank of England. 8 Jan 2014.
1510:
1497:
1463:
1443:
991:
253:Collateralised debt obligation
163:Bull (stock market speculator)
1:
1414:
1374:
1090:
599:Final consumption expenditure
2101:Real estate investment trust
1706:Extraterrestrial real estate
1365:Financial Services Authority
1253:Resolution Trust Corporation
7:
2106:Real property administrator
2096:Real estate investment club
1503:Masters, B and Hammond, E.
1451:Chapter 16: Securitizations
1382:Financial Conduct Authority
1358:
1173:debt service coverage ratio
1152:
1120:
10:
2301:
1763:Private equity real estate
1349:2008–2009 global recession
1338:Commercial mortgage market
1268:2007–2008 financial crisis
1192:2007–2008 financial crisis
831:Professional certification
429:Enterprise risk management
213:Offshore financial centres
2215:
2119:
2038:
1945:
1817:
1781:
1711:International real estate
1681:
1600:
1582:
1538:. Accessed on 30 Apr 2015
776:Financial Stability Board
1264:subprime mortgage crisis
1223:
986:
465:Mergers and acquisitions
1905:Real estate transaction
1794:Real estate development
1293:government corporations
1059:
1047:
2005:Real estate derivative
1965:Effective gross income
1731:Healthcare real estate
1344:HM Revenue and Customs
1240:the loans and selling
1202:Underwriting practices
1110:special purpose entity
1096:borrower will have to
267:certificate of deposit
2162:Industry trade groups
2066:Exclusive buyer agent
2020:Real estate valuation
2010:Real estate economics
1970:Gross rent multiplier
1799:Real estate investing
1701:Corporate Real Estate
1319:Correspondent Lenders
1179:Lenders also look at
1002:debt service coverage
218:Conduit and sink OFCs
1980:Highest and best use
1946:Economics, financing
1910:Real estate contract
1804:Real estate flipping
1773:Residential property
1716:Lease administration
1668:United Arab Emirates
1196:net operating income
1167:Underwriting metrics
1147:cross-collateralized
444:Financial statements
424:Credit rating agency
349:Repurchase agreement
1960:Capitalization rate
1955:Asset-based lending
1789:Property management
1694:Commercial building
1689:Commercial property
1303:Insurance companies
1279:Government agencies
1138:, the creditor can
965:commercial property
957:commercial mortgage
880:Accounting scandals
870:Stock market bubble
590:Government spending
547:Employment contract
499:Corporate tax haven
258:Credit default swap
2187:Real estate trends
2091:Real estate broker
2061:Chartered Surveyor
2015:Real estate bubble
1995:Mortgage insurance
1828:Adverse possession
1751:Luxury real estate
1726:Garden real estate
1534:2015-06-02 at the
1475:2013-12-15 at the
1456:2015-06-12 at the
875:Stock market crash
725:Investment banking
715:Fractional-reserve
680:Warrant of payment
629:Government revenue
552:Financial planning
470:Structured finance
2285:Corporate finance
2262:
2261:
1900:Property abstract
1883:Land registration
1843:Concurrent estate
1768:Real estate owned
1758:Off-plan property
1736:Vacation property
1721:Niche real estate
1369:Bank of England’s
1115:bankruptcy remote
953:
952:
843:
842:
793:
792:
781:Deposit insurance
687:
686:
521:
520:
419:Corporate finance
414:Capital structure
409:Capital budgeting
344:Performance bonds
225:
224:
208:Financial centres
168:Financial planner
68:Asset (economics)
2292:
2250:
2249:
2237:
2236:
2224:
2223:
2167:Investment firms
2086:Property manager
1985:Home equity loan
1888:Leasehold estate
1848:Conditional sale
1569:
1562:
1555:
1546:
1545:
1539:
1526:
1520:
1514:
1508:
1501:
1495:
1489:
1480:
1467:
1461:
1447:
1441:
1434:
1311:Mortgage brokers
1136:event of default
1026:preferred equity
945:
938:
931:
917:Money portal
915:
914:
913:
903:
902:
853:Economic history
815:
814:
748:
747:
646:Deficit spending
620:Transfer payment
586:
585:
514:Transfer pricing
460:Leveraged buyout
434:Enterprise value
388:
387:
303:Letter of credit
288:Futures contract
121:
119:Over-the-counter
108:Foreign exchange
55:
54:
42:
19:
18:
2300:
2299:
2295:
2294:
2293:
2291:
2290:
2289:
2265:
2264:
2263:
2258:
2211:
2115:
2034:
1975:Hard money loan
1947:
1941:
1922:Rent regulation
1813:
1777:
1677:
1596:
1578:
1573:
1543:
1542:
1536:Wayback Machine
1527:
1523:
1515:
1511:
1502:
1498:
1490:
1483:
1477:Wayback Machine
1468:
1464:
1458:Wayback Machine
1448:
1444:
1435:
1422:
1417:
1394:non-residential
1390:
1377:
1361:
1340:
1335:
1330:
1321:
1313:
1305:
1281:
1234:
1232:Conduit lenders
1226:
1221:
1204:
1169:
1164:
1155:
1123:
1106:
1104:Borrower entity
1093:
1084:balloon payment
1075:
1062:
1050:
1034:
1010:
994:
989:
949:
911:
909:
897:
885:
884:
855:
845:
844:
836:Fund governance
812:
795:
794:
761:Banking license
752:Bank regulation
739:
710:Deposit account
699:
689:
688:
675:Non-tax revenue
671:
650:
616:
583:
573:
572:
569:
533:
523:
522:
475:Venture capital
439:Risk management
385:
375:
374:
373:
364:Syndicated loan
340:
237:
227:
226:
117:
52:
17:
12:
11:
5:
2298:
2288:
2287:
2282:
2277:
2260:
2259:
2257:
2256:
2253:List of topics
2243:
2230:
2216:
2213:
2212:
2210:
2209:
2204:
2202:Urban planning
2199:
2194:
2189:
2184:
2182:Property cycle
2179:
2174:
2169:
2164:
2159:
2154:
2149:
2144:
2142:Gentrification
2139:
2134:
2129:
2123:
2121:
2117:
2116:
2114:
2113:
2108:
2103:
2098:
2093:
2088:
2083:
2081:Moving company
2078:
2073:
2068:
2063:
2058:
2053:
2048:
2042:
2040:
2036:
2035:
2033:
2032:
2027:
2022:
2017:
2012:
2007:
2002:
1997:
1992:
1987:
1982:
1977:
1972:
1967:
1962:
1957:
1951:
1949:
1943:
1942:
1940:
1939:
1934:
1929:
1924:
1919:
1914:
1913:
1912:
1902:
1897:
1896:
1895:
1885:
1880:
1875:
1870:
1865:
1863:Eminent domain
1860:
1855:
1850:
1845:
1840:
1835:
1833:Chain of title
1830:
1824:
1822:
1821:and regulation
1815:
1814:
1812:
1811:
1806:
1801:
1796:
1791:
1785:
1783:
1779:
1778:
1776:
1775:
1770:
1765:
1760:
1755:
1754:
1753:
1748:
1743:
1738:
1733:
1728:
1718:
1713:
1708:
1703:
1698:
1697:
1696:
1685:
1683:
1679:
1678:
1676:
1675:
1673:United Kingdom
1670:
1665:
1660:
1655:
1650:
1645:
1640:
1635:
1630:
1625:
1620:
1615:
1610:
1604:
1602:
1598:
1597:
1595:
1594:
1589:
1583:
1580:
1579:
1572:
1571:
1564:
1557:
1549:
1541:
1540:
1521:
1509:
1496:
1481:
1462:
1442:
1419:
1418:
1416:
1413:
1389:
1386:
1376:
1373:
1360:
1357:
1339:
1336:
1334:
1333:United Kingdom
1331:
1329:
1326:
1320:
1317:
1312:
1309:
1304:
1301:
1280:
1277:
1233:
1230:
1225:
1222:
1220:
1217:
1203:
1200:
1168:
1165:
1163:
1160:
1154:
1151:
1122:
1119:
1105:
1102:
1092:
1089:
1074:
1071:
1061:
1058:
1049:
1046:
1033:
1030:
1009:
1008:Loan structure
1006:
993:
990:
988:
985:
951:
950:
948:
947:
940:
933:
925:
922:
921:
920:
919:
907:
895:
887:
886:
883:
882:
877:
872:
867:
862:
856:
851:
850:
847:
846:
841:
840:
839:
838:
833:
828:
823:
813:
801:
800:
797:
796:
791:
790:
789:
788:
783:
778:
773:
768:
763:
755:
754:
746:
745:
743:Lists of banks
738:
737:
732:
727:
722:
717:
712:
707:
701:
700:
695:
694:
691:
690:
685:
684:
683:
682:
677:
672:
670:
669:
664:
653:
651:
649:
648:
643:
637:
632:
631:
625:
624:
623:
622:
617:
615:
614:
612:Redistribution
609:
603:
601:
593:
592:
584:
579:
578:
575:
574:
571:
570:
568:
567:
562:
556:
554:
549:
544:
534:
529:
528:
525:
524:
519:
518:
517:
516:
511:
506:
501:
496:
487:
486:
480:
479:
478:
477:
472:
467:
462:
454:
453:
449:
448:
447:
446:
441:
436:
431:
426:
421:
416:
411:
406:
401:
393:
392:
386:
381:
380:
377:
376:
372:
371:
366:
361:
356:
351:
346:
339:
338:
332:
327:
317:
316:
315:
310:
305:
300:
295:
290:
285:
280:
275:
270:
260:
255:
250:
245:
239:
238:
233:
232:
229:
228:
223:
222:
221:
220:
215:
210:
202:
201:
195:
194:
193:
192:
187:
182:
181:
180:
170:
165:
160:
158:Angel investor
152:
151:
145:
144:
143:
142:
137:
132:
127:
125:Private equity
122:
115:
110:
105:
100:
95:
90:
85:
80:
75:
70:
62:
61:
53:
48:
47:
44:
43:
35:
34:
28:
27:
15:
9:
6:
4:
3:
2:
2297:
2286:
2283:
2281:
2278:
2276:
2273:
2272:
2270:
2255:
2254:
2244:
2242:
2241:
2231:
2229:
2228:
2218:
2217:
2214:
2208:
2205:
2203:
2200:
2198:
2195:
2193:
2190:
2188:
2185:
2183:
2180:
2178:
2175:
2173:
2170:
2168:
2165:
2163:
2160:
2158:
2155:
2153:
2150:
2148:
2145:
2143:
2140:
2138:
2135:
2133:
2130:
2128:
2125:
2124:
2122:
2118:
2112:
2109:
2107:
2104:
2102:
2099:
2097:
2094:
2092:
2089:
2087:
2084:
2082:
2079:
2077:
2074:
2072:
2069:
2067:
2064:
2062:
2059:
2057:
2054:
2052:
2049:
2047:
2044:
2043:
2041:
2037:
2031:
2028:
2026:
2023:
2021:
2018:
2016:
2013:
2011:
2008:
2006:
2003:
2001:
2000:Mortgage loan
1998:
1996:
1993:
1991:
1988:
1986:
1983:
1981:
1978:
1976:
1973:
1971:
1968:
1966:
1963:
1961:
1958:
1956:
1953:
1952:
1950:
1948:and valuation
1944:
1938:
1935:
1933:
1932:Torrens title
1930:
1928:
1925:
1923:
1920:
1918:
1917:Real property
1915:
1911:
1908:
1907:
1906:
1903:
1901:
1898:
1894:
1891:
1890:
1889:
1886:
1884:
1881:
1879:
1876:
1874:
1871:
1869:
1866:
1864:
1861:
1859:
1856:
1854:
1851:
1849:
1846:
1844:
1841:
1839:
1836:
1834:
1831:
1829:
1826:
1825:
1823:
1820:
1816:
1810:
1807:
1805:
1802:
1800:
1797:
1795:
1792:
1790:
1787:
1786:
1784:
1780:
1774:
1771:
1769:
1766:
1764:
1761:
1759:
1756:
1752:
1749:
1747:
1746:Golf property
1744:
1742:
1739:
1737:
1734:
1732:
1729:
1727:
1724:
1723:
1722:
1719:
1717:
1714:
1712:
1709:
1707:
1704:
1702:
1699:
1695:
1692:
1691:
1690:
1687:
1686:
1684:
1680:
1674:
1671:
1669:
1666:
1664:
1661:
1659:
1656:
1654:
1651:
1649:
1646:
1644:
1641:
1639:
1636:
1634:
1631:
1629:
1626:
1624:
1621:
1619:
1616:
1614:
1611:
1609:
1606:
1605:
1603:
1599:
1593:
1590:
1588:
1585:
1584:
1581:
1577:
1570:
1565:
1563:
1558:
1556:
1551:
1550:
1547:
1537:
1533:
1530:
1525:
1518:
1513:
1506:
1500:
1493:
1488:
1486:
1478:
1474:
1471:
1466:
1459:
1455:
1452:
1446:
1439:
1433:
1431:
1429:
1427:
1425:
1420:
1412:
1408:
1404:
1402:
1398:
1395:
1385:
1383:
1372:
1370:
1366:
1356:
1352:
1350:
1345:
1328:Other markets
1325:
1316:
1308:
1300:
1298:
1294:
1291:, as well as
1290:
1286:
1276:
1273:
1269:
1265:
1261:
1256:
1254:
1249:
1247:
1243:
1239:
1229:
1216:
1214:
1210:
1199:
1197:
1193:
1188:
1184:
1182:
1181:loan to value
1177:
1174:
1159:
1150:
1148:
1143:
1141:
1137:
1133:
1129:
1118:
1116:
1111:
1101:
1099:
1088:
1085:
1080:
1070:
1068:
1057:
1055:
1045:
1043:
1039:
1032:Interest rate
1029:
1027:
1023:
1019:
1015:
1005:
1003:
999:
998:loan to value
984:
982:
976:
974:
968:
966:
962:
961:mortgage loan
958:
946:
941:
939:
934:
932:
927:
926:
924:
923:
918:
908:
906:
901:
896:
894:
891:
890:
889:
888:
881:
878:
876:
873:
871:
868:
866:
863:
861:
858:
857:
854:
849:
848:
837:
834:
832:
829:
827:
824:
822:
819:
818:
817:
816:
811:
810:Financial law
808:
804:
799:
798:
787:
784:
782:
779:
777:
774:
772:
769:
767:
766:Basel Accords
764:
762:
759:
758:
757:
756:
753:
750:
749:
744:
741:
740:
736:
733:
731:
728:
726:
723:
721:
718:
716:
713:
711:
708:
706:
703:
702:
698:
693:
692:
681:
678:
676:
673:
668:
665:
662:
658:
655:
654:
652:
647:
644:
642:
639:
638:
636:
635:
634:
633:
630:
627:
626:
621:
618:
613:
610:
608:
605:
604:
602:
600:
597:
596:
595:
594:
591:
588:
587:
582:
577:
576:
566:
563:
561:
558:
557:
555:
553:
550:
548:
545:
543:
539:
536:
535:
532:
527:
526:
515:
512:
510:
507:
505:
504:Tax inversion
502:
500:
497:
494:
491:
490:
489:
488:
485:
482:
481:
476:
473:
471:
468:
466:
463:
461:
458:
457:
456:
455:
451:
450:
445:
442:
440:
437:
435:
432:
430:
427:
425:
422:
420:
417:
415:
412:
410:
407:
405:
402:
400:
397:
396:
395:
394:
390:
389:
384:
379:
378:
370:
369:Synthetic CDO
367:
365:
362:
360:
357:
355:
352:
350:
347:
345:
342:
341:
336:
333:
331:
328:
326:
322:
319:
318:
314:
311:
309:
306:
304:
301:
299:
296:
294:
291:
289:
286:
284:
281:
279:
276:
274:
271:
268:
264:
261:
259:
256:
254:
251:
249:
246:
244:
241:
240:
236:
231:
230:
219:
216:
214:
211:
209:
206:
205:
204:
203:
200:
197:
196:
191:
188:
186:
183:
179:
178:institutional
176:
175:
174:
171:
169:
166:
164:
161:
159:
156:
155:
154:
153:
150:
147:
146:
141:
138:
136:
133:
131:
128:
126:
123:
120:
116:
114:
111:
109:
106:
104:
101:
99:
96:
94:
91:
89:
86:
84:
83:Capital asset
81:
79:
76:
74:
71:
69:
66:
65:
64:
63:
60:
57:
56:
51:
46:
45:
41:
37:
36:
33:
30:
29:
25:
21:
20:
2251:
2239:
2225:
2172:Land banking
2071:Land banking
2056:Buyer broker
2030:Rental value
1853:Conveyancing
1663:Saudi Arabia
1524:
1512:
1499:
1465:
1445:
1409:
1405:
1391:
1378:
1362:
1353:
1342:Analysis of
1341:
1322:
1314:
1306:
1282:
1257:
1250:
1238:securitizing
1235:
1227:
1209:credit score
1205:
1189:
1185:
1178:
1170:
1162:Underwriting
1156:
1144:
1124:
1107:
1094:
1076:
1073:Amortization
1067:bridge loans
1063:
1051:
1035:
1011:
995:
977:
969:
956:
954:
806:
735:Money supply
720:Full-reserve
705:Central bank
565:Student loan
540: /
452:Transactions
263:Time deposit
149:Participants
78:Asset growth
2197:Urban decay
2051:Buyer agent
1873:Foreclosure
1868:Encumbrance
1741:Arable land
1653:Puerto Rico
1601:By location
1576:Real estate
1397:real estate
1289:Freddie Mac
1132:nonrecourse
1128:foreclosure
1024:note or as
1018:subordinate
1014:first liens
992:Loan amount
963:secured by
273:Credit line
235:Instruments
130:Real estate
93:Derivatives
2269:Categories
2152:Green belt
2025:Remortgage
1809:Relocation
1608:Bangladesh
1415:References
1401:buy-to-let
1375:Regulation
1297:Ginnie Mae
1285:Fannie Mae
1190:Since the
1091:Prepayment
1000:(LTV) and
803:Regulation
607:Operations
560:Retirement
399:Accounting
283:Derivative
190:Speculator
22:Part of a
2137:Filtering
2127:Companies
2046:Appraiser
1927:Severance
1623:Indonesia
1213:appraisal
1140:foreclose
1054:appraisal
1022:mezzanine
973:appraisal
865:Recession
826:ISO 31000
509:Tax haven
383:Corporate
298:Insurance
293:Indemnity
199:Locations
88:Commodity
2275:Mortgage
2227:Category
2132:Eviction
2076:Landlord
1878:Land law
1643:Pakistan
1587:Property
1532:Archived
1473:Archived
1454:Archived
1359:Slotting
1295:such as
1266:and the
1153:Reserves
1121:Recourse
1079:amortize
641:Taxation
531:Personal
484:Taxation
359:Security
313:Mortgage
173:Investor
2280:Banking
2240:Commons
2157:Indices
2039:Parties
1838:Closing
1782:Sectors
1270:caused
1098:defease
893:Outline
697:Banking
661:balance
659: (
391:General
323: (
278:Deposit
98:Domains
50:Markets
32:Finance
2245:
2232:
2219:
2177:People
2111:Tenant
1937:Zoning
1658:Russia
1648:Panama
1633:Turkey
1613:Canada
1399:, and
1038:spread
805:
657:Budget
581:Public
538:Credit
495:(BEPS)
330:exotic
321:Option
185:Retail
103:Equity
59:Assets
24:series
2120:Other
1893:Lease
1682:Types
1638:Kenya
1628:Italy
1618:China
1224:Banks
1042:swaps
987:Terms
959:is a
404:Audit
354:Stock
140:Stock
113:Money
1858:Deed
1287:and
1272:CMBS
1260:CMBS
1258:New
1246:CMBS
1242:CMBS
1060:Term
1048:Fees
981:CMBS
730:Loan
667:Debt
542:Debt
325:call
308:Loan
248:Cash
243:Bond
135:Spot
73:Bond
1819:Law
1117:".
1040:to
335:put
2271::
1484:^
1423:^
975:.
955:A
26:on
1568:e
1561:t
1554:v
1113:"
944:e
937:t
930:v
807:·
663:)
337:)
269:)
265:(
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