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Landlord Subordination (Waiver): This is a document that waives the rights of a landlord to a collateral or lease.
Late Charge: Charge assessed a payment made after the due date.
Lead: Information that could lead to a possible client.
Lease Agreement: A signed contract between a lessor and leasee that gives the leasee rights to a property or equipment for payment for a certain time period.
Lease Assignment: This is a transfer of the payments from property or equipment owner to the lender.
Lease Type: Specifies the type of lease and which of the operating costs the tenant will have responsibility for.
Leasehold Improvements: These are improvements made to a leased property usually paid for by the tenant/leasee.
Leasing Commissions: What a broker or realtor charges for brokering deals.
Lessee: This is a tenant who is the one leasing the property or equipment from the lessor.
Letter of Intent: This is formal letter buy a prospective buyer, or lessee that indicates serious intent to buy or lease.
Leverage: A ratio of debt to assets.
London Interbank Offered Rate (LIBOR): This is the rate that international banks use to charge in euro dollars for loans. Only the most creditworthy international banks use LIBOR.
Lien: A claim on a property that requires being paying off when the property is sold.
Lifetime Cap: This is a cap that protects the interest rate of an ARM from increasing above a set maximum.
Limited Liability Corporation (LLC): This is a corporation that is formed with limited liability and protects the individuals from liability but passes the profits and losses onto them.
Limited Partnership: Legal partnership where one partner is limited has limited liability to only the money invested and another partner has liability that extends beyond just monetary contribution.
Limited Service: This describes that a hotel that only offers lodging, no extended services are offered.
Line of Credit (LOC): This is a loan that acts as a line of credit that is often tied to equity.
Listing Contract: This is a contract where a property owner contracts with a broker to represent, list and sell a property on behalf of the owner for a commission.
Loan: A financial product where money is borrowed and repaid over time with interest.
Loan Amount: The principle amount of money borrowed in a loan transaction.
Loan Application: Application document where a potential borrower gives information about ones self and financial information used to ascertain creditworthiness by the evaluating lender.
Loan Commitment: This is a letter sent from the lender to a potential borrower that states and extends the final terms to a mortgage or loan.
Loan Origination Fee: Fee charged by a lender for processing and issuing a loan. This fee covers the costs of the lender performing the loan.
Loan Originator: This is a term for a lender who creates or originates loans using the property to securitize the mortgage or loan.
Loan Servicing: This involves servicing the loan throughout the term of the loan or until it is sold or transferred. Servicing includes collecting and posting payments, paying taxes, managing escrow accounts, etc.
Loan-to-Value: This is a ratio of the value of the property to the amount of the loan to purchase the property.
Lock-In: This is an agreement to lock-in or to freeze an interest rate at a certain point in time if the loan closes within a certain specified time.
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