Secured Loan: A loan secured by specific collateral. Creditor may foreclose and seize the specific property that is collateral to satisfy an unpaid secure loan.

 

Related Words

Secured Loan: A loan which is backed up by assets belonging to the borrower (normally property) in order to decrease the risk taken on by the lender. Mortgages and some personal loans are secured loans. I . . . View Full Definition

Home Equity Loan: A loan made to a current homeowner that is secured by the equity in the home.

Unsecured Loan: An unsecured loan is a loan where the lender has no entitlement to any of the borrower's assets in the event of the borrower failing to make the loan repayments. Such a loan normally carries . . . View Full Definition

Prime Loan: A loan offered to borrowers with better credit history (sometimes called 'A' loans). Prime loans generally are priced lower and cost the borrower less.

Project Loan Certificate (PLC): A primary program of Ginnie Mae for securitizing FHA-insured and coinsured multifamily, hospital, and nursing home loans.

Project Loan Securities: Securities backed by a variety of FHA-insured loans-primarily multifamily apartment buildings, hospitals, and nursing homes.

Portfolio Loan: A loan originated and maintained by the lender and not sold in the secondary mortgage market.

Personal Loan: Loans available from banks and other financial institutions to private individuals for personal use such as the purchase of a motor vehicle, holiday or similar item are personal loans. Repay . . . View Full Definition

Piggyback Loans: A loan divided into two parts with one lender taking a secondary security position.

Project Loans: Usually FHA-insured and HUD-guaranteed mortgages on multiple-family housing complexes, nursing homes, hospitals, and other special development.