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DISCLAIMER A statement denying legal responsibility, frequently found in the form of, "There are no promises, representations, oral understandings or agreements except as contained herein." CAPS (INTEREST) Consumer safeguards which limit the amount the interest rate on an adjustable rate mortgage can change in an adjustment interval and/or over the life of the loan. For example, if your per-period cap is 1% and your current rate is 7%, then your newly adjusted rate must fall between 6% and 8% regardless of actual changes in the index. SPOT LOAN A loan on a particular property, usually a condominium unit, by a lender who has not previously financed that particular condominium building. FORBEARANCE The act by the lender of refraining from taking legal action on a mortgage loan that is delinquent. LAND LEASEBACK A creative financing device often used with raw land which a developer wants to improve, in which the developer sells the land to an investor who leases the land back to the developer under a long-term net lease and subordinates his fee ownership to the lender providing development financing. CHATTEL Personal property which is tangible and moveable. INSTITUTIONAL LENDER Financial institutions such as banks, insurance companies, savings and loans or any lending institution whose loans are regulated by law. |
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