Loan Glossary
Plain-English definitions for every term you'll encounter in the loan process
Showing 2 terms
in Commercial starting with R
R
Real Estate Owned (REO)
CommercialProperty acquired by a lender through foreclosure after failing to sell at a foreclosure auction. REO properties are sold by the lender's REO department.
Recourse vs Non-Recourse Loan
CommercialA recourse loan allows the lender to pursue a borrower's personal assets if the collateral is insufficient. A non-recourse loan limits the lender's recovery to the collateral only — personal assets are protected.