secondary financing

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Second Mortgage

A mortgage secured by a property lien that is subordinate to another mortgage on the same property. One may take out a second mortgage to pay for home repairs or for any number of other reasons. A second mortgage carries a higher interest rate than a primary mortgage because the lien is less secure.

secondary financing

See junior lien or mortgage.

References in periodicals archive ?
1], the manufacturer considers secondary financing for production; for [Q.
Although most people believe secondary financing is easily obtained in today's market, the developer must have real experience, like Cape Advisors, and the project must be well conceived and properly designed.
With a variety of Arbor products to choose from, we were able to provide the client with long term, fixed rate, non-recourse financing that allows for secondary financing in the future.
The loan documents also allow the borrower to come back for secondary financing back up to 75% at any time during the 20-year loan term.
Fortunately, rehabilitation tax credits can be converted into equity dollars serving as a practical secondary financing source.
For qualified rehab conversions, federal rehabilitation tax credits can serve as a viable secondary financing source for the transformation of old commercial buildings into high-tech communications centers.
Meridian also negotiated the right for secondary financing during the term of the loan.
The borrower has the option of placing secondary financing on the premises.