senior mortgage

Senior Mortgage

A mortgage that is secured by a lien on a property and that has preference to another mortgage on the same property. In general, the senior mortgage is the original mortgage; one takes out a junior mortgage to pay for home repairs or for other reasons. In the event of default or bankruptcy, the senior mortgage must be paid entirely before the junior mortgage is paid at all. As a result, a senior mortgage carries a lower interest rate than a junior mortgage. See also: Piggyback mortgage.

senior mortgage

See first mortgage.

References in periodicals archive ?
NHI has committed to a senior mortgage loan of $6M at 7% annual interest extended to affiliates of Discovery for an additional property in Indiana for which the joint venture will have the option to purchase at stabilization.
Teh firm underwrote and provided terms on the full financing request, offering a full stack solution to the borrower while also helping source CIT Bank as the senior mortgage lender.
to use a $44 million senior mortgage to refinance current debt, with additional proceeds for equipment financing and construction of a new logistics warehouse on a portion of the parking lot at 5903 Westside Ave.
The three year, interest-only, floating-rate loan comprises a senior mortgage and mezzanine components and bears an interest rate floating over LIBOR.
She is currently senior mortgage banker at Renasant Bank.
The trust was subordinate to a self-liquidating senior mortgage note with an original balance of $157.2 million within the Credit Suisse First Boston (CSFB) 2005-C6 transaction that was structured as a 15-year 'hyper' amortizing facility.
Chris Irwin, who is senior mortgage manager at Yorkshire Building Society, said: "We're thrilled to be recognised as the best building society mortgage provider and to receive the award two years running is a great achievement in what is currently a very competitive mortgage market."
Atlanta, GA, October 27, 2015 --(PR.com)-- PrivatePlus Mortgage, a division of Private Bank of Buckhead & Decatur, has named LaTonya Rodney as Senior Mortgage Processor.
The financing was structured as a $61.256 million senior mortgage through SunTrust Bank and an $11 million mezzanine loan through Principal Global Investors.
in addition, Optima recently announced several promotions: Robert Gagnon has been named vice president of business development and senior mortgage originator; Art Balomenos has been promoted to assistant vice president of operations and assistant compliance officer; Ryan Ebeling has been named senior staff accountant; Joyce Holland has been named assistant vice president and credit officer; and Julia Powell has been promoted to senior private banker.
Ian Bartholomew, senior mortgage manager at First Direct, says: Offset mortgages used to be seen as complicated and, when they were launched in the 1990s, only 5% of Britons found themselves in the higher rate income tax bracket and able to benefit from the tax efficiency an offset mortgage offers.
The company has acquired an USD9.3m senior mortgage, secured by the Marriott Courtyard Parsippany hotel, in Parsippany, US.

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