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Loan lockout period
| Глоссарий по инвестициям |
Remainder of time in months a borrower is prohibited from refinancing the loan without defeasance.
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Refinancing, английский
- Пересмотр условий обслуживания задолженности (пролонгация сроков, увеличение объема, изменение процентной став¬ки), которая не может быть погашена в установленном порядке.
- Рефинансирование
- An extension and/or increase in amount of existing debt.
- To apply for a new mortgage in order to gain better terms, usually either a lower interest rate or a different principal amount.
Defeasance, английский
- The setting aside by a borrower of cash or bonds sufficient to service the borrower`s debt. both the borrower`s debt and the offsetting cash or bonds are removed from the balance sheet. in securities trading, where a clearing house becomes counterparty to each side of a trade, after the trade has been agreed. this is necessary to facilitate netting, and reduce counterparty risk exposure. the term has become popular recently, because of the growth of central counterparty clearing services in european cash equities markets.
- A clause in a deed, lease, will or other legal document that completely or partially negates the document if a certain condition occurs or fails to occur. defeasance also means the act of rendering something null and void. for example, a will may provide that a gift of property is defeasable--that is, it will be void--if the beneficiary fails to marry before the will maker’s death.
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Loan to cost (ltc), английский
Ratio used to compare the amount of the loan used to finance a project to the cost to build the project. it does not change based on changes in valuation
Typical covenants for real estate related loans stipulate to minimum/ maximum loan to value ratio (ltv), debt service coverage ratio (dscr) and interest service coverage ratio (iscr).", английский
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