Eligible Second Mortgage Loan definition
Eligible Second Mortgage Loan means an Eligible Mortgage Loan that is also a Second Mortgage Loan; provided that the real property encumbered by said Eligible Mortgage Loan is also encumbered by an Eligible First Mortgage Loan.
Eligible Second Mortgage Loan means a Second Mortgage Loan which satisfies the eligibility characteristics set forth on Schedule 4 hereto on and as of the applicable Funding Date and which continues to satisfy such eligibility characteristics at all times thereafter while such Second Mortgage Loan is included in the Borrowing Base.
Eligible Second Mortgage Loan means a Mortgage Loan with respect to which each of the following are accurate and complete (and the Company by confirming the inclusion of such Mortgage Loan in any computation of the Collateral Value of the Borrowing Base by the Lender shall be deemed to so represent and warrant to the Lender at and as of the date of such computation):
Examples of Eligible Second Mortgage Loan in a sentence
Each Mortgage Loan shall either be an Eligible First Mortgage Loan or an Eligible Second Mortgage Loan.
The amount of any advance by the Lenders with respect to an Eligible Second Mortgage Loan shall not exceed the lesser of (i) $3,600,000 and (ii) 45% of the Appraised Value of the real property encumbered by said Eligible Second Mortgage Loan.
More Definitions of Eligible Second Mortgage Loan
Eligible Second Mortgage Loan a Second Mortgage Loan owned by the Borrower that: (a) would be an Eligible Mortgage Loan, except for subsection (h) or (i) of the definition thereof; and (b) has not been included in Collateral as an Eligible Second Mortgage Loan for more than ninety (90) days.
Eligible Second Mortgage Loan an Eligible Mortgage Loan that (a)(i) is either FHA-insured or VA-guaranteed, or (ii) fully conforms to all underwriting and other requirements of an Approved Investor and has an original principal balance not exceeding $300,000, (b) is covered by one or more Eligible Take-Out Commitments or covered by a Hedge Contract, PROVIDED that if such Mortgage Loan is a Nonconforming Mortgage Loan, such Mortgage Loan must be covered by and allocated to one or more specific 74 68 Eligible Take-Out Commitments, (c) has not been included in the Tranche A Borrowing Base for a period of more than 60 days, (d) has a Loan-to-Value Ratio not greater than 95%, and (e) satisfies the requirements of clause (ii) of paragraph (b) of the definition of Eligible Mortgage Loan.