first mortgage


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first mortgage

n
(Banking & Finance) a mortgage that has priority over other mortgages on the same property, except for taxation and other statutory liabilities
ThesaurusAntonymsRelated WordsSynonymsLegend:
Noun1.first mortgage - a mortgage that has priority over all mortgages and liens except those imposed by law
mortgage - a conditional conveyance of property as security for the repayment of a loan
References in classic literature ?
Within the year Nellie married Bert Mall, Peter's eldest son, and Martin, at once, bought out her half interest in the farm, stock and implements, giving a first mortgage to Robinson in order to pay cash.
In fact, the Saillards did not know how better to manage their savings than to carry them, five thousand francs at a time, to their notary, Monsieur Sorbier, Cardot's predecessor, and let him invest them at five per cent in first mortgages, with the wife's rights reserved in case the borrower was married
7 million first mortgage and $500,000 line of credit for Elmhurst Towers Apartments, Inc.
5 million first mortgage and $1 million line of credit for Maple Plaza Housing Development Fund Corporation, a 154-unit co-op at 1911-1929 Madison Avenue in Manhattan.
6 million during the month, including the largest loan, a $19 million first mortgage and $1 million line of credit for Birchwood Glen Owners Corp.
First mortgage of $405,000 on a 3 story walkup mixed use building in East Flatbush Brooklyn.
First mortgage of $675,000 on a 3 story walkup multi-family building totaling 6 units in the South Bushwick/Ocean Hill section of Brooklyn.
National Cooperative Bank (NCB) originated $68 million in new loans during April for 24 New York area properties: Edward Howe III, managing director of the NCB New York office, originated $50 million in new loans during April, as well as the largest loan of the month, a $6 million first mortgage for a 146-unit co-op at 142 East 16th Street in Manhattan.