second mortgage

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second mortgage

n.
A mortgage taken out on property that already has one mortgage, with priority in settlement of claims given to the earlier mortgage.

second mortgage

n
(Banking & Finance) a mortgage incurred after a first mortgage and having second claim against the security
ThesaurusAntonymsRelated WordsSynonymsLegend:
Noun1.second mortgage - a mortgage that is subordinate to a first mortgage
mortgage - a conditional conveyance of property as security for the repayment of a loan
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References in periodicals archive ?
Founded in 1992, Tidewater Finance Company, is proud to serve as one of the leading companies offering secondary financing.
The private sector will not rely on the stock exchange as a main source for financing as companies view it as a secondary financing source, in contrast with banks, investment certificate or bonds, said Rashad.
In addition, with the RPFM, in case of secondary order from retailer, the manufacturer needs to make secondary financing from commercial bank for further production.
Retailers told us that secondary financing options routinely boost sales, but many of the secondary financing programs they're using are behind the times," says Doug Filak, chief marketing officer with NewComLink.
In addition, OJK has also issued guidelines for the product of assets backed securities in the form of Participation Letter (EBA SP) related to housing secondary financing.
Secondary financing for farmers has allowed cooperative input suppliers to spread their risk, while maintaining working capital needs.
More often, however, a purchase money mortgage serves as a secondary financing source that bridges the gap between the purchase price and the amount the buyer can raise through equity contributions and third-party loans.
Progressive is the leading provider of secondary financing options for merchants and stores.
A borrower faces full recourse liability if it violates restrictions on sale of the property or interests in the borrower or on secondary financing as described in the loan documentation (commonly referred to as due-on-sale and due-on-encumbrance clauses).
But with secondary financing, this option is not available to them," he added.
Owner will entertain some flexible secondary financing for a qualified buyer.
Meanwhile, buyers can forget secondary financing, more commonly known as home equity loans.