RTL Loan definition
RTL Loan means a Mortgage Loan secured by a Mortgage on a Mortgaged Property with a principal balance of not more than $1,500,000.00, the proceeds of which shall be used for the purchase, financing, or refinancing and subsequent renovation of such Mortgaged Property; provided, however that such maximum balance may be up to $2,000,000.00 with the prior approval of Lender.
RTL Loan means a fixed-rate Mortgage Loan which is made solely for investment and business purposes and evidenced by and including a Mortgage Note and a Mortgage on a non-owner occupied one-to-four family residential property, condominium, townhouse or a Small Multi-Family Property or mixed use residential property.
RTL Loan. A Mortgage Loan (i) which is evidenced by a Loan Agreement and Mortgage Note, (ii) each Advance under which is secured by a Mortgage on one or more non-owner occupied Mixed-Use Property, Multi-Family Property or other Mortgaged Property, (iii) which is made to the related Mortgagor for investment purpose, (iv) which is revolving or non-revolving and (v) which is originated for the purpose of acquiring rental properties or renovating properties for sale.
Examples of RTL Loan in a sentence
If such Mortgage Loan is an RTL Loan, there exists as part of the related Mortgage File an Assignment of Leases and Rents (either as a separate instrument or incorporated into the related Mortgage).
If such Mortgage Loan is an RTL Loan, to Seller Parties’ knowledge, there are no subordinate mortgages or junior liens securing the payment of money encumbering the related Mortgaged Property (other than Permitted Liens, the Title Exceptions and/or subordinate mortgages or junior liens subject to a customary intercreditor agreement and subordination agreement).
More Definitions of RTL Loan
RTL Loan shall have the meaning provided in Section 1.01(d).