The cost of borrowed funds is the same as the free and clear internal rate of return (IRR) on the property.

The actual over (under) return relative to the market (benchmark) without taking risk into account; calculated as actual return less benchmark return.

The stated tax rate, which does not necessarily correspond to the effective tax rate.

A type of loan in which payments on the principal are not made until a lump sum is required; generally requires a higher interest rate due to the unsecured nature of the loan and l ...

A clause that can be inserted into a lease specifying that the business of the tenant is exclusive in the property and that no other tenant operating the same or similar type of bu ...

A use of property that does not comply with the applicable zoning ordinance; Uses that differ noticeably from prevailing uses in a neighborhood.

The level of authority granted to an adviser or investment manager over the investment and management of client capital that permits only the undertaking of specific tasks that are ...

The risk inherent to the entire market that cannot be mitigated or reduced through diversification; also known as “market risk,” “systematic risk,“ or &ldqu ...

The concept of a lender not having the right to pursue recovery from any assets of a borrower other than those assets specifically given as collateral.

A debt financing obligation issued to a company or an individual by a bank or similar financial institution that is prohibited by the terms of the loan from being assumed by any ot ...