Sentences with phrase «chattel mortgages»
A chattel mortgage is a term used in finance to describe a type of loan that uses personal property, other than real estate, as collateral. Chattel refers to movable property or assets, such as vehicles or equipment. It means that if the borrower fails to repay the loan, the lender can take possession of the collateral to recover their money. Full definition
For chattel mortgages it's not unusual to receive an interest rate ranging from 4 % to 10 %.
valuepenguin.com
Instead, borrowers rely on chattel mortgages, which function in a similar manner to regular mortgages, but usually come equipped with higher interest rates.
80 % of new manufactured homes are financed with chattel mortgages.
Those loans where the land is not a factor (the purchase of the land is not included or the mobile home loan will be placed on public spots) are referred to as chattel mortgages just like with manufactured homes and the terms of the loan differ.
Our lawyers have provided assistance and advice in the drafting, negotiation and execution of syndicated loan agreements, promissory notes and related collateral documents, including various mortgage agreements, bank account pledge agreements, insurance policy assignment agreements, relevant contracts assignment agreements and chattel mortgages over equipment and furniture.
A substantial down payment on the property might be necessary to even secure a chattel mortgage.
The exceptions include: (1) anyone acting as a broker for the parties or agent of one of the parties to a sale or trade or lease of property; and (2) any person who draws, for or without a fee, farm or house leases, notes, mortgages, chattel mortgages, bills of sale, deeds.
Under a chattel mortgage, a purchaser borrows funds for the purchase of chattel — movable property — from a lender.