Commercial Real Estate Dictionary
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S    Secondary mortgage market    >>    Syndication
Secondary mortgage marketThe secondary mortgage market is a market where mortgages are traded as financial assets by originators, traders, and investors for disposition, investment and securitization. The secondary mortgage market serves as a mechanism that allows investment capital to supply funds that flow back to the primary mortgage market for the acquisition of real estate. Sector theorySector model of urban development is a principle that states real estate development occurs in different wedge shaped sectors emanating from a city center where land use aggregates due to transportation routes, cost, and other environmental factors. SecuritizationSecuritization is the synthesis of financial instruments such as mortgages to create a marketable investment grade security. SetbackA setback is a clearance or minimum distance that must be maintained from a boundary, property line, structure, transportation route, or other geographic feature. SitusThe situs is the physical location of a property or entity which establishes its relationship with the applicable legal, physical, and economic environment. The term is used legally to establish jurisdiction. In real estate, the term is used to refer to a location and its surrounding environment. Soft costsSoft costs are the indirect expenses involved in construction and development that are not directly attributed to the physical construction. These costs include the architectural, engineering, and financial expenses. SteeringIn real estate brokerage and sales, steering is the illegal practice of showing prospective clients properties in certain areas while avoiding to show them properties in other areas that they may be qualified for or interested in. Steering is considered discriminatory in nature. Subordination clauseA subordination clause is a condition in an agreement that allows one mortgage or lease to take priority over another prior mortgage or lease. SyndicationSyndication is a technique for aggregating capital for investment where multiple owners acquire an equity share in an entity that owns the investment asset.
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1. Secondary mortgage market >> Syndication
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