Net Annualized Return (NAR)
Net Annualized Return is a measure of return on investment. It includes borrower payments, service fees, charge-offs, and recoveries.
Net Operating Income (NOI)
Net operating income is the annual income generated by an income-producing property after deducting all operating expenses.
Net worth is total assets minus total liabilities.
New construction, or ground-up development, is a construction project that starts with raw land or a complete tear down.
A non-accredited investor is someone that does not meet the financial requirements for being an accredited investor. They do not have a net worth of $1 million (excluding their primary residence), and/or a consistent annual income of at least $200,000 ($300,000 if married).
A nonrecourse loan is a loan that does not allow, in the event of an unsatisfied debt, the lender to take anything other than the collateral property.
Note or Promissory Note
A note is a legal document that confirms a debt and the terms of its repayment.