A second mortgage is a mortgage taken out on a property that is already mortgaged. It's often used as a loan for large expenditures. A second mortgage tends to have a higher interest rate and a lower amount borrowed.
A secondary market is a market where investors purchase assets from other investors rather than from the issuing companies.
Securities and Exchange Commission (SEC)
The SEC is the federal agency in charge of carrying out the provisions of laws related to the selling of investment securities. The SEC seeks to protect the investing public by preventing misrepresentation, fraud, market manipulation, and other abuses in the securities market.
Security is a property that serves as collateral for a debt.
A senior loan is a loan issued to a party that holds the priority claim to the borrower's assets. Should the borrower file for bankruptcy, the senior bank loan is the first to be repaid.
A sensitivity analysis is a method of determining how risky an investment is. It is done by assigning different values to important variables to see how they impact the returns on the investment.
A single-family property is a stand-alone property intended to house one family.
Another term for a borrower, a sponsor can be any property owner looking for funding.
SSL, or Secure Sockets Layer, is the standard security technology for building an encrypted link between a web server and a browser.
A statutory foreclosure is a foreclosure done without court supervision.
A sub-market area is like a market area, but refers to a more specific region within a metropolitan area.
Subordination is a decrease in priority. In real estate it would refer to, among other things, a lien changing from a first to a second mortgage.
Syndication is the process of pooling funds from a group of investors to purchase real estate.