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Acre - A measure of land equal to 43,560 square feet, 4,840 square yards or 160 square rods. A square parcel of land measuring 208.71 feet on each side contains one acre. There are 640 acres in a “section” of land.

Actual 360 - An interest rate accrual method in which interest calculation charges interest for all 365 calendar days using a 360-day year. A 30/360 interest calculation assumes that all 12 months of a calendar year have 30 days and uses a 360-day year. Therefore, borrowers pay 5 days more interest than under 30/360. The Actual/360 interest calculation produces an effective interest rate that is 12 basis points higher than that produced by the 30/360 interest calculation.

Adequate - Ease of Ingress/Egress - Refers to a good degree of capacity and ability for tractor-trailers to maneuver on the property; based on the size and shape of the land. For example, an odd-shaped or oddsized parcel of land may be appropriate for an office but may provide limited functionality for industrial loading and delivery.

ADO - Average Daily Occupancy - A ratio, expressed as a percentage, that shows the average number of paid guests for each room sold; calculated by dividing number of paid room guests by number of rooms sold. Measures management's ability to effectively operate and promote the lodging facilities.
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ADR - Average Daily Rate - A hotel rate used to evaluate the average daily rate of a hotel inclusive of vacancy and seasonality; the average rate charged by a hotel for one (1) room for one (1) day; arrived at by dividing the total room revenue by the actual rooms occupied. A measurement used to gauge the financial competitiveness of the market for similar properties, facilities and/or guest rooms.

Advertising & Marketing - An expense line item that includes expenses for advertising, promotion, sales, and publicity managers, secretaries and clerks and all related printing, stationary, artwork, magazine space, broadcasting, and postage related to marketing.

All Interior Guest Corridors - Identifies that all of the corridor area(s) through which guests gain access to sleeping rooms are interior and enclosed (e.g. walkways that are not subject to weather conditions).

All Paved - Road Surfaces - Identifies all of the road surfaces as being paved with macadam, concrete, cement or other similar surfacing.

Amortization - Identifies the loan amortization that is being quoted (in years); the period of time over which principal and interest payments are scheduled. For example, a loan with a 10-year term and a 25-year amortization will have a balloon payment at the end of 10 years. Also, the maximum number of periodic installments (expressed in years) over which repayment of a mortgage debt is calculated; a portion of each payment consists of a blend of interest and amortization of principal.
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Anchor - Identifies whether the tenant is an anchor tenant. An anchor tenant is a well-known commercial business such as a national chain store, regional department store or Fortune 500 company strategically placed in a shopping center or other commercial building.
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Annual Rent - Identifies the total annual rent, or base rent, paid by the tenant to the lessor.

Anticipated Closing Date - If the Loan Purpose is Purchase, identifies the anticipated or desired closing date of the sale transaction.

Anticipated Completion Date (Property) - If the Loan Purpose is Construction, identifies the anticipated completion date of construction.

Appearance - Used to describe the overall appearance and marketability of the property as it relates to other comparable properties in the market or submarket; factors include actual and effective age, structural and aesthetic appeal, physical condition, functional utility, etc.
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Application Fee - A fee or schedule of fees charged by a lender at the time of loan application. This fee may include the cost of an appraisal, credit report, processing fee or other closing costs which are incurred during the process or the fee may be in addition to other charges.

Appraisal - An estimate of the value of a property, made by a qualified professional called an appraiser; results in the estimated market value of the property.

Appraised Value - Identifies the indicated value or fair market value based on the last appraisal made on the property.

Asking Rent - Rental rate offered by the landlord to a prospective tenant; see Est. Market Rent.

Assisted Living - A Healthcare subtype; provides apartment-style accommodations where services focus on providing assistance with daily living activities. These facilities are designed to bridge the gap between independent living and nursing home care, and provide a higher level of services for their residents including meals, housekeeping, medication assistance, laundry, and regular checks-ins.
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Assumption Fee - A fee, paid a borrower or lender, for the paperwork and processing of records necessary to approve and document a new debtor.

At Grade - Identifies the height or elevation of the primary loading docks on the building; at grade refers to a door level with the ground at the foundation of a building.

Available Funds Cap - Limited amount of interest payable to certificate holders to the extent of interest accrued on a group/pool of mortgage loans.

Average - Refers to an average or similar overall appearance and marketability of the property as it relates to other comparable properties in the market or submarket; factors include actual and effective age, structural and aesthetic appeal, physical condition, functional utility, etc.

Avg. Lease Term - The average term (or length) of all leases encumbering the collateral property, expressed in years.

Avg. Quality Metal General Building Exterior - Identifies the general property exterior to be constructed of average quality metal or prefabricated metal.
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