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  • Secured vs Unsecured Position:

    A secured position in the Capital Stack retains the right to foreclose on a property in the event of a default, or non-performance. Unsecured creditors do not have the right to foreclose on the property, and therefore have less collateral backing their investment claim.

  • Senior Debt:

    The “base” of the Capital Stack — Senior Debt is generally secured debt that must be repaid first.

  • Sponsor:

    An individual or firm in charge of finding, acquiring, and managing a piece of real estate.