Dear All :
What is the differences between the term " Commerical Loan" and " Loan"? with the reference to the problem below
thank you so much for your time.
Which of the following most accurately describes a mortgage loan?
A) A commercial loan secured by the collateral of some specified real estate property. B) A loan secured by the collateral of some specified real estate property. C) An unsecured loan to enable the borrower to finance a real estate property.
Your answer: A was incorrect. The correct answer was B) A loan secured by the collateral of some specified real estate property.
A mortgage is a loan that is collateralized with a specific piece of real property, either residential or commercial.