A mortgage note, or real estate note is simply a promise to repay a loan with specified terms for repayment of the loan.
An REO property is one that has been foreclosed upon, unsuccessfully sold at auction, and is now owned by the lending institution.
A commercial note is a promise to repay a loan with specified terms for repayment of the loan.
Just as banks offer financing for residential properties, they also provide financing for commercial properties.
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