Continued from…
Real Estate Glossary M [Part 1]
Machine shed
A farm structure used to store farm machinery. On one side, it usually has an open wall.
Maisonettes
There doesn’t seem to be a single, exact definition, but a common one is two semi-detached homes that are usually only one story tall.
Metal lath
Slit metal sheets used to create openings in the lath. A reinforcing plaster base for various types of plaster, as well as a base for wall and ceiling plaster.
Microlam
A prefabricated wood beam for structural purposes. The wood strands are pressed and adhesive-bonded together to form the structure.
Mid-month convention
The Tax Reform Act of 1984 says that taxpayers must use the 15th of the month to figure out when they bought something and when they sold it when figuring out cost recovery deductions. This law applies to any property that was put to use after June 22, 1984. (with the exception of low-income housing).
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Milar (Mylar)
An exact replica of a blueprint in clear plastic.
Millwork
Doors, windows, and door frames, as well as blinds and mantelpieces, are all examples of millwork products.
Minimum requirement
Assumed to be the employment/activity level required to meet the demands of a community within a certain size range, the observed minimum percentage of employment in a certain economic sector for communities within that range (the minimum amount of non-basic employment necessary to support a typical mix of industry for a population base of a given size range).
Minimum requirements method
A way to figure out a community’s economic base multiplier by comparing employment levels by economic sector to the minimum requirement.
Miter joint
The connecting of two elements at a 45-degree angle.
Mode
The mode is the data value that shows up most often.
Molding
A decoratively etched wood strip.
Monolithic Slab
It is possible to construct a foundation using a monolithic slab, which involves pouring the footing and slab at the same time.
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Monopost
Beams or bearing points can be supported by a metal column that can be adjusted.
Mortar
Structural concrete is made by mixing sand with cement.
Mortgage company
A company that borrows money from a bank, lends it to consumers, and then sells the loans to investors for profit is called a mortgage broker.
Mortgage deed
A legal document that establishes a loan on property.
Mortgage guarantee insurance
Paid by the borrower to protect the lender in case the borrower stops making mortgage payments or doesn’t pay back the loan in full when it’s due. This is also called LMI, which stands for Lenders Mortgage Insurance.
Mortgage loan
Arrangement whereby a borrower’s property is offered as security.
Mortgage origination fee
A fee charged for the time and effort required to process a mortgage application (usually one percent of the loan amount).
Mortgage satisfaction
Complete repayment of a mortgage.
Mortise
For the purpose of joining two pieces of wood, a tenon slot is a slot cut edgewise into a board, plank, or lumber.
Moving allowance
A set amount of money that the owner pays to the tenant to cover some or all of their moving costs. Also called the owner’s moving cost.
Moving expenses
How much the renter had to pay to move into the new space. Depending on what is agreed upon in the lease, the landlord may pay some or all of the rent.
Multifamily housing
Units of housing that are big enough for more than one family or household to live in.
Multiple listing
A way for real estate agents who are part of the same organisation to trade exclusive listings for the sale of homes.
Multiple-use office space
Generic office space is sometimes used to describe office space that can be used for many different things.
Muriatic acid
Cleans bricks after masonry work has been completed.
Mushroom
Caisson pier tops that stretch and harden to grow broader than the foundation wall thickness are an unacceptably rare occurrence.
Market trends
Market trends show the general course or motion of a market.
Marketing list
A marketing list is a customised compilation of information about real estate that is helpful to homeowners and potential buyers.
Mortgage loans data
Data about mortgage loans is a public record of specifics.
Main proceedings
Insolvency proceedings initiated in the member state where the Debtor has its COMI. Once these processes are initiated, all of the Debtor’s assets are subject to the main proceedings, regardless of the member state in which they are located, unless Secondary/Territorial Proceedings are initiated or are already in existence.
Majority lenders
A term used in a syndicated or securitizable Loan Agreement to describe the percentage (usually 66 2/3%) of Lenders (based on the size of their commitment) who must agree on certain decisions about the Loan and related paperwork.
Mandatory cost
How much it costs a Lender to meet its regulatory funding requirements. This isn’t to be confused with Capital Adequacy requirements. The cost is paid by putting money in a bank account at the Bank of England. The interest earned on this deposit helps pay for the Bank of England’s role as a watchdog. This cost is usually passed on to the Borrower and is calculated as a percentage of the Lender’s commitment to the Loan.
Mandatory prepayment
A prepayment that happens when certain things happen, like the sale of an asset, a change in the Borrower’s control, or the receipt of insurance proceeds.
Market abuse directive (MAD)
Directive 2003/6/EC of the EU. The Market Abuse Directive makes sure that insider trading, market manipulation, and the right way to share information with the market all follow the same rules.
Market to market
Keeping track of how much a position or portfolio is worth based on the day’s closing price. Instead of being valued at the price it was bought for, a portfolio is valued at its current value, which takes into account any profit or loss that has not yet been realised but would be if the position were sold right away.
Master servicing fee
The main payment made to the master servicer for the services it performs. Usually paid every month out of the loan’s interest.
Master trust
An SPE that issues many series of securities backed by a single pool of assets, with cash flow generated by the assets allocated among the series based on a preset formula.
Mayfair
The term for the most valuable asset in the group of assets that make up the base. If the Mayfair is worth a lot of the pool’s total value, the pool is said to be “Mayfair heavy.”
Medium-term note (MTN)
A debt instrument issued by a company that is sold over time by an agent of the company that issued it. Investors can choose from maturity bands that range from nine months to one year, more than one year to 18 months, more than 18 months to two years, etc., all the way up to 30 years.
Mezzanine investor
A person or entity that actively invests in mezzanine debt.
Mezzanine pieces
Classes or tranches with ratings in the middle range of a security with more than one class. These are safer than the first loss piece, but not as safe as senior classes.
Modelling/Cash flow modelling
When payments are turned into securities, they are sorted by date and put into the class that was made when the securities were issued. Cash flows are estimated in many different ways, using a number of variables (or models).
Money laundering
Trying to make money that was stolen look like it came from a legal source.
Monoline insurer
"A type of insurance company that can only write policies for one type of risk. In the financial world, the monoline insurer guarantees, for a fee or premium, that certain securities issued in connection with certain types of transactions (usually a securitization) will be paid back.
Most of the time, a monoline insurer’s financial guarantee allows the insured class or classes of a securitization to be rated based on the insurer’s financial guarantee rating. This means that the classes are rated higher than they would be without the financial guarantee."
Monte carlo approach or method
In finance and mathematical finance, Monte Carlo methods are used to value and analyse instruments, portfolios, and investments by simulating the different sources of uncertainty that affect their value and then finding their average value over the range of possible outcomes.
MoRE analysis
The way Moody’s looks at real estate in EMEA is through its ratings.
Mortgage (UK)
The transfer of ownership in real property as security for loan repayment on the express or implied condition that it would be re-transferred upon discharge of the secured obligations. A Legal Mortgage gives the Mortgagee legal title to the mortgaged asset and forbids the mortgagor from interacting with it while it is subject to the Mortgage. An Equitable Mortgage is created when the formalities for establishing a Legal Mortgage are not completed or when the asset subject to the Mortgage is just an equitable interest. An Equitable Mortgage simply distributes a beneficial stake in the asset to the Mortgagee, while the Mortgagor retains legal title.
Mortgage (US)
A two-party real estate security instrument in which the Mortgagor issues a Lien on real property to the Mortgagee to secure a debt. The mortgage frequently involves an assignment of leases and rents, as well as a security interest in personal property.
Mudaraba
This is an Islamic finance term for a partnership where one person gives services and the other person gives money. Sukuk al-Mudaraba is the name for this type of securitization.
Mudarib
An Islamic finance phrase that refers to the partner in a mudaraba framework who contributes services and capital but not cash.
Murabaha
Term in Islamic finance for a sale with a markup. A structure that is often used in Islamic financing. Sukuk al-Murabaha is the name for this type of securitization.
Murubaha
The word in Islamic finance for a partnership. Sukuk al-Murubaha is the name for securities with this kind of structure.
Musharaka
An Islamic finance term meaning a capital provider structure. Here, each partner puts money into the business, and there is a lot more flexibility in how management responsibilities are shared among the partners. Often, each partner has equal management rights.
Modified gross lease
A dollar stop is a type of lease in which the tenant pays a fixed amount of rent and the landlord pays all running costs for the first year of the lease. After that, the tenant is responsible for any increases in operating costs that go above the fixed ceiling.