A debt. In real estate, if a property has a lien against it, that property is serving as collateral for the debt in some form or fashion.

Kiavi Closes $400 Million Rated Securitization of Residential Transition Loans, Locking in up to $1.3 Billion of Funding Capacity
Tech-enabled lender’s fifth rated securitization was 5X oversubscribed due to significant demand...
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