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IMMEDIATE PARTICIPATION LOAN
A loan in which all of the partners contribute their share immediately.

INCOME BOND
Bonds which pay a fixed rate of interest contingent upon earnings. These bonds may originate from a reorganization because of a default on mortgage bonds.

INCOME/EXPENSE RATIO
Ratio of operation expenses to gross income and expressed as a percentage (also known as operating ratio).

INCOME PROPERTY LOAN
A loan which is secured on property which already has a source of income, eg. Rents which will cover the debt service payments on the loan.

INDENTURE
A document of deed, usually in duplicate, expressing certain objects between the parties.

INFLATION
A general increase in consumer prices, most often expressed as an annual percentage rate.

INJUNCTION
A judicial process or order requiring the person to whom it is directed to do or refrain from doing a particular act.

INSTRUMENT
A form of written legal document.

INSURABLE VALUE
The term is used conventionally to designate the amount of insurance which may be carried on destructible portions of a property to indemnify the owner in the event of loss.

INTEREST (Rate)
The cost of a loan as expressed as a percentage.

INTEREST ADJUSTMENT
A date from which interest on the mortgage advanced is calculated for your regular payments. This date is usually one payment period before regular mortgage payments begin, as interest payable is due from the date your mortgage is advanced.

INTEREST ESCALATION
Rate of interest on a loan is raised periodically during the term of the loan so as to encourage early repayment.

INTEREST ONLY LOAN
Borrower pays back interest only on the loan and there is no amortization until later or until the end of the term. This may occur when a purchaser wishes to resell property after a short period or if he wishes to build up enough income from the property before amortization.

INTERIM FINANCING
Interim loans are used to bridge the gap between the construction loan and the permanent loan (hence "bridge" loans) lasting from one to three years.

INTERMEDIATE TERM LOAN
A short-term loan from 3 to 5 years with partial or no amortization (balloon loan).

INTESTATE
A person who dies without a will, or leaves one which is defective in form, in which case the estate descends by operation of law to the next of kin.

IRREVOCABLE
Incapable of being recalled or revoked; unchangeable, unalterable.