Loan secured only by the asset, with no personal/sponsor guarantee.
Finance · US
Loan secured only by the asset, with no personal/sponsor guarantee.
Standard for stabilised Class A. Lender has no recourse to sponsor equity beyond the property; carve-outs for fraud, environmental, and bankruptcy ('bad-boy carve-outs').
Non-recourse loan is part of the finance vocabulary that institutional Class A occupiers, landlords, and advisers use across US markets. Understanding it correctly affects how you read lease documents, model occupancy economics, and benchmark deal terms across cities. Class A Atlas tracks the US definition alongside the global standard so cross-border occupiers can translate quickly.