What is first-priority lien?
A claim on the property that ranks ahead of all other liens. The senior lender’s first-priority lien gives it the first right to foreclose and be repaid from the collateral.
Where you will use it: this term comes up in the Real Estate Finance course, and the full course glossary collects every term in one place.
Related terms
From the free Real Estate Finance course by Devon Coombs, CPA, MBA.