submortgage means A secured loan whereby a mortgagee uses his interest in a mortgage as collateral on a loan with a third party, in effect transferring or assigning the mortgage thereto. Lexicurio rates it Sui generis — a strength score of 100 out of 100.
Etymology
From sub- + mortgage.
noun
- A secured loan whereby a mortgagee uses his interest in a mortgage as collateral on a loan with a third party, in effect transferring or assigning the mortgage thereto.“The amount secured by the submortgage can never exceed the amount secured by the original mortgage.”