Non-recourse debt
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A type of loan where the lender's only recourse in case of default is the collateral asset (e.g., the property), and the borrower has no personal liability beyond that asset.
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"Let's call smart debt non-recourse debt. We should all take as much non-recourse debt as we can get our hands on. Non-recourse debt is debt that's only recourse to your LLC. So if for some reason the property goes bad and doesn't pay the interest ..."
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