Real guarantee credit subordinate in its collection to a previous mortgage credit. In case of mortgage execution due to insolvency, the principal is collected by executing the mortgage right before the subordinate one. Therefore, the implicit risk for the holder of a subordinated debt of not receiving the entire amount owed is greater. For this reason, the subordinated mortgage usually has a higher cost for the borrower when contracted, additional guarantees such as the existence of guarantors are required for its granting.
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