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In previous chapter, Institutional lenders were described as real estate lenders whose activities are highly regulated by various state and federal agencies.

In this chapter you will study noninstitutional lenders - real estate lenders whose activities are not as strictly regulated as Institutional lenders. Noninstitutional lenders, also called nonfiduciary financing include private parties, mortgage companies, syndicates, real estate investment trusts, pension and trust funds, and credit unions.

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