Basic concepts in long- and short-term financing of real estate property are discussed in this text for real estate personnel. Two of the more important of these are leverage, the relationship between the return received by the equity and mortgage investors, and risk, the assessment of the probability that all or part of the investment may be lost. Financial analysis is discussed in terms of balance sheets, profit and loss statements, lease coverage, and financial statements. Loan underwriting is considered by type of real estate, including apartments, prime credits, local and regional credits, shopping centers, offices/warehouses, multi-tenant office buildings, medical office buildings, mobile home parks, hotels and motels, and nursing homes. Short-term underwriting is examined with regard to land acquisition loans, land development loans, and construction loans with and without permanent mortgage commitments; and intermediate term loans are discussed. A glossary of commercial loan terminology and samples of appraisal calculations are included. (MB)