Hospitality business loans glossary

The words you'll hear from lenders and brokers, explained in a sentence or two.

Merchant cash advance: Funding repaid as a fixed percentage of your card takings.
Factor rate: A multiplier that sets the total you repay, for example 1.2 times the advance.
Commercial mortgage: A long-term loan secured on business property, such as a pub or hotel freehold.
Freehold: Outright ownership of a property and the land it stands on.
Tie: A pub agreement requiring you to buy some or all drinks from the landlord or a brewer.
RevPAR: Revenue per available room, a key hotel performance measure.