Mini Bio (1). Ron Reagan was born on May 20, 1958 in Los Angeles, California, USA as Ronald Prescott Reagan. He is an actor, known for Post No Bills (1991), Hollywood Commandos (1997) and Front Page (1993). He was previously married to Doria Palmieri.
The Definition of Recourse and Non-Recourse. First of all, what do the terms recourse and non-recourse mean? The definition of a recourse loan is a loan where the borrower or guarantors are personally liable for repaying any outstanding balance on the loan, in addition to the collateral itself.
Letâs take an example to illustrate the difference between recourse and non-recourse loans. Now, suppose the vacancy goes up in the building much higher than expected and market based rental rates decline substantially. Unfortunately, the borrower canât keep up with his loan payments and ends up defaulting on his loan.