Final answer:
Len is the borrower, which is the party that takes out a loan to purchase a property and is obligated to repay it. Collateral is often used to secure a loan, and the primary and secondary loan markets are involved in the origination and trading of loans respectively.
Step-by-step explanation:
When Len has executed a note and mortgage on a property, Len is the borrower. In this context, the borrower is the individual or entity that has taken out a loan, typically a mortgage in this case, to purchase property and is responsible for repaying the loan over time. The lender is the bank or financial institution that provides the loan, and the loan is considered an asset to the lender because it represents a legal obligation for the borrower to make payments.
In the financial capital market, collateral is often required which can be seized and sold if the borrower does not repay the loan. The primary loan market refers to where loans are originated, and the secondary loan market is where these loans are bought and sold by financial institutions.