A chattel loan, sometimes known as a chattel mortgage, is when money is loaned to an individual for the purchase of something that is portable. This differs from a standard mortgage as that is secured by a home, which cannot be moved, thus limiting the risk to the lender. A chattel loan might be used on a manufactured home, a boat, or a piece of farm equipment, none of which are particular mobile, but they can be moved from place to place. The lender does not hold a lien against the item, but rather owns the item until the term of the loan is completed, at which time ownership is transferred to the buyer (the borrower).