When a trust deed is used to secure real property the lender is the?

When a trust deed is used to secure real property, the lender is referred to as the "beneficiary." In this arrangement, the borrower conveys the property to a third party, known as the "trustee," who holds the title on behalf of the beneficiary until the debt is repaid. If the borrower defaults, the beneficiary can instruct the trustee to initiate a foreclosure process to recover the owed amount.