Construction loan


Also found in: Financial, Wikipedia.

Construction loan

An interim loan of money secured by a negotiable bond or mortgage, or trust deed. The money obtained is intended to defray the cost of the building to be erected. Usually advanced in specified sums during the progress of construction. After completion, the loan is often converted into a long-term loan.

construction loan

A loan to a builder for a short term, financing construction prior to permanent financing.
References in periodicals archive ?
M2 PRESSWIRE-August 21, 2019-: Construction loan options and how small businesses can harness their benefits
But did you know that construction on the $35 million project was halted for about two weeks because the construction loan didn't close as expected?
LITTLE ROCK, Ark: BankLabs announced that Fla.-based CenterState Bank has signed on for BankLabs' cloud-based construction loan management product, Construct.
"Without a construction loan, the return on cash would not have supported a reasonable lease rate," Nugent says.
Global Banking News-September 28, 2018-Trinity Street Capital originates USD 28.5m construction loan for Atlanta AC Marriott Hotel
BANKING AND CREDIT NEWS-September 28, 2018-Trinity Street Capital originates USD 28.5m construction loan for Atlanta AC Marriott Hotel
M2 EQUITYBITES-September 28, 2018-Trinity Street Capital originates USD 28.5m construction loan for Atlanta AC Marriott Hotel
Natixis has provided an $86.25 million construction loan for for the built-to-suit Memorial Sloan Kettering office development at 330 East 62nd Street on the Upper East Side.
The builders take out a construction loan in order to begin the project while they obtain long-term funding.
The construction loan exemption means that low-deposit lending is not included in a lender's 10 percent speed limit if the lending is used to finance the construction of a new house or apartment.
Real estate development company Jamestown announced on 28 April 2014 it procured a $180 million construction loan to contribute to the development ofPonce City Market.
A custom construction loan is a loan that a credit union member will take out for the purpose of building a new house.
Full browser ?