construction loan
Project development credit
A construction loan is short-term financing used to fund the building of a home or other structure.
Unlike a traditional mortgage, funds are disbursed in stages as construction progresses.
Once building is complete, the borrower typically refinances into a permanent mortgage: The construction loan covered materials and labor until we could get conventional financing.
- buildingEnclosed roofed structure
- real estateLand and its structures
- hard moneyMetallic legal tender
- financingProviding capital for purchases
- down paymentInitial sum toward purchase
developer · general contractor · interest · interest rate · draw · disbursement · blueprint · foundation · framing · contractor · lender · escrow · appraisal · collateral · budget · cost overrun · timeline · building permit
- debtscredit card debt, loans, medical debt, student debt, student loans
- loansloans, lend, borrow, auto loans, bank loans
- mortgagesfixed-rate mortgage, mortgage broker, adjustable-rate mortgage, mortgage payment, mortgage insurance
- building loansmortgage, interest rates, down payment, refinancing, fixed rate
- business debtcredit line, line of credit, accounts payable, balloon payment, corporate bond
- financial agreementscredit agreement, promissory note, line of credit, credit line, HELOC
construction loanmortgage
Secured home loan
conventional mortgage · home equity loan · refinance loan · second mortgage
construction, loan, construct, constructs, constructed, constructing, constructor, constructive, constructively