construction loan

noun

Finance.

1. a short-term loan to finance the building phase of a real-estate project.

Example Sentences

That wouldn’t produce enough revenue to support a conventional construction loan, even in the more favorable environment of 2022.

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The partners agreed to obtain a construction loan and once the houses were built and sold, they would repay their loan obligations first, pay Main Street in Bothell market value for the land, then split the rest of the proceeds, according to the complaint.

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The complaint says McNeal made four draws against the construction loan, provided vague or false descriptions about the purposes for the money and failed to provide supporting documentation requested by Paylor.

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Filed Tuesday in King County Superior Court, the civil complaint accuses McNeal of drawing on a construction loan and using the money for his own purposes, including providing financial support to an intimate partner.

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In 2019, the museum entered into a $33-million construction loan agreement to finance final phases of the $110-million expansion of its La Jolla facility, according to posted financial statements.

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