a short-term loan to finance the building phase of a real-estate project.
What Is The Difference Between Loan, Lend, Loaned, And Lent?The words loan and loaned are the present and past tenses of to loan. Lend and lent are the present and past tenses of to lend. As verbs, loan and lend are often used interchangeably. For example, “A bank loans people money to buy a home. It also lends borrowers money to buy a car.” Loan and lend also have identical meanings when they’re used …
Definition for construction loan (2 of 2)
[ teyk-out ]
/ ˈteɪkˌaʊt /
the act or fact of taking out.
something made to be taken out, especially food prepared in a store or restaurant to be carried out for consumption elsewhere.
Informal. a store, restaurant, or counter specializing in preparing food meant to be carried out for consumption elsewhere.
a section, as of a magazine, that may be removed intact, usually consisting of a story, article, or set of illustrations.
Also called takedown, takeout loan, takeout mortgage. Finance. a long-term real-estate mortgage arranged for a building the construction of which is financed by an interim short-term loan (construction loan).
- Bridge. a bid in a suit or denomination different from the one bid by one's partner.
- Poker. the minimum with which a player can begin.
pertaining to or supplying food and drink to be taken out and consumed elsewhere: the takeout window of a restaurant.
Also takedown. of, relating to, or providing a takeout mortgage: The high-rise developer has found a takeout commitment from a large insurance company.
Origin of takeout
First recorded in 1915–20; noun use of verb phrase take out
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2019
Word Origin and History for construction loan
Online Etymology Dictionary, © 2010 Douglas Harper