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.

From Los Angeles Times

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.

From Seattle Times

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.

From Seattle Times

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.

From Seattle Times

As a business partner in a Fresno sports nonprofit that applied for a $1.5-million construction loan to develop land in the city’s Granite Park, he fabricated a board resolution that stated his tax credit company would guarantee the loan, prosecutors said.

From Los Angeles Times