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A construction loan is a short-term loan used to finance the building or renovation of real estate. It is typically issued by a bank or financial institution at a lower interest rate than other forms of credit and provides the borrower with an immediate source of funds to cover expenses associated wRead more
A construction loan is a short-term loan used to finance the building or renovation of real estate. It is typically issued by a bank or financial institution at a lower interest rate than other forms of credit and provides the borrower with an immediate source of funds to cover expenses associated with the construction of a project.
The loan is usually secured by property, meaning that the lender can foreclose on it if the borrower is unable to meet their repayment obligations.
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