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Take-out Financing
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| long-term permanent financing. in the usual large construction project, the developer obtains two types of financing. the first is the interim Loan, a short-term Loan to cover construction costs. before lending any money, however, the interim lender normally requires a commitment by a permanent lender to agree to "take out" the interim lender in which the lender pays off the construction Loan and leaves the developer with a permanent long-term Loan when the building has been completed.
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