Construction Loan
Legal definition for Indian law research
Definition
construction loan
a short-term, to finance the cost of building a new home. The lender pays the builder based on milestones accomplished during the building process. For example, once a sub-contractor pours the foundation and it is approved by inspectors the lender will pay for their service.
Source: U.S. Department of Housing and Urban Development
Definitions are for legal research. Always verify meaning in the context of the statute, judgment, or jurisdiction cited.