XBRL Tag: LongTermConstructionLoanCurrent
Search Elements:

Taxonomy
us-gaap
Name
LongTermConstructionLoanCurrent
Label
Long-Term Construction Loan, Current
Period Type
instant
Balance Type
credit
Type
xbrli:monetaryItemType
Definition
This element represents the current portion of a long-term real estate loan to finance building costs. The funds are disbursed as needed or in accordance with a prearranged plan; generally, a portion of the funds is disbursed at inception and the remainder as construction progresses. The money is repaid on completion of the project (generally one to seven years), usually from the proceeds of a mortgage loan. The rate is normally higher than the prime rate, and there is usually an origination fee. The effective yield on these loans tends to be high, and the lender has a security interest in the real property.
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