Mortgages & Loans

What is interim financing ?

Answer:

Interim financing is short-term financing obtained for business purposes only until another source of long-term funding comes in. An example is a short-term construction loan to build a warehouse. When the building is complete, a long-term commercial mortgage is used to pay off the construction loan. The mortgage, similar to a home mortgage, is paid back over a number of years.
CPAdirectory
Answer Provided by: CPAdirectory

Share This Answer

Looking For More?

View all Mortgages & Loans Questions

View More Questions