Take-out loan

A long-term loan taken out upon completion of a new building

Take-out loans work together with construction loans. Take-out loans are also called permanent end loans.

	Example: How does a builder pay off a construction loan?
			The builder gets a $1 million construction loan to put up ten homes.
			The builder then puts up each home for sale at $300,000.
			The buyer gets a take-out loan for $300,000 to buy one of these brand new homes.
			For every home that the builder sells, the builder pays $100,000 towards the construction loan and pockets $200,000 as profit.

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