Definition of "Term loan"

Paula Somerville real estate agent
Paula Somerville, Real Estate Agent Fairfax Realty Elite

  1. Intermediate - to long-term collateralized loan granted to a business by a commercial bank, insurance company, or commercial finance company such as to finance the purchase of real estate. The loan is amortized over a fixed period.
  2. Loan requiring only interest payment until the last day of its term, at which time the full payment due.

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