building loan agreement

building loan agreement
An agreement for a loan to be used in making payments to a contractor engaged in the construction of a building or other structure for the borrower, or to materialmen who furnish supplies for the construction of a building or other structure for the borrower, the arrangement normally providing for the security of the lender, in the form of a mortgage on the property under improvement, which covers both present advances and advances to be made in the future during the course of the work and its completion by the contractor.

Ballentine's law dictionary. . 1998.

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