takeout definition

takeout

Banking term for paying off another lender, in order to take sole and complete charge on a collateral. Takeout commitments are common in construction loans where long-term financing (permanent financing) replaces short-term or bridge loans when the construction project reaches a certain milestone or stage.

takeout is in the Agreements & Contracts, Banking, Commerce & Finance and Purchasing & Procurement subjects.

takeout appears in these other terms: takeout loan, takeout agreement, takeout commitment

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