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interim financing |
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Interim financing A short-term loan made to a company on the condition that a takeout will follow with long-term or intermediate financing.
Interim Financing A short-term loan intended to maintain a company's operations while it makes arrangements for longer-term financing. For example, a start-up may take out a loan for a few months while it prepares its initial public offering. interim financing A short-term loan arranged in order to buy time until something changes. At the end of the original construction loan period, a developer may wish to seek interim financing rather than permanent financing because of an expectation that interest rates will fall in the future, or because the developer's plans have changed and the property will be sold rather than retained. The problem with permanent financing and many development projects is the existence of very large prepayment penalties—one cannot simply refinance when interest rates go down or simply pay off the loan when there is a sale. A borrower may also seek interim financing because the borrower's financial strength, or that of income-producing property serving as collateral, is not currently sufficient to justify attractive financing terms. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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A $1,350,000 interim financing was obtained by Barry Swartz for a five-story vacant building on East 125th Street in New York City. Now that the Small Business Administration's coffers are dry, several local lenders say they might provide interim financing to small businesses until new SBA money comes through. Rim Semiconductor Company (OTCBB:RSMI), an emerging provider of semiconductors to the broadband telecommunications industry, today announced that, pursuant to a loan agreement with an institutional investor, it has completed a round of interim financing resulting in gross proceeds to the Company of $750,000. |
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