single pay loan

single pay loan

Usually a short-term loan with all principal and interest due at maturity.There are no monthly interest payments.It is the typical loan for a house flip,with a quick purchase,rehab,and resale anticipated within 6 months.May also be used for a bridge loan made when an old home has not yet sold but a new home must be purchased, with the bridge loan being payable in full when the old home sells.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
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