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| Acquisition, development, and construction (ADC) loan |
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Related Terminology: AREA
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| a loan whose purpose is to allow a developer to pay for land, put in streets and utility services, and build improvements. |
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| Example A real estate developer wishes to create a shopping center on a tract of land that he has an option to buy. His first step is to arrange leases with tenants for much of the proposed space. The next step is to secure a commitment for takeout financing. Then, he may secure an ADC loan. |
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