A single-payment loan used to finance to be forthcoming in the near future is a form of interim financing.
Interim financing is the use of funds for short-term development, such as the purchase and rehabilitation of single-family homes, and is often obtained through a private lender. It is typically repaid through long-term financings, like a permanent mortgage with a 30-year amortization period. It may be necessary to prevent losing a sale or purchase of an asset.
A single-payment loan is one that is repaid in one lump sum at the conclusion of a predetermined time period. The sum of the loan's principal and interest payments that you must make is its maturity value. The length of time the loan has been granted is referred to as its term. It is interim financed.
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