Floor Loan Law and Legal Definition
Floor loan is the minimum loan that a lender agrees to advance in order to enable the builder to begin construction and development of a project. It is mostly associated with mortgage and property loans. In this, the lender states a minimum amount that it is willing to lend on an approved loan. The balance of the amount is payable if and when the borrower meets certain conditions, such as minimum occupancy levels or completion of certain milestones.
Legal Definition list
Related Legal Terms
- Acquisition and Improvement Loan [Veterans' Relief]
- Acquisition Loan [HUD]
- Acquisition, Development and Construction (ADC) Loan
- Adjustable Rate Mortgage Loan
- Administrative Cost of Issuing a Loan Guarantee
- Air Loan
- Allowance for Loan and Lease Losses
- Alluvial Valley Floors
- Amortized Loan
- Automatic Premium Loan Option
