Mini Perm Law and Legal Definition

It is a short term financing solution that is used to pay off construction or commercial property loans. The term is normally three to five years. In this, perm is the short form of permanent referring to permanent financing. Mini perm financing is something a developer would use until a project has been completed and can therefore start producing income. Once the project is completed and starts producing income, the borrower can begin to look for a more long term financing solution.