Finance
A 'takeout loan' in Connecticut construction financing refers to:
AA loan where the borrower takes out extra cash
BThe permanent long-term mortgage that replaces the short-term construction loan after completion✓ Correct
CA loan used to buy out a partner's interest
DA loan for purchasing investment properties
Explanation
A takeout loan is the permanent financing (typically a 30-year mortgage) that 'takes out' (replaces) the short-term construction loan once the building is complete and occupancy has been established.
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