Index Index

Long-term Construction Loan

NameLongtermConstructionLoanCurrentAndNoncurrent
Namespacehttp://fasb.org/us-gaap/2020-01-31
Prefixus-gaap
Data typexbrli:monetaryItemType
Period typeinstant
Substitution Groupxbrli:item
Balancecredit
NillableTrue
AbstractFalse

Labels

TextLangRoleContainer role
Long-term Construction Loanen-UShttp://www.xbrl.org/2003/role/labelhttp://www.xbrl.org/2003/role/link
Long-term Construction Loan, Totalen-UShttp://www.xbrl.org/2003/role/totalLabelhttp://www.xbrl.org/2003/role/link
This element represents the current and noncurrent portions of a long-term real estate loan with an initial maturity beyond one year or beyond the normal operating cycle, if longer, to finance building costs. The funds are disbursed as needed or in accordance with a prearranged plan; generally, a portion of the funds is disbursed at inception and the remainder as construction progresses. The money is repaid on completion of the project (generally one to seven years), usually from the proceeds of a mortgage loan. The rate is normally higher than the prime rate, and there is usually an origination fee. The effective yield on these loans tends to be high, and the lender has a security interest in the real property.en-UShttp://www.xbrl.org/2003/role/documentationhttp://www.xbrl.org/2003/role/link

References

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