This element represents the carrying value of a short-term real estate loan 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, 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. Note that there are separate concepts for the current and noncurrent portions of long-term construction loans.
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Name Accounting Standards Codification
-Subparagraph (SX 210.5-02.19(a)(1))
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Name Audit and Accounting Guide (AAG)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Name Regulation S-X (SX)
-Paragraph 19, 20
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