Take-out

Take-out — the release of loan proceeds that moves a loan onto a lender’s books: from the developer to the bank at turnover, or from one lender to another when refinancing. The word matters most in the phrase bank take-out: the planned exit from expensive in-house developer financing into normal bank/Pag-IBIG money once your documents qualify. Lesson 3.3’s rule: in-house money is only legitimate with the take-out plan — and its date — written down before signing.

First used in: 3.3 · Loans head-to-head