Abstract
Development needs finance: (i) to cover the development period; and (ii) to purchase the finished development and hold it as an investment. The former is usually referred to as a ‘short-term’ or ‘bridging’ loan, and the latter as a ‘long-term’ or ‘funded’ loan. There are thus usually three main participants: (a) the borrower, that is, the developer (who may also be the long-term holder of the equity interest); (b) the provider of short-term finance, such as a joint-stock or merchant bank; and (c) the lender of long-term finance, usually an institution such as an insurance company or pension fund.
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© 1996 Jack Harvey
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Harvey, J. (1996). Finance for Development. In: Urban Land Economics. Palgrave, London. https://doi.org/10.1007/978-1-349-24441-6_8
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DOI: https://doi.org/10.1007/978-1-349-24441-6_8
Publisher Name: Palgrave, London
Print ISBN: 978-0-333-65439-2
Online ISBN: 978-1-349-24441-6
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