Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
62% - Often

Term Loan

Synonyms:extent of time, length of action, limited period, predefined duration, timed loan
Acronyms &
Filed Under: financial-banking
Tags: loan

Definition of term loan (TL)

term loan (TL)
1. A loan intended for medium or long term financing that provides cash to purchase fixed assets such as machinery, land or buildings, or to renovate business premises.

Related Terms and Acronyms:

  • loan term   The period specified in the promissory note for a borrower to pay a loan, such as a mortgage. Most conventional mortgages have a loan term of 5 or 10 years.
  • long-term loan (LTL)
  • short-term loan (STL)
  • term   The length of time you commit to repay a lender or bank at an agreed upon interest rate and payment schedule. The interest rate usually remains constant during this term unless the commitment states otherwise. For example, a five year fixed rate mortgage has a term of five years.

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