19. Which of the following statements regarding long-term loans with progress advances are TRUE? A. In the past, it was common to obtain fixed rate take-out commitments years in advance of a project's completion. B. Long-term loans with progress advances occur when a long-term lender underwrites the permanent loan, but makes incremental loan progress advances to the developer during the construction phase. C. Conventional long-term loan commitments provide for funding upon satisfactory completion and lease-up of the improvements. D. Long-term lenders will sometimes price the progress advances at the long-term interest rate which could be significantly lower than the conventional rate. (1) All of the above (2) Only A, C, and D (3) Only B and C (4) Only A and D 20. What are carrying costs? (1) The transportation costs of the demolition and construction materials to and from the site of the development (2) The costs incurred when construction begins later than the projected start date (3) The interest costs that occur when a project takes longer to lease or sell than originally anticipated (4) The reserves to cover the interest costs required on all funds advanced by the development lender