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A developer purchases a piece of land on which (s)he plans to build a 30-unit multifamily building with 4 retail spaces on the ground floor.

  1. A developer purchases a piece of land on which (s)he plans to build a 30-unit multifamily building with 4 retail spaces on the ground floor. What type of loan is (s)he most likely to get for the construction period?
    1. Short term construction (bridge) floating rate loan
    2. 10-year fixed rate loan with a 30-year amortization schedule
    3. 5-year fixed rate first mortgage
    4. None of the above

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