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William David Lane (born February 6, 1970, in Miami, Florida) is an American builder of custom motorcycles, owner of Choppers Inc. in Melbourne, Florida, known for his 2009 conviction and imprisonment in Florida for a drunk-driving incident in 2006, where Lane's driving caused the death of another biker/moped [1]
In finance, closed-end credit is a type of credit that should be repaid in full amount by the end of the term, by a specified date. The repayment includes all the interests and financial charges agreed at the signing of the credit agreement. Closed-end credits include all kinds of mortgage lending and car loans.
Multiple Advance, Closed End: This type of loan (typically a construction loan) advances incremental amounts up to a certain limit, based upon some criteria such as inspection and approval of a draw request. Any principal reductions received during the loan period are not available to be drawn on, but rather have paid down the loan balance.
Home equity loans come in two types: closed end (traditionally just called a home-equity loan) and open end (a.k.a. a home equity line of credit (HELOC)). Both are usually referred to as second mortgages, because they are secured against the value of the property, just like a traditional mortgage.
With an open-end mortgage, you’ll first finance your home purchase, then borrow more over time, at your discretion, to renovate the property. In essence, you’re increasing your loan principal.
A closed-end line of credit, on the other hand, has a fixed term. The term is divided into a draw period, where the borrower can draw money from the LOC as needed up to their credit limit, and a repayment period, where they can no longer draw money and are required to make monthly payments. [9]
Many closed their doors during the savings and loan crisis of the 1980s and 1990s: Inflation and competition from other lenders made some insolvent, while unscrupulous practices by other players ...
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