Equity loan is a debt financing to cover all or part of a real estate purchase, a construction or work on an existing property. An equity loan is usually established as a loan for a specific amount and granted by a bank or a specialized financial institution.
It is established over a long period (several years or decades) unless bridge loan covers a waiting period between buying a property and reselling other property or other financial return expected.
The annual percentage rate (APR) is the total cost of the loan to the borrower expressed as an annual percentage of the amount of the loan. The APR is calculated from the nominal rate. This is an indicator of the overall cost of your loan and can be shown using a debt collection software.
From a technical point of view, there are several types of loans.