Pieter owns a construction company and would like to purchase a mobile construction office.The bank would likely offer him a _____ mortgage.

Question

Quizplus · Accepted Answer

Chattel mortgage is used to finance movable property such as vehicles or equipment that can be easily transferred or repossessed in the event of a default. A mobile construction office is a type of movable property, so a chattel mortgage would be the best option for Pieter to finance its purchase. Real estate mortgage is used for immovable property such as land or buildings, revolving mortgage is a type of mortgage where borrowers have access to a credit limit and can withdraw funds as needed, and term mortgage refers to a mortgage loan that is repaid in regular payments over a fixed period of time.

Pieter Owns a Construction Company and Would Like to Purchase