(Significant renovation means construction of at least one-third of the current value of the property.) Where business premises are to be constructed or significantly renovated, the 25-year maximum would be in addition to the time needed to complete construction. The 25-year maximum will generally apply to the acquisition and/or improvements of land and buildings or the refinancing of debt incurred in their acquisition. The maximum maturity of loans used to finance fixed assets other than real estate will be limited to the economic life of those assets, in no instance to exceed 25 years.
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