Which of the following pairs of terms is considered synonymous?

Interim financing and construction loan are terms that are often used interchangeably because they both refer to short-term loans used specifically to cover the costs associated with the construction of a property. These loans are typically secured by the property being constructed and are paid off or converted into a long-term mortgage once the construction is complete. The primary purpose of both terms is to provide necessary funding during the construction phase, which is why they can be seen as synonymous.

The other options reflect terms that, while related in some contexts, are not synonymous. A home equity loan typically involves borrowing against the equity built up in an existing property, while a personal loan can be used for a variety of purposes and is not necessarily secured by an asset. Fixed-rate and adjustable-rate mortgages describe different types of interest rate structures, where the first remains constant throughout the loan term and the latter can fluctuate based on market conditions. Lastly, a purchase money mortgage specifically refers to loans taken out to buy a property, whereas a bridge loan is a short-term financing solution designed to provide immediate cash flow while transitioning from one property to another.