what is construction loan

A construction loan note is a short-term obligation used for the funding of construction projects such as housing developments or commercial properties. In most cases, the note-issuers repay the note obligation by issuing a longer-term bond.

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Construction loans are a bit more complicated than conventional mortgage loans because you are borrowing money short-term for a building that does not yet exist. A construction loan is essentially a line-of-credit, like a credit card, but with the bank controlling when money is borrowed and released to the contractor.

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A commercial construction loan is a type of loan that is used to finance the costs associated with the construction or renovation of a commercial building. The funds from a construction loan can be used to pay for labor and materials for the construction of a new property, the purchase and development of land for a new commercial property, or.

Construction loans are shorter term, higher interest rate loans that cover the cost of building or rehabilitating a house.

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In this guide, we'll discuss how construction loans work, the types of construction loans available, common ways to use construction loans, and how to apply and.

Construction loans enable a new home to be built through the duration of construction. They are reflective of the time needed to build your home, and typically range from six months to a year. Once you have secured a construction loan, your lender will pay your builder after each interval of work is completed.

Starting the Process of a New Construction Loan. The initial steps of obtaining a construction loan are similar to buying an existing house:.

But the advantage of an FHA construction loan is the ease that comes with an all-in-one loan versus separate construction and mortgage loans. In this article, we describe the specific requirements for an FHA construction loan and a few alternatives you may want to consider instead.

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Construction loans are those that are taken out by real estate developers for the purpose of project financing. Unlike most types of loans, the entire principal is usually due after the construction of the project is complete. The interest rate on such loans is often variable and tied to an index, such as the prime rate.