Construction loans are short-term, high-energy financial boosts designed to fund the building of a new property or a significant renovation. The loan funds are distributed in stages as construction milestones are reached. Interest-only payments are made during the construction phase, and the loan amount is released in installments called draws. These loans are short-term in nature, typically ranging from six months to 24 months. Once construction is complete, the loan can be paid off, refinanced into a traditional mortgage, or the property can be sold. Construction loans have higher interest rates compared to traditional loans. They can also be converted into a permanent mortgage after construction is finished.Keywordsconstruction loans, short-term, high-energy, funding, building, renovation, interest-only payments, loan amount, installments, draws, short-term nature, pay off, refinance, sell property, higher interest rates, convert to permanent loan.
Takeaways
Chapters
00:00 Introduction to Construction Loans
01:11 Key Features of Construction Loans
02:47 The Conversion to Permanent Loans
04:23 Importance of Construction Loans
05:17 Managing Deadlines in Construction Loans
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