How Construction Loans Work

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How Construction Loans Work
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• Construction loans comprise of two steps. The
  first is the construction loan that funds the
  time spent for construction. Then there is the
  permanent loan, thats usually a 30-year
  amortized loan. It includes both principal and
  interest payments. The construction loan funds
  the construction process, which usually comprises
  of six-seven periods of the construction process.
  The loan usually lasts 12-18 months, depending
  on the project complexity and speed. The loan
  then converts into a 30-year amortized mortgage
  loan.
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