The construction-to-permanent loan is made directly to the borrower, a consumer-direct loan. They receive a monthly statement for the interest payment due for the given month. They have twelve (12) months to build and complete the construction from the date of closing and funding.
Construction loans fall under two major categories. One is construction-to-permanent loans. These are loans where the customer borrows money and goes for construction. After moving in, the loan is the.
The project financing, which includes a 30-month construction period, comes in the form of a 40-year fully amortizing permanent loan. boston-based cwcapital asserts that the financing, Archstone’s.