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Construction loans are short-term loans that are used to finance the construction of a building or other structure. Banks typically loan money to a borrower in order to purchase land, fund construction costs, and cover other related expenses. The borrower will then begin making payments on the loanRead more
Construction loans are short-term loans that are used to finance the construction of a building or other structure. Banks typically loan money to a borrower in order to purchase land, fund construction costs, and cover other related expenses.
The borrower will then begin making payments on the loan once the structure is complete, usually within one year of the loan being issued. Construction loans are generally repaid over a period of 5 – 20 years, depending on the size and scope of the project.
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