One-time close construction loans, also known as construction-to-permanent loans or CTP loans, are a type of mortgage financing that combines the construction loan and the permanent mortgage into a single loan transaction. These loans are designed for borrowers who want to build a new home rather than purchasing an existing property.
One-time close construction loans can provide borrowers with a streamlined and convenient financing option for building their dream home. It's important to work with a lender experienced in construction lending and to carefully review the terms and requirements of the loan. Additionally, engaging reputable builders and contractors is crucial to ensure the successful completion of the construction project.