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Construction Loan

Construction Loan

A short-term loan that is used to finance the costs of building of a new home. Construction loans, to finance the cost of building a new home. The lender disburses cash to the builder during the building process. The borrower replaces a construction loan with long term financing that was arranged prior to the construction loan monies being disbursed.  Once the building is completed, the borrower pays off the entire construction loan.

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