MASTER KEY CAPITAL
Construction Loan is a short-term, interim loan to pay for the building of a house.
As work progresses, the lender pays out the money in stages.
Construction loans are typically short term with a maximum of one year and have variable rates that move up and down with the prime rate. The rates on this type of loan are higher than rates on permanent mortgage loans. To gain approval, the lender will need to see a construction timetable, detailed plans and a realistic budget, sometimes called the “story” behind the loan.