Real Estate Terms Glossary
What is a Construction Loan?
A construction loan is a kind of loan that people use to finance the various costs, such as labor, associated with either the construction or renovation of a property. You have the option to use a construction loan to purchase land, and build on property that you own. You can also renovate existing structures, provided your loan program allows.
The main attraction of a construction loan is that it enables and facilitates home buyers in building a new property. You can use funds you receive from a construction loan to purchase land, pay architects, and contractors, and purchase building materials.
If you’re interested in construction loans, you may be faced with a construction contract and land contract .
Examples of Construction Loans
- Example 1: Land development loans
- Example 2: Mini perm loans
Here’s Investopedia’s definition of a construction loan .
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