One-time close construction loans
Build on your lot. Close once.
One loan covers the build and your long-term mortgage. One application, one approval, one closing.
Available in 18 states. See which ones. Complex loans, simple experience.
Who it's for
Six ways people use it
You own the land
The equity in your lot can help finance the build.
You found a lot and a builder
Buy the lot and finance the build from day one, once your plans and specs are ready.
You're building a second home
The beach, lake or mountain house.
You're building a rental
Investment properties are eligible too.
You're tearing down to rebuild
An older house on a great lot.
Your assets do the talking
Retirees and business owners can use assets to qualify.
How it works
Close once. Build. Move in.
Close once
One application, one approval and one closing covers the build and your mortgage.
Build with draws
Your builder is paid in stages as work is finished and verified.
Settle into your mortgage
When the house is done, the loan becomes your long-term mortgage. No second closing.
Program highlights
What the loan covers
Built for people who want one lender from the first draw to the long-term mortgage.
- Primary homes, second homes and investment properties
- Land equity can count toward your build
- Interest-only payments while you build
- Adjustable-rate options when construction ends: 3/1, 5/1 and 10/1
- Draws paid directly to your builder, managed by Neil's team
The draw process
Your builder gets paid as the work gets done.
You don't hand your builder a check and hope.
Your builder gets a draw schedule before work starts. As each stage is finished, the work is verified and the draw goes straight to the builder. Neil's team runs every draw in-house, so you and your builder deal with one team from closing to the last draw.
What you'll need
Start gathering early
Your usual income, asset and ID documents, plus your builder's contract, plans and insurance.
- Fully executed construction contract
- Your builder's draw schedule
- Specs and plans
- Contractor's license and insurance
About Neil
Someone who has done it before.
Neil Bourdelaise has spent 23 years in mortgage lending and leads The Bourdelaise Team. Builders around South Florida work with him as a preferred lender. His job is to make a complicated loan feel simple: you'll know what's next at every stage of the build.
Complex loans, simple experience.
Questions
What people ask first
What is a construction-to-permanent loan?
One loan that pays for building your home and then becomes your long-term mortgage. You apply once, get approved once and close once.
What do I pay while the house is being built?
Interest-only payments for 12 or 18 months, depending on your builder's construction schedule.
How do draws work?
Your builder sets a draw schedule before work starts. As each stage is finished, the work is verified and that draw is paid directly to the builder.
Can I use land I already own?
Yes. The equity in your lot can help finance the build. How much counts depends on the lot's value, what you owe on it, and your file.
Can I build a second home or a rental?
Yes. Primary homes, second homes and investment properties are all eligible.
Talk to Neil
Ready to talk about your build?
Tell us where you're building and when. We'll tell you what it takes, plainly.