Finance
A construction loan is typically converted to a permanent mortgage:
AWhen the building permit is issued
BWhen construction is complete and a certificate of occupancy is issued✓ Correct
CWhen 50% of the construction is completed
DAfter the first tenant moves in
Explanation
Construction loans fund the building process and are typically converted to a permanent (take-out) mortgage once construction is complete and a certificate of occupancy is obtained.
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