Finance
A 'construction-to-permanent loan' in Georgia is designed to:
AA. Finance commercial construction only
BB. Convert from a construction loan to a permanent mortgage at completion, saving on closing costs✓ Correct
CC. Fund construction with a balloon payment required when complete
DD. Provide interim financing for land acquisition only
Explanation
A construction-to-permanent loan (also called a one-time close loan) starts as a construction loan during building and automatically converts to a permanent mortgage upon completion. This saves the borrower from paying closing costs twice.
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