Finance
In Hawaii, a 'construction loan' is a type of short-term financing used to:
AA. Purchase completed new construction homes
BB. Fund the construction of a new building, typically converted to a permanent mortgage upon completion✓ Correct
CC. Finance purchase of commercial buildings only
DD. Pay for renovation of existing structures only
Explanation
A construction loan provides short-term funding during the building process, typically drawing funds in stages as construction progresses, then converting to a permanent mortgage when the project is complete.
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